UWMC - Earnings call 4 2023 | UWM Holdings Corporation

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Operator

Good morning. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the UWM Holdings Corporation Fourth Quarter 2023 and Full Year 2023 Earnings Conference Call. [Operator Instructions] Blake Kolo, you may begin your conference.

Blake Kolo

Good morning. Chief and Kolo, Relations. of Blake is Business Head Officer Investor This Call. you welcome XXXX Full Earnings and joining UWM the Corporation's Thank us, and to for Fourth Quarter Holdings Year

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

information we may cause about issued materially this to actual the to that please statements, morning. forward-looking refer factors earnings more results differ For from release that

Wholesale Holdings Mortgage. Mat now Ishbia, over Chairman Corporation turn and of CEO will United I to UWM the and call

Mathew Ishbia

Thanks, you, today. thank Blake, us and joining for everyone,

jump into Let's right thoughts. a couple of

significantly one First off, stand earnings operational the XXXX perspective from from UWM's in investments. on history. strategic a and competitors perspective. from wasn't was but that market of year share, dominance best stand out separated a years growth, the will financial It We out our

It ninth as was lender. lender our third #X #X year year lender. It consecutive and wholesale as was overall purchase our as #X the year consecutive our the second the

me As at UWM. the that's have here consistently say high-rate best done exactly what you and in shine many markets, heard companies we mortgage before, times

and While overall of time year, billion environment with being in purchase, higher We the market commentary $XXX delivered quarter. there of across ended record UWM production mortgage year best share about year our over purchase this billion the with rates on board. of almost been of that have all a interest lot $XX $XX.X the of about overall the fourth billion

and lower the our clear the advantage increased UWM our are of to X, take rates inventory succeeded and over XX demand see XX this believe also believe proud we channel. now uniquely evidence And partners when In year times have and next we short, of failed. I of have performance that and strength and I'm months. team's many performance will housing positioned the broker of the throughout during incredibly the is broker

few a to fourth I'd the Before talking key quarter, messages. like emphasize about

First officers share to channel strong Loan continue best agents channel, is that the continues and broker to consumers are brokers and its the continue estate grow broker for foremost, industry. mortgage. and real see to overall the join the of choice and

investment on brokers effort price catch continues give and getting our Second competitors process, speed, only gap to to is and given as the becoming The harder advantage our easier process continuously to is and competitive always a technology that much in our making between our our focus. relentless larger. It's UWM cheaper up, improve. faster,

competes channel loans. only X is out The growing, Third, almost loans. the X.X XX XX we're and competing news I've UWM stressed out of for always of good for broker that team is now

X channel, Soon is most that a the of will UWM of XX and that of to There's maybe and out out upside XX make loans be the X broker then in to prepared opportunity tremendous loans. future. the

the in to continued member grown proud growth more about of to strength business most grow and we the XXXX. our invest us XX-year gives of other in team. beginning is I'm unlike our companies, point XXXX, and people XX%. We've to Fourth invest our the we've by our team Since hire mortgage in team of never single ability forward even history. people, laid our off a look we in The and and our have

to been a our to Our have see culture and that firsthand. is have and our that team people able office differentiator, been

success our committed to sharing with shareholders. remain our we Finally,

quarter, $X.XX be dividend. For paying the per we'll consecutive share XXth a

it the the and times. industry out give going times that times and the market As in out complete will will dividend year paying good I confidence it's forward. paid in to said a And should in tougher like multiple continue before, be XXXX to

the that we opportunity are no ahead. doubt to Both seize in XXXX. in channel strategically dominate to UWM mind ready There's broker my and positioned the are

coming at look end higher within $XX.X purchase. $XX.X points, also of of quarter. fourth guidance XX the closed well in to that generated margin basis changes pretax for the in with just Let's valuation quarter both value fair for billion quarter, production closer the at adjusting assumptions, after XXXX. $XX.X the MSRs from billion from we and We million or due Gain the for the inputs of earnings in increases million And significant was the $XXX.X year, guidance. fourth of

XXXX In service. will in in whether they industry be Volume UWM than successful a not, dominate margins and better higher environment year are I'm And sum, XXXX. had rate a quarter this with than be But be great or quarter XXXX. we fourth and will even a should and higher. confident technology

going now to call to CFO, turn over Hubacker. our the I'm Andrew

Andrew Hubacker

total for many all Amidst we Mat. purchase gloom as that XXXX, higher continued year. during even industry-wide with our you, QX espoused originations for were business XXXX rate interest were others the our to in the doom environment operational entire XXXX during decrease and and significant and have XXXX origination lead Purchase performance the of both way pleased the with the and higher volumes. than XXXX, Thank

and market MSRs significantly resulting in GAAP the QX to estimated impact the were declines the the negatively fair value rate before considering and changes for increased quarter in results fair our year. value by our income our full and While full fourth operational of impacted year of significant MSRs, QX

