United Wholesale Mortgage has passed Quicken Loans to become the top non-bank purchase lender in America, according to a report by Inside Mortgage Finance. UWM produced $11.2 billion in loan volume during the second quarter, with $8.3 billion of its business (74 percent) being attributed to new home purchases, compared to Quicken Loans, which purchase loans made up only 31.6 percent of its second quarter loan volume.
“This is a major accomplishment for us at UWM, and highlights the efforts of more than 2,700 team members here who are dedicated to helping our mortgage broker clients be the hero to their borrowers and the realtors they work with,” said Mat Ishbia, President and CEO of United Wholesale Mortgage. “The high amount of purchases going through the mortgage broker channel reinforces that borrowers don’t want to communicate with a call center loan officer that is 1,000 miles away, or use an app that is more sizzle than substance. They prefer local, they want an expert, and they want the process to be fast and easy – and that’s what mortgage brokers provide.”
As well as being ranked as the number one non-bank purchase lender, United Wholesale Mortgage is also ranks as the number two overall purchase lender, behind Wells Fargo. The company notes that this is especially notable due to United Wholesale’s status as a wholesale lender. This means United Wholesale solely operates by working with independent mortgage brokers throughout the country who take borrower applications, but then UWM underwrites, closes and funds the loan through its technology and partnership with brokers.
United Wholesale Mortgage forecasts year-end loan volume surpassing $40 billion, which would exceed the company’s all-time high mark of $29.5 billion.