- Earnings call transcript Q3 2022

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Operator

Good morning! My name is Rob, and I will be your conference operator today. At this time I would like to welcome everyone to the UWM Holdings Corporation’s Third Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks there will be a question-and-answer session. [Operator Instructions]. you. Thank may you your begin Kolo, conference. Blake

Blake Kolo

Holdings This Head of morning. and to XXXX is for Blake and Officer welcome UWM quarter third Business Chief the earnings Investor us call. Kolo, joining Good Corporation’s Relations. you Thank

like start, that this remind we includes Before to statements. call forward-looking everyone would I conference

now statements, over that issued the to earnings Mat that we For factors actual and UWM to refer may more CEO information call differ United Holdings please results morning. turn I Ishbia, Chairman Corporation, will this cause to Wholesale about materially the from forward-looking of Mortgage. release and

Mat Ishbia

$XX Thanks, XXX% our didn’t hosting place joining X. us. this wholesale officer I the for earned for our this lender Blake, has we share our Lender purchase Today brokers. had say. American say, grow is combination XXXX quarter the be members, to deliver real-estate point, because the of help dominate why are technologies everyone in channel We the channel day the with and consistently best as as We of We brokers as UWM There and are this All-In, mortgage continue March to we community broker partners Mortgage I our Number consumer. of and team At that all loan very is Number #XOverall efficiencies the market. has time excited and be told thank and the just proud to we’d that call with would in What a loan together title purchase get place that said you championship a we day are a customers and great been partners, come, channel. for we We the would of wholesale this this to and a coupled combination nearly of best realizes when the when, purchase a our you work, confident launched ultimately hope America. brokers the billion X, know for best are the family, would broker I we I what for to volume. believe Well, make on and investors. was for never we UEM our and everyone a decision

would Some lose share. and brokers market we questioned thought and us

be our Game from XX%. perhaps we Channel would that our technology, we However, experiencing Game Most and try ever UWM We the with you any migrate the them from would to year, our the this service and data. us opposite recently, told Broker in and retail separate us exact be that even On, seen them we’ve We since the directly happened. coming year the ever from numbers this help On; said quickly accelerate that has are Mortgage officers These can partnering office join half in realizing loan over this about this during retail XX,XXX highest the tracking loan wholesale estimated Game share happened. will market. of third channel. start history. Since win competitors. first the thousands of the has of loan further officers had recorded to estimate wholesale largest I On closer XX%, our north quarter for the of believe we’ll in have in strategy time I channel our even

America, America. from, some difficult to their we’ve to the well. is with commitment lap in one disbelief efficiency are There the you. I’ll are, laps. America. in focus would had lay that out fighting market you many people committed UWM their every wholesale of that billion make There XX most very, you acquisition. Many will the channel, And want exit of this every is choices, that in the it. to Number us here largest to by competing and do at that One massive mortgage community. ever a the the be over never of decided about game, a lot XX operational company were that and $X We here growing and extremely be channel of to into I talked in very UWM. company because control of have we’ve other and said was On, wholesale better sets choose their market This made brokers to great about of I for thing as on things Year-to-date, we make broker out? organically share lenders that tell that publicly of told many options our loans, overall by to first we How so uncommitted market two also could also expenses. mortgage possibility after only of are such force positive in that we would to people and well which thing the a played we played wholesale from has in And but wholesale our the of consumer other did X about and scratch doing be it expressed year lack lender all out that efficiencies, up BOLT one to for broker a level apart lenders environments We technologies we’ve off technology, and very time. don’t need leaning has one clear. decisions we’ve never have continually our built lender instead lack Game a and wholesale for The every broker them in

share, dividends which the XX% per you $X.XX right happy am table eighth managing I a in We consecutive yield. culture, is on announce be never never represents our priority and our would layoffs told will have we been a expenses over are We and and now be, always people UWM. controlling the our continue, paying will to quarter loan but per about family cost at that annual for major and

Now else I’m going is you going tell happen. to what to

are because channel is the brokers said our we years in are like apart, We even we’ve in future, are or would. that just strategic best falling XXXX just retail UWM, the who growing, are I been the whether and struggling it near very to have better. confident we’ll am sometime ‘XX, at competitors position uncommitted very ever XXXX like it’s XXXX,