And million million of QX $XXX.X to million as XXXX. QX, for to for million was compared $XXX.X was as XXXX. in in XXXX EBITDA EBITDA adjusted $XX.X Adjusted $XX.X compared

fair than offset specifically due confident some declines MSR to time, be historically rate origination income. value of we more by will, we respect levels competitors, our interest Rather, the not our over portfolio. With we have unlike maintain to in an increase are at MSRs, impacts that portfolio hedged that such

what we to We regularly we throughout believe by do our the most the MSRs, portfolio opportunistically in hedge manner to MSR continue also efficient be which selling year.

liquidity the cash as borrowing of environment. approximated end access net loss quarter and accessible the were those the our and for agree challenging $X.X what year, within different significant well X of years. GAAP a liquidity, us originators for conditions our We market the full in in the which and end of years our last current that billion believe Furthermore, capital including remain many each cycles. the market leverage the fourth increase ranges positions capacity, year, Notwithstanding would for from is ratios to expected of strength current financial and despite mortgage

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

Mathew Ishbia

we of with points lot you Thanks, We consistently now. different for do. jumping over we're going to see that a Andrew. few I'll time, you of We've what that made hope a years into guys. public we with we been deliver Q&A close a all X company before comments In XXXX say years, will best and the year and we've a through those in always lender remain believe housing recipe and market, back America. listen not you the for we'll will can change. and We overall the industry. the better And consistently. be that mortgage But mortgage in, of go hit regardless in on

the provide will business with best broker our technology the reward care and We to best shareholders a channel, our consistent purchase by like of and incredible build service continue dividend. family, X,XXX-plus take the treating members dominate to them team

way out of we this remain that for work. and the the for of the the loan broker committed success conclude easiest the business by zeroed channel's XXX% to best undoubtedly, saying I'll And cheapest channel. and a consumers part mortgage officer I've to get fastest, to

between our numbers billion. points, and $XX those I've production toughest lowest expect see to been you'd to billion We QX now. environment towards $XX basis mortgage always for be I've would the guiding that and be XX Also, the said ever margin while a XXX

come to As market market I the I that will stabilizing see the the starting margin purchase on, refi believe and increase.

to going going off to take recent I'm it lows XX and So to basis XXX our points forward. move

officially off our new margins. the bottom that bottom calling take can to with coming or You as regard

growing and I clients a forward members thank in to look our want and team amazing XXXX together. year, for I great to our

turn I'm to the Q&A. over it going to Now back

Operator

[Operator question line will from the with Instructions] Kyle Our of Jefferies. first Joseph come

Kyle Joseph

your and sense get -- post you and guys quarter-to-date. of us more -- to but that active print the of CI for cadence originations the spring activity kind CPI give potential Obviously, want Just for sense implications guidance, pre of and a have kind for how a season.

Mathew Ishbia

the Appreciate for question, it. Kyle. Thanks Yes.

I I great, great think this go a off year. think can't -- So to I start details, we're overall, but the into all we're

as as you saw MSR, think hit such interest of know, massive we a rates I decline quarter, has a the which the come lot it in fourth the up. back

business. income not a So we you that kept decline perspective of But from quarter. back obviously on some of seen the first a have

production I my That's hopefully, of you think if higher the XXXX, very I actually higher and execution that. the of in quarter the compare margins guided that on you'll favorable and guided to it guidance first on fourth why see And quarter. to based to

a great should not inventory feel rates everyone little quarter. great a little and the be usually even were will pretty February of like It's bit, year. quarter The said April. will it but open up from like and We good purchase kind XXXX only drop also purchase I this like think a in stop, bit. January March, starts season feels of didn't call, I a I So And a perspective. think, be will kind

feeling excited about we're this year like. looks what And so

Kyle Joseph

then And one just it. there. Got follow-up

you opening Are And on in movements mentioned to rate refi expect curve of agnostic guys margins? originations there are right any little the December. kind channel? to based 'XX in You of 'XX? of up mix of implications forward But is of a terms do just you how channel the kind with there to compare in bit the sort now,

