Q3 2024 UWM Holdings Corp Earnings Call Transcript
Key Points
- UWM Holdings Corp (UWMC) achieved its largest quarterly production in three years with $39.5 billion, surpassing guidance.
- The company reported a significant increase in purchase market share, growing approximately 300% since 2019.
- UWM Holdings Corp (UWMC) maintained profitability with a net income of nearly $32 million despite a $446 million decline in MSR fair value.
- The company has been the number one lender for three consecutive years and the top purchase lender for four years.
- UWM Holdings Corp (UWMC) has a strong liquidity position with over $600 million in cash and $2.5 billion in accessible liquidity.
- The anticipated refi boom has not fully materialized, impacting potential revenue growth.
- The company experienced a $446 million decline in the fair value of MSRs due to changing interest rates.
- Market interest rates have impacted MSR values, affecting overall financial performance.
- The mortgage market remains challenging with 2024 on track to be the lowest year for existing home sales since 1995.
- UWM Holdings Corp (UWMC) faces increased competition in the broker channel, although it maintains a strong position.
Good morning. My name is Christina, and I'll be your conference operator today.
At this time, I would like to welcome everyone to the UWM Holdings Corporation third-quarter 2024 earnings conference call.
(Operator Instructions)
Thank you. Blake Kolo, you may begin your conference.
Good morning. This is Blake Kolo, Chief Business Officer and Head of Investor Relations. Thank you for joining us today, and welcome to the third-quarter 2024 UWM Holding Corporation's earnings call.
Before we start, I would like to remind everyone that this conference call includes forward-looking statements. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the earnings release that we issued this morning. Our commentary today will also include non-GAAP financial metrics. For information on our non-GAAP financial metrics and the reconciliations between GAAP and non-GAAP metrics
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