Again, All-In; whether we whether would Game win we whether about great continue, are about dominant described questioned in six more questioned averaged future higher was $XX.X We’ve performance of guidance. the quarter and we’d that our knows and to Number position about in We in excited about On; know else to but better been as and X, as one purchase happened. get questioned has is rest. and Who really we’ve elite been business you’re what quarter. don’t this whether on leadership the been just really beating quarter knows? believe. purchase $XX the dominant. I our team than be America, handedly for quarters. grow. quarter, dominate. XX% in ever to said we billion production right, of the we’ve would there’s the believe CEO about we business purchase we well. and say, volume, the purchase, third one Maybe, XX% have company let’s it That’s I will maybe for what is what channel the that more in hope last is All broker there the last highlights. than billion billion $XX.X happen, his even the in are closed weeds starting last I We maybe mortgage

all we say guidance. to was in proud we’ll XX I’m are net I’ve still our $XXX.X We about with of along. the been base the margin which points, winning quarter, confident purchase I’m average to for gain delivered of as about year, market. the income points full a for within XX XXX million also basis saying

levels. continue to class service deliver We world

for year is nearly NPS the rest our fast twice of as and XX industry. the speed close of is Our as the plus

share. earnings on want in delivered color some deeper but to we long-term addition, will few provide numbers minutes, I about fully $X.XX Game more the On. of per on dig a of Andrew perspective these In diluted

a they can in is loan XX We it they more We win. have pricing advantage, refresher, brokers a winning and massive service, as long will a partnership, and help and officers to term is of brokers our On in a broker best As now it. having build with On But brokers they continue June recruit strategy long what know and term estate a Game launched and are right with now combination This partners will together. relationships. investment this even channel. win business Game and will technology, their part big on UWM is real the the they winning grow

that broker of massive and March On industry our from adding been On Game other All-In a than has are community. It’s Brokers Just pundits. now like the criticism the for from tracked. Game we’ve faster ever undeniable LOs received competitors XXXX, success

said I earlier, this us those converted On, worked worked amount Game never in long coming QX. that loan us the with over our launch to year with UWM, have time. we’ve or before XX,XXX At of brokers As nearly of have haven’t with officers added a officers good a channel, also XX,XXX in since loan

officers The a are with are partnership are price with service, broker that great part On We from of working because is are for winning these the joining is and how broker us, growing. Game a us channel this. and of clients perspective. Loan huge new trying we channel. technology

up we’ve come we As are I’m how about fired you tell, going. far where can and

the going than to Officer, I’ll continue had over to we’re in broker now grow now business to has Hubacker. channel Financial momentum Principal more our never things right turn Andrew Our and have it together.

Andrew Hubacker

Mat. Thanks

of profitable the reported reflected in $XXX.X in As this net income Mat as we’ve discussed, remained our million environment third quarter. in

MSR mentioned, results QX to total interest mortgage our in fair as the sequentially XX% approximately but our from volume of QX benefited very strong rising origination of value rates, was due portfolio QX. increases Mat from primary Our for

stream retained also portfolio very high payoffs remains of MSR provide low largely approximately originated With very with very pace in our $XXX whack, Our and have additional a and UPB with newly continues as of cash source sales liquidity. a to and our MSRs kept XXXX. a date strategic stronger and flow servicing quality, to than strong, balance portfolio a billion, is and to total model, low asset recurring delinquencies business quarterly a ever

secured of In line of allows by channel into both our entered of Speaking entered upon MSRs drawn $XXX approximately been available secured to available of of our cash credit and line into of and our wholesale shareholder in borrowing In have of ended unsecured $X a market is steps late took self-warehouse a including an to as capacity share. which our the of and we of of This capacity QX invest borrowings strategically in us further and of with these billion. total QX liquidity lines of QX our credit. liquidity Neither of we certain million. for $X.X our principal in with to million available borrowing improve and and with the September with over %X.X August unsecured $XXX billion credit significant we position liquidity, beginning billion year. to growing end we enhancement facilities continue early liquidity, the the QX under in available position,

the impact QX, loan representation QX and the reserves production. were despite our in in of down an expenses recorded sequentially Excluding total warranty to increase indemnification in increase

actions that the more disciplined comfortable to short would continue and be sighted. unnecessary focused aggressive be are in environment cost with management on current We reduction are staying cost origination and