Mathew Ishbia

more lot capacity of up, Therefore, the when the Well, and able usually, go yes, go margins industry. I mean, there's they're have A action, down, our volume. to volume. handle will because out that's of competitors more not rates taken

drop, when down get it and margin. refis of they come when out So rates you slow by adding volume

think environment, usually think well. in that as up in so past and margins we've I the I go a refi seen And

higher purchase that refi XX%, we'll we're we'll that's to to don't this you when or do environment. And that in what and companies saw last be will focus how and I XX% change think -- in on do, drop. so continue there'll business XXXX, rate or more and XX% mortgage able go to depends think I best on That XX% of that's because mix, record refis much year, But the even a drop they purchase going the where what rates in been still XX% to That range numbers. I to of be having do we've down purchase lot we're purchase doing know.

Operator

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

Bose George

around in that from the it do the next the see share, you where to Mat, share broker commentary market. And the is up of right? XX% years? going Is of your that on now broker couple sounds like

Mathew Ishbia

Yes.

I question, XX%. I think it. appreciate the Bose. for No, don't at thanks So it's

there. I almost think it's

I it's think there. getting

And I XX.XX%. why haven't been saying loans, was I think it's now and And I've out X.X fourth saw that's of last getting that one of the quarter XX% expect -- the XX numbers, closer -- readings but I definitely like of to X I it's right it be around XX so out always XX to going. seen number, [indiscernible].

is XX, or competing was a we're dominant for still we're point really my X in out and loans But of X.X position.

the broker loans continues XX of can get to out UWM XX to for, and As of grow X going as well. compete out that to channel grow we is X or

we a broker And have, our but none of as market at channel the least the of the of none so feel competitors. really have perspective, like that the rate of we well competitors the upside upside public from

Bose George

great. That about also just more trended refis ask any is of everything? they to Or the purchase Ginnie there mix wanted a actually up commentary, side? -- percentage. Is a the Are that Mae doing and little streamlined it And is on Great. be more. would Okay.

Mathew Ishbia

majority mostly purchase. our the great Yes. purchase. of business fourth was No, it's quarter The still in

And a relevant the consumer. enough VA requirements a I market to show still so both think relevant. which out. yet. bit. bucket, relevant, streamlined not savings that around a government of FHA has rules little don't become drop refinances will streamlines dictated although a Right and which they now, are have ways -- aren't IRRRLs, the to have bit from when you rates There's they're different really still little very and They're

to get or Xs rates down when But activity. you'll see a the frenzy high Xs, I low of think

And so that. I wouldn't say it's tied to

purchase, majority to start still soon. here I will it's come that think but

Operator

JMP. comes line with Your Citizens next Delaney of question from the Steve

Steven Delaney

think up for We've -- X You're a market refi around does X% not you haven't rebuilt event really to any material hung refis. to seen years. been rate around low spur has a what, go How it in X, and kind a the of XX-year industry? do refi here

Mathew Ishbia

the Yes, and thanks for question.

be for it's it they sense -- got And got did make consumers. to last So to I I think their think depends it's on where loans.

the is in ties it. X.X a how save point usually, think rate to, So about usually you it you consumer can

October past -- at X.XX%, borrowers a year borrowers that it of different then dropped, rates different they'll rates doing so we're -- so right, in that And this were goes times will doing have and X.XX%, you're refinance.

But lot of X.XX%, been generally and to years going MSR couple the a X.X%, refi it's loans -- X%, doing been been loans activity people see we've maybe you're X.X%, at because doing have get X.XX% -- when rates book speaking, our a most when to of everyone. that's now of why we're doing

loans being X.X%. at done being are the They're where know X.X%, done. I X%, So

will I consumer when get for to X.XX%, So rates create of it a think refinance. call that enough benefit I'd a to X.XX%,

those when rates even start sudden, purchases to beyond too. more, Steve, But #X pick up all as a lender, purchase will see the to to of get X.XX%, going that, you're

X will and going very rates open drop refi, inventory And tomorrow why then margins dictate it's we to or months very, happens or is the think off so or will which guided X up go know I months, happen, it Whether purchase think be or X we positive will don't just bottom. going also a environment. when. to open in that And will it's will I up, up, months

Steven Delaney

about great people that's purchase I are the have. purchase, that thought benefit lot color may now to in not qualify the because -- addition that's -- going Yes, about a of hadn't

your back seem many will -- be so the like brokers? broker the your to the customer tried borrowers the and borrower? that do you when comes, on work capture resolute years own the to So that, You to to have comes continue through this work with to opposed to to when get shift over call it to center UWM creating as

