Despite posting a net loss of $62.5 million in the fourth quarter of 2022, United Wholesale Mortgage (UWM) is optimistic about its prospects for 2023. The loss is the company’s first since going public in 2021, and a significant drop from the net income of $325.6 million in Q3 2022 and $239.8 million in Q4 2021. However, CEO Mat