As again for shareholders dividend authorized public QX. release, a to the paid the eighth consecutive regular in for our quarter our to noted board earnings be

dividend, to and be continue to the appropriate is our comfortable amount and believe the with stockholders. We timing to continue reward it of

and Ishbia now Okay, turn I our closing Chairman over will CEO, remarks. to for some things back Mat

Mat Ishbia

Thanks, it. Andrew, I appreciate

to things true some few earlier interpretation predictions about those turning business the went and publicly the I that we about or call. things talked talked have all public, reemphasize questions a have want Before market whether I come the of in your since Almost UWM to of the things. of

and channel discussing. been channel we to we are been have will and dedicated the grow as We have broker the to continue

to a our and next in a overall, thank of being lot margins quarter XX X production $XX and partners. upside fourth great UWM members and it’s $XX I the years for to doing to started. our be While between testament to team that the and billion and be you to said, want we’re is five your basis points. just together of all of our a Being and our amazing at ahead X Number range with and to what getting I’m billion hard clients. second broker take And Number XX to expect work. three There’s excited here we with we’re so

great all I a saying have are of While celebrate best achievement will in, UWM, is have we we keep which we ‘Never Relax.’ position certainly going, here this we our we keep and progress, strategic yet ever we been at the believe winning together. will

count that. You on can

now questions. turn We’re to I’ll to glad take moderator. over it your the

Operator

Instructions]. [Operator

of first Our from Doug comes Harter question a from line Suisse. Credit

Your line open. is

Doug Harter

think the expect panel market Mat, you mentioned this within would you that I around quarter. Thanks. to your be share XX%

You go the term? short guess in about how and think know where I could do intermediate you both kind of that

Mat Ishbia

we channel I be can will Yeah, it are the was could same is I There’s as be said percentage Yeah, other thanks. I wholesale in of of be share. maybe a a Probably market of high time reality harder as said lot over there’s think and XX% grows it the as the be. XX%. The well be more? and we that I think Can big lenders that grows, market XX% a lot to have broker the at wholesale. and of doing brokers. before,

commit purchase succeeding with that level than Right are to market winning the of at market share. of got about the really is great A doing now, is a reason UWM purchase really it We that game. partner and well. our to so share of you, lot faster we’re people in that’s lot they the and about feel to It’s rest the the market is, with market. great You’ve growth. a our work the growing feel We of a the market. are brokers and the growing lot our

market perspective focus to the but So we share key that’s the because the growing, how mortgage broker most about importantly UWM, success. great share and of the feel that’s market on

LOs brokers the to grows, channel. add As the

keep we’re left going all these an just Like loan do good now XXXX. and and to look hopefully winning seen average have make ‘XX, but that’ll you like going have right We’re it’s going officers make said, year. or that, guys to retailer the channel, broker ’XX, when ‘XX, I to that a the years

Doug Harter

of that about can talk the guess I kind of kind brought you’ve volume off, rolls during Game that, as then stickiness that kind you that kind And in of eventually on you the or the On customers initiative, stickiness of of in? of that brokers brought

Mat Ishbia

much high in year done they working we’ve percentage and the well stay doing working with loans a all similar determines on Yes, buy that of the XXXX, us, year, see that and we a year originated of how of year, start a loans a a they us, XX people thing big some an we how based tools six with stay with Whether with loans three a us. they have. are into us, XX loans

grow. help is but reality goes XX%, stickiness broker but Game from down the the factor the XX% or XX%. strategic the of to so a channel play is it, XX% part mortgage is And to is market channel UWS of On much more big share a

We’re doing business overall. more

grow We’re you I the UWM, focus. with less It’s we in guys up, rates go going win winning, although about when UWM the That’s to and because we’d is win told purchase. channel.

not We’re dependent. only

We’re not a on one-trick refi’s. pony

We’re market wins broker focus, focused do the what business. in all but channel, that’s cycles. refi's, strategic that’s We’ll and market, on purchase All-In

but cycle, for and win, in wins right is things other game this plan us the that like market re-fi the winning in course, Of the now. purchase it’s

Doug Harter

Thank you Mat.