Mathew Ishbia

It's just do. they're my through the the not and we're of downright brokers. inappropriate thing what wrong, they competitors they're and It's tell brokers to It's Yes. sorry thing they going do that. attack the just you XXX%, right how do. our run companies, poor to go -- some right business. to It's to

attack it's so refinance your thing to a your client the you then loan to wrong just send And that and client, do. you client,

know done know and doing we Rocket to those obviously, have they're of and years, the brokers And that. for some just why guys that wrong the thing and brokers, other that's

do you my can words, So never we and will -- mark never that.

the them brokers. -- do it. do back show call We'll sell how trainings. show We broker. broker to to for always them. the client, business. right a the years. we the We'll give We'll refinance. and it's which industry them how Like that's things, We'll been why all to coach help We'll them clients and to so ours, in like that's And channel how we've broker's and this way to dominant the not run but the

Operator

Doug Your next the Harter question comes of from UBS. line with

Douglas Harter

would of your cause be low, come off that environments range? different high gain the of Mat, of I'm what to new lows, hoping you you're end to middle, margins seeing the are how about types think as kind

Mathew Ishbia

Yes.

how to the for quarters probably don't think many probably exactly. quarters towards So how said I my I of will the remember we the and guess, the X, but business kind XXX, is in I is, X, bellwether in margins are toughest it, reality what But I guided the the -- happens know UWM goes. market, I mortgage X don't XX

to And be. XX where we've hey, to it's said, XXX going

to the that bottom. to then market whether going a XXX. than get I as it We're I'm was. stay basically to And to Now when like better, eventually move to go it to for numbers starts worse back it's going And calling not to It's get guess, to normalized go or or a environment going quarters of more XXX. continue market. XX maybe maybe, refi more gets to I a couple it's to I normalized XX

XXX. XXX the not like XX to I there. signal go go to I'd back. don't the I it's we're We're It's and else XXX XX I'm next next the go way. of going on up. now, XX or XXX, Right Maybe maybe It's to to Will I couple is off everybody to way the to trying quarters XX be to what on for XXX. XX But will not know. way. on quarter? It it's the to you

after at it's range or we've quarter see sometime next consistently the the that, to up, the the move you of continue And future. of or near up, margin middle range. been now move the expect I And the whether in range range high I -- that will can the quarter and to

Douglas Harter

on of going how think or Appreciate opportunities broker landscape that that, you're that what guess, impact -- the do I the create? the changes and that thinking as does and all Mat. about impacts kind does or there, And lawsuits realtor as you then challenges

Mathew Ishbia

estate tied real hip. Usually, at the really are and agents brokers

real brokers talking mortgage the consumers. and things. for of the They're agents ground lot So same do estate a to great They're people. on

to or to opportunity will haven't their don't with impacts when obviously, the when new the a So it estate if they creates happen, best business. the honest brokers happen potentially know real happened and for to of advantage that to years, take in I be -- impacts create for agents, they opportunity grow potentially you. But happen, best comp

actually Just and going supposedly thrived stuff of market. to Brokers comp like the because comp were all in years it. lose happens, LO changed mortgage this and ago, brokers

you just opportunities, And so like these business. look And real resilient, the brokers professionals that mortgage weeds how are I estate are resilient. at in things in are as

that concerned not I'm impacting really -- so them about And the business.

UWM -- them they'll helps and business, the each if tied have more helps will that do hey, what do officers They loan and help they helps and help maybe And And consumers. helps succeed. more other to business. is estate agents at and hip. real other each grow, Brokers I do are

out. it shakes we'll see And all how so

I think get early happen. capitalize the usually usually of and on will change hurt too I are weeds that the than a involved do like and the in very business, real people But what agents UWM get by read to estate more it's in think that is like on really brokers very are change. business

Operator

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

Jeffrey Adelson

This is Adelson on for Faucette. James actually Jeff

some wanted a talked XXX pricing know you about. guys ago, Just launched Refi this month initiatives the initiative. you on back I about circle of to have

volume meaningful appetite Like your that's the brokers uptake forward? And Just curious going like just and your what quarter? that been maybe your has initiatives to far for additional pricing with how been this on volumes? so

Mathew Ishbia

Yes.

