Pontiac-based United Wholesale Mortgage has been staying profitable during the current downturn in the U.S. mortgage market and moderately reducing its employee headcount.

The nation's No. 2 mortgage lender by volume, UWM on Tuesday reported $215 million in net income, or profit, during the second quarter. That was down from $453 million in the first quarter, although higher than the company's $139 million net income in the second quarter of 2021, back when mortgage rates were still under 3% and the housing market was booming

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