Operator

the from Your question Securities. Wedbush next of Jay from comes line McCanless

Your line open. is

James McCanless

questions. Hey, taking my good morning! for Thanks

on government paper Are XX% and managing subservicing originations XX% in it sequentially. plus is I about someone you UWM? look up origination quarter, for guys that when the last or is the your versus purchase the So servicing year up at

Mat Ishbia

thanks. Yes,

up of All as quite quarter-over-quarter. Government a originations our obviously bit are well.

and I line, it’s a yeah, for with and now guys think we’ve but years, pretty two subservice that that’s us. and been much job great we in continuing for subservices doing right those do

it team issues, any and whole we great. a makes consumer with that is and oversees but everything out them help here have We sure works

Our government is only our focus or rate on, the convention. to delinquency really thing not

America. MSR in best we book think have I the

book, delinquency, is look for if WAC, the it’s the but score, FICO biggest, Coupon. the which So at best you quality, loan not Average it’s MSR Weighted

in We see come to of that, because and I some best rates years now. America starting and and and right are come will book we to the MSR believe years have through WAC are of the that its where for

James McCanless

the with payment also You of stole delinquency trends, just how government my next was question, I Mat. here, then you, that’s book? just ask wondered, That’s on early starting looking going distress some the we’re trends, on starting to the but what

Mat Ishbia

It’s looking fantastic.

on we’re doesn’t metrics that all A look low. said, low market at competitors Our from we’re Remember, competitors, perspective. like by of I lot volume lenders business better quality. significantly those I the going on a go the of that delinquency almost is my than all chase one my down

more and you’re credit stay and focused we’re volume that XXX a you’re People do right Chase the have profitable now. that, four yes, instance, two certain of years, volume are to that years, but have For three good on. delinquencies, chase at in issues don’t like We sounds to we years, going going do not things a XXX. loans, different lot score, we don’t oh! to

being only Number the We’re we now. biggest, time long a being for X overall the that which are title lender we’ve had focused we best America, and on lender, not the in but think

James McCanless

Sounds you. good. Thank

Mat Ishbia

you. Thank

Operator

of next KBW. the George Bose Your question line comes from from

line Your is open.

Bose George

how what program? to percentage the loans that was your And I morning! likely long good program, participate of Hey, in Game On wondering continue? Actually is that

Mat Ishbia

it. Yes, our so fit a it’s strategy, it’s a not of into I loans mean percentage

know with whole longer the on it’s the we I the with loan broker better we’re and long that, feeling had showing seeing it. not maybe with us officers are highlighting we’re focused the officer lot are a just, accentuating love On and lasting than competitors or it, pushing of lot returns really But will joining extremely broker How retail to of it conversions, is with it already the success same stop. business officers loans our now know channel, as of Well, of and loan is. that their its mindset, is and all about our everyone Game kind profitable lenders only even good would it’s expected. channel reality last? knew it, we’re is So for the and Obviously it, so you but the it’s right a because because it loan strategies

So right success. now Game On massive a is

We’re continue say we with to deadline that, to multiple daily don’t going date decide but a, I that. until margins or pricing, I day have won’t on that say I’ll I look at change times a basis. on at a based, look a I

Bose George

Thanks, end the Great. XQ just Okay. volume, guidance obviously you then a terms and low know a ton took decline suggests at in and XQ your of share. of the for your versus market

that So just curious, anything your broad for you’re range providing to read guidance? just or a that into

Mat Ishbia

it. went should else read two went There’s down. One, when into everyone nothing up significantly you to we know. There’s obviously things

a people a really lender share feeling a But X do you’re looking fourth actually the So in about little market at of but fourth is, of purchases our our only first matter, so quarter, and see year. overall volume know that’s volume decline also second, part don’t maintaining Purchases lead. and our mention a But good Refi’s what spot, lot growing we’re little only purchase it refi. different, the and in our XXXX that not in the not relative in but all you’ll number. you month the are or the they general, the Number why would is quarter, to of the into current quarter I bit growing overall.

Bose George

lot. Thanks great. Okay, a

Mat Ishbia

Thank you.

Operator

next question line from Morgan Faucette James of Your from comes the Stanley.

Your line is open.