first of about done seeing would margins. from the with years, us said talking a we is -- off, if was like pricing fourth versus XX and we've XXXX Game how quarter think quarter of On lot do good we working? at and that of obviously, On, for of and which different months years and 'XX, you So had half the what I because what we look ago, fourth pricing initiatives guys and things been 'XX, think that initiative through quarter means following fourth in Game I the And as have a it's you that the

was And we lower interest interest -- and margins, environment. rate more higher quarter and a bigger have business. we rate did still 'XX, it much did year we In this fourth environment,

stickiness. some that of So think these talks it create I to initiatives

best know is America. facts. we the this mortgage What company in is UWM for

they to time. channel now. retail We country. broker time. them happening join want we without channel, The right I wholesale the the talk officer question for happening is are all loan leave of best the get and game are to the us which It's all to lender the the

the agents. them. is channel grow partner UWM use that When of We We them become train market best. help broker want like that, UWM. because do help stuff. with this they And We on estate the try brokers they them real them top We UWM, their help we to business. all help are in we sticky

it's all about in. so getting them And

on was short-term mean back and on or term. what focused we it's think So On, share I'm June then looks like what share go always UWM maybe officers loan I focus it normalized pricing market about then said that going which on never and be we've margins? I And in incentives broker channel back I that And you the growth, And the long and has XXXX converting, read whatever focused think to if the does I and when happened. different to initiatives on market done impact. are what some. success long in data term. go also gain does that shows Game retain

grow. And so look all positive, help things at brokers I brokers these differentiate, help

is it crazy. because to thousands and saves for game win, helping brokers dollars, consumers to whole and the you say help by and more consumer, Our way, go thousands consumers. better are it's mortgagematchup.com, brokers They the thousands of like consumers

don't know so crazy this. consumers And it's that

help succeed so we consumers? And do very excited LOs educate we those all agents? educate how do we're estate How things. and do real How we

pricing on helps. a Sometimes issues refi

[indiscernible] purchase, appraisal. free Sometimes pricing sometimes

Sometimes help why But open and succeed. we always none of that to those win brokers we've and we're been winning, to things, stuff. doing, too. do I'm anything what that's that's And

Jeffrey Adelson

great. seems Okay, any But sales just And like I've so do heard And MSR, it was don't that? appetite far. your disclosures, you that why there? looking quarter. the this Is maybe going didn't MSR on what's right? from And forward the anything like think I

Mathew Ishbia

in Yes, one trade excess quarter. fourth we did the

is which bigger $XXX-plus trades And obviously we've see come Andrew hedging the million year. MSRs said you'll this -- it had fourth So a quarter. some MSR we and quarter, means paper back of this in Like I nothing. just like that think, is already moving, done markdown, some

these credit other or But don't hope -- bigger write-down me again, loans then write-up is the once that give like originating only it at I truth than matter. people have we're give just we don't rates. But one actually for actually because the me you doesn't a

if rate when third didn't. we our more we higher of have quarter we our at fourth loans in else and book because look everyone have book, the did So you -- actually

most write-down, quarter. And a bigger the write-off than people which in actually bigger we loans so took is those why fourth a had

back the are that's -- we'll and first what to that since because opportunity and have our see that of getting January in gone you March. rates so. quarter, those prices -- or when do to cash happens we it, then we in up the Obviously, selling good sell an see we'll bringing for stuff. And build that MSRs, write-up MSRs and business conversely, But can't continue you'll control see in but continue to I see X. coincidentally, all

Operator

Your next the from question comes Bank. Mark with of line Deutsche DeVries

Mark DeVries

Just had given a origination follow-up guidance of It's first question for a Can the the wide the almost just on the quarter. through you just us pretty range, way Kind we're quarter. give to a that range low of high better of end scenario what sense brings end? brings as to X/X what and is? why scenario that the to the you you

Mathew Ishbia

I I usually range. gave think $X down. billion $X one. Actually, give a closed the range a billion Yes. I then I

So gave I this a or $X billion consistent, smaller I truth be try the $X range. to But actually is range time. billion

always in Obviously, of margins the we're like the we'll that a to range going be feeling range from range. I guidance I'm and and I where have volume of good And to I that's guide think my in be, why perspective.

when and January, November, specifically doesn't it December, the February, the a usually lender. When January slowest And that you're Usually tough mortgage realize last guiding refi, are industry. environment March we're business months, do actually it. purchase quarter, February, so even got especially and higher February, much quarter matter you're fourth I'm rate when basically you're in months. that the in toughest compared more to year's going a you've to first a to doing January,

northern while in purchases, People purchases January, school. a moving February. cold in aren't reasons in down. of it's the they're part But slow slower It's that country. There's of the lot your

I a think $XX is So good billion $XX guidance. to billion

always I've And every quarter to done as consistently, for guidances. guidance. doing that. well. on -- first XXX fourth those do a good quarter, that we'll I we XX plan think And is as single the I the hit

Operator

Your from of Instructions] next will BTIG. with the come Hagen [Operator Eric line question

Eric Hagen

A your more portfolio include are targeting UPB? fair for recapture? you us MSR estimate also I it, on does value MSR an couple mean remind can you And call follow-ups $XXX still billion of mark around, of an MSR. the

Mathew Ishbia

Yes.

So question. good

obviously, the You're, in weeds.

not game. for recapture there. You know the do estimate we No, an in put

beef of the which So enough my to way doing competitors it, their other therefore, you all that's question. what but up understand well the a do numbers, of and get false ask that to business is

that. know you So

of On at is it's the MSR originate, There's side look I exact think, got not little least not it, an right if other can MSR think I book what's you origination it more. your that billion, important an range. we $XXX book, a half if the you range. at like But bit of

we I So more like we think Yes, $XXX can we can. billion? than at, do look

billion go higher or So go that. much than below in want $XXX billion to book, I wouldn't $XXX $XXX I the billion on but probably won't

see the $XXX think I kind billion we'll where it. That's is So to $XXX range. billion right of

billion a range. right and doing We'll business of We're is lot now. right sell billion to $XXX some here there. But the $XXX

but probably say $XXX think me billion. up, $XXX want billion you saying billion, I'd I to $XXX you're to If tighten

So plus right. or that's minus,

Eric Hagen

sometimes. We like you do market forth out feel the that lot loans Great. a and broker take and it. channels going between retail, channel back there's of year? know Love or much migration, you But between a aggressive how this lot competition share how of correspondent could of the

Mathew Ishbia

channel. the Well, right? originate don't like a not or so loan honestly, channel of I the you underwrite don't You loan the loans do But the originate know the twice. to if channel. loan, our correspondent the loan, can't didn't really some correspondent competitors in say do they is that you

report to some the But volume. the retail, that and and correspondent retail so Wells all really Chase I then there's they wholesale. in look then the Wells. a don't any loan, does honestly, volume there's do a places report then and Chase guys. sell correspondent know And channel. lenders retail their at some the correspondent is That's it or I originations And volume, and as because so

counting. double it's So really

don't like business. because just lot getting numbers correspondent the look I the the originate Mortgage of are compete. that flip [indiscernible] opportunity it, really But really are play people banks and out make at of the different sense. on to truth oh, as look the harder capitals to there's the capital you, things, hard to also rules, grow will it's actually doesn't of at banks tell is, a it's to I So market mortgage. side, but an capital rules reporting incorrectly. different But the

eat, do It's do do one lot great and Like of business, way, a all things. be great it's other a places of great of lot at to We but mortgage. for the and different of live, mortgage. lot And partners also. is great things. a banks they're sleep a And at lot by really America, all thing things XX hard be hard -- to we

in not are are best at one we thing great, mortgage. only the We

so what teaching more estate literally. can brokers with we're they real business business, their brokers in refis focusing growing like handle on because to month how And a how double when relationships scale We're their is building come, agents.

so things. And different quarter PA+. doing what help handle more scale, things the quarter initiative. And is in brokers of technology our which more we're out to third of we're see brokers a We and help doing, second handle built to built the and part big it We you'll initiatives and scale.

some converted. broker. in retail I that And loan the officers And be is in the other of the to wholesale. reported loan you'll see have to officers the think officers have near X, part retail over all top some that now come And converted it of been media yet, you'll top used that then over not out top to the XX that's but loan future retail from see here in converting

with of usually, of the because I XX%, all these is. we're I've business. retail, strong by they over when get they're how to XX%, they'll have a X of met When UWM XX%, you're I -- get way, wholesale, to chance. you And become people some and And going business. know your now come their can XX%

you're to so And that starting transition. see

a on. I buckets, don't there's to and broker I grow and do and look question. them how So bunch that's brokers what of different help of focused the and that's correspondent retail and your we're answer succeed, as really competition one at but look at we really But

question. the Thanks you. for that Moderator... Appreciate the I think? Is questions, all

Operator

Yes.

Mathew Ishbia

we're good. So All the questions?

valuable, a the to call. quarter for the guys, on -- well, those So quarterly Hopefully, you, time. after and you, call. the gals, jumping all for we'll I next leave first Have is it all of guys day. appreciate great the you of for thank talk and

Operator

This conference you now may concludes today's disconnect. call, and

UWM (UWMC) 28 Feb 242023 Q4 Earnings call transcript