United Wholesale Mortgage saw $215 million net income amid slowing market
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