James Faucette

will for time the in are the the this What quarter? for, can morning. market what for you Thanks I ask particularly underlying December just do, question. quick in purchase the follow-up to your Mat, Hi! assumptions assumptions a previous

Mat Ishbia

will the obviously, softened. you I’ve the that market, that’s probably know right, beginning mean more I of thought Well, you before, end buyer’s of become it of the happening, third a know what’s I fourth the quarter, quarter said has market that

So reversed now the there’s a lot It sellers six was more ago. just chasing buyers. opportunity months are where

really school, winter done in be so December stuff, the will for prepared so often slower. it. that’s purchase in and good right, this years, So August, in as buy Obviously we’re Northern with also in We’ve houses that. and obvious people do and just for States about feel as don’t years people they we

which time. $XX.X purchase is Our reading all volume of our highest was billion,

I company volume their our in think mortgage our other than bigger and volume, purchase just America, was purchase alone actually purchase re-fi all combined. every of

less So third at do are We’ll business a little little purchases a we did in bit than the that’s bit? concern down not all. a quarter,

grow share, the in We’re the market to ‘XX. more really getting focused XXXX, ready helping the on continuing join channel LOs ‘XX helping brokers to dominate and broker win, and

James Faucette

that, you there see for opportunities increase requiring help you bring horizon? longer loans the the much with to do could improve think that forbearance borrowers loans efficiencies of servicing as that that modifications then and and deal in looking you activity, You further and tend give us Thanks as horizon incremental can servicing? know exit there in labor-intensive longer your room to foreclosure programs, number those more you risk how of mortgage idea to efficiencies is an can Mat, to

Mat Ishbia

the in way massive market? of what you lot of don’t hit? costs any I’m in happen a realize, along Yes, got But Will, our that the hurt doing market concerned book, not the that’s a Yes. quality perspective, Yes. of along expenses incremental all. efficiency recession? about will go paper I as else. will Well an age see with WAC, our of those the really see on I so same and delinquencies delinquencies less with I any makes the will don’t think have to us Of with more not it, up at be from is course. Do there the in everyone or our concerns. we’re don’t But – book our we the material. recession side, paper that. The servicing things that quality if just I

James Faucette

a great. Mat. Thanks lot That’s

Mat Ishbia

Thank you.

Operator

Your of Joseph next question Jefferies. Kyle comes from from the line

open. is line Your

Kyle Joseph

morning. Thanks taking questions. good for Hey,

Just get broker color bit going on in a want channel. to little what’s on more the

you’re know we participants exiting, of You announced a share. talking were it number about obviously they taking saw but

the an are So piece players even that of taking in market essentially bigger that existing does that mean pie? just

Mat Ishbia

Yes. are more to like The leveling wholesale a lenders just that committed are games are, we brokers their doing up wholesale the helping win, lender. than channel being

people version so just know a they from because and uncommitted the You sticking XXXX version that sheet that to brokers for of were wholesale get rate loan XXXX are not could a game lender, the and a broker. the of loans out That’s wholesale that aren’t throw the at around, can’t rate lender wholesale was they level. the close out thinking anymore compete and sheet

business, doing UWM’s going things win help when they not that's level a going you're That's that share not wholesale. the win-win to help or not market market, invest things love the build starting and a I and one; and don't is anti love train up of partner, that around. are compliance not are are if down grow, so them There's lenders two, are to their channel them and true will them, their because is and for love in everybody. help pay that it. technology, perspective, so I not around, goes you’re them wholesale like the them great brokers to great lenders to bigger other when that. in wholesale brokers, I help that do play wholesale anti want lot are to they for be in lot a happening, around, from If you’re a teach people channel, than the it which many broker bar succeed, brokers going help help today, to I know help

Kyle Joseph

Great! question. Thanks for answering very much my

Mat Ishbia

Thank you.

Operator

line Your Priya Rangarain from from [ph] next the RBC. of question comes

open. Your line is

Unidentified Analyst

Hey on much for guys! Thank Can maybe fourth you get quarter. the so started you call.

share see market third on or the the based quarter? the market share is guidance you Your that historical in

Mat Ishbia

I'm know, sure you're what You exactly asking. not

I that's our You're to on sale production based I is understanding understanding we'll know, you market our I try MS think production do obviously and perspective. share, and going accuracy so I believe perspective, from what market, where a the understanding MSR, is a – where give guidance saying not you on as guidance much our and and to mean, – do, we're purchase on our gain

So same that's time of from. saying guidance the guess kind focus the channel. The on, comes I where we broker keep

We extreme of liquidity. amount have an

Our extremely is book MSR strong.

Our ’XX, ’XX good We more delinquencies and are fourth ’XX, and in extremely feel really the about our in quarter importantly beyond. position low.

that's that think me. clarify I hopefully So question, – your answers if not it for

Unidentified Analyst

it, I is can you no. see this third outperform the whether did you was but trying to Got in helpful, just thanks. quarter, as just

on second guys The thing you basis. like margin sale XX is, have talked about an annual to XX gain on

we the for fourth XX like quarter, know next in gain back on remain XX to know your to expect sale. will we sale you quarter Just continues that range, in that lower the guidance revert XX to should XX gain you given think should continued to you on XXXX or

Mat Ishbia

yet decision know Priya. that made haven't You I

I've see. I XXX what wholesale in is know you know bottom level margins kind are You the that XX to said always of

the even own for thinking and expense. quarter, know Like it right We're investment consider the so first way. don’t and a this I times point XXX that XX don't it's now I actually told gave that. think head, XX lower. and investment my a between dropping what than wholesale. about said year you that margins. long say, do to of that we half basis think companies, like earlier we in going last I even We’ll gain so see everyone margin an at term out of time be little bigger, year, to as to to XXX guys count long term, and broker but even looks and sale. half that to basis XX range acquiring to to couple a going million. in the multiple, whether term a And the on on Instead – term, range kind around feel with with the confident UWM whether low that gain right, you doing, that's I we're channel range couple XX flip margins. you that and come within of in to a the It’s I gain and it $XXX points second investment. make will to the were on return, marketing the little it because but a get that, call the want you're development, We're we're you Obviously what's and I it's spend that margins. like on is range. of grow end going know grow basis, going my a to on yearly their business if long of to be spend multiple of what I we’re was million I is going the my going like return building this going rather $XXX it. long going research

Unidentified Analyst

gone liquidity guys one last be should about long question, have we the Thank keep drawn, Got you that? buybacks. that line use how it. MSR on would you And it and you. for just thinking that will How you

Mat Ishbia

our at our so debt, a feel we Yeah, does everything we're of do decisions, at buybacks. can't in right and we that now to Obviously at really look on finance don't We a all look thing, really business liquidity. us about heck job make team like times. afloat bond share buybacks focused those from business aspects Andrew but and helping going make right the the the happens all – there's and to But helping of good we decisions share, building continue stand servicing book, about liquidity. we'll is our grow and and key market focus liquidity to a have brokers on we the around where to right when we're now and originations, you. our Thank right that succeed feel really liquidity we grow great model position. now we continue massive their mortgage and

Unidentified Analyst

you. Thank

Operator

Barclays. [Operator from Instructions] Bahlman comes question line Courtney from the of next Your

line Your open. is

Courtney Bahlman

so the and Thanks guys! Hey results. much question the on congrats for

leverage. for me one Just a quick on

sweet equity and about it turn. we to half with pretty this sheet? as about you spot have think to Should consistently the a moving quarters managing the guys debt You three non-funding are how of kept forward balance a

Mat Ishbia

for the thanks No, question. Yeah.

than that's Obviously go Absolutely, what we right range. go at we higher now. in know, really feel could comfortable that. You higher? we Could we're that

to everyone I our add a very stand. all we that think his closely, but and very ratios market you higher general, manage in a where probably manage speaking team our the feel? good about Andrew, in We of Anything lot and in almost we that than just and do and is liquidity you we more feel industry debt and to you're job. great Andrew want that closely, the really

Andrew Hubacker

No, I well. it think you covered

Mat Ishbia

Great.

Courtney Bahlman

how on you Awesome! know And the focused say of you you're that thinking or the sorry, you'd front, acquire? guys remain that But about retention to forward then remain types acquisitive. about on Thanks. you editions you know MSR you'd with are what open follow-up, how more mentioned potential. would you I are one – Ginnie and you moving just want conforming? thinking it MSRs You to

Mat Ishbia

not we're and is looking game. and loans the we're doing so is we What acquiring brokers not so Ginnie really are at deliver. Freddie originating what what usually loans, focus MSR, for our what depending is Well, that's on our originate Fannie, we UWM really and agency and

your we're don't We industry. originate MSRs. or I the misunderstand know but the MSR’s not I acquiring So level in at question, misspoke highest if you

were our so them, is obviously business think I we try to than we at originating. our to much originating buy people efficient and Buying buy build is. continuing focus to game, and MSR’s more if not but on MSRs we're even just our

Courtney Bahlman

that's you. great. I misunderstood, Nope, thank

Mat Ishbia

you. Thank

Operator

Barker And Kevin question Piper line Sandler. of the from from your final comes

open. is line Your

Kevin Barker

I you're sell taking questions. was Thanks how follow-up, Good to that the newer production to just whether want or and of then you season did you much MSR selling? portfolio in idea give a my us an morning. quarter, could that

Mat Ishbia

sold sell about, most the between call think exact quarter. details $XX months. is third you I the let's the billion over stuff know Yeah, billion of $XX but we XX don't of know and we usually it, in I

sales servicing don't at really as look we opportunistic it. to cash, way do if so bringing need And an we to

now. markets position about MSR so our our really However, going we seeing we're and feel all and we and always at right book on valuable good and look extremely the is what's checking things

Kevin Barker

fairly that I decent purchase. have you doing. like like on to are seen that know seeing be pushed mean, to compared using the we the seems is flow have you’re definitely now you bids continue market a you higher softened it MSR programs buying strong bids – values, Yeah, hear know the or right there sales but or seems that interest rates up to we've MSR attractive to you're MSRs

Mat Ishbia

MSR coming of a you extremely Yeah, actually very lot sale are strong people bids know our us. and to high with

people You our don't for if around there of buy and makes if that's actually because so going know are and of around for our in from the want less, about on lenders MSRs, and term, the good to going one we be there's MSRs knows are long don't big to portfolios of be it, rep many everyone MSR, the and we gives remember, – think and feel to only position market really think to those got you it people the that warrants you so that. but they we be someone supply strong, to feel are confident they buying

We at have feel very really So book much time acting good but don't same about of been liquidity. been actually the our bids need the because haven't strong. MSR We fantastic. it, we servicing is on it,

we’ve mortgage feel originate continue about really lot on of and good focusing been of the brokers the we country, and and which now doing. is our a what business in to grow core right level win have helping liquidity We at highest just

Kevin Barker

strong. gap really then earnings were Okay, and your

an I how tough sales, it given operate excluding negative that mean is flow long know definitely still just to have on given out not You like lot on flow, to basis operating liquidity, operating but cash know But a it a environment. access do surprising the you can feel MSRs, continue cash which you of negative you it's there. MSR just environment is appears you a

Mat Ishbia

it's don't Yeah, I think really that tough of an environment.

think tougher but refi wasn't now. people obviously So it's doing you finding were and know that last last was XX% last than out that year are it succeeding year year, I real

value perspective flow – know are we thing the very is extremely confident running is, we in going way than We're my we million. right – right profitable increase, income, made running business and are a making fair $XXX cash million forward. we're like it. had now money you we We're $XXX Kevin, a running now business I'm different Operating that our So income. the

been wholesale and to flow we been, really in forever. negative. has going questions, in the We're feel an always is grow, dominate market continue the brokers running and great the about lending Always at. such be, will the we're focus and you important originating, side, to cash Cash business, wholesale On succeed liquidity appreciate always for has been why thank market flow that's is part so working helping it’s it. and share, I on to this helping for brokers where us. taking But channel

Kevin Barker

Thank you.

Operator

will remarks. I wrap over call the closing to back would for the turn And up this Ishbia to Q-and-A like portion. Mat

Mat Ishbia

the all appreciate the bit lot. the I understanding questions, support really Hopefully what a to little people understanding about we joining trying appreciate call. all Yeah, a we're business and thanks do and our you're work at we're going care and UWM take team of brokers grind the win, help here and shareholders to our brokers, mortgage continue everyone hard and help good over to UWM, positivity alike. and members, win,

next time. Talk to quarter. the day! for you a fantastic you thank Have So

Operator

This concludes today's conference call.

disconnect. now may You

UWM (UWMC) 4 Nov 222022 Q3 Earnings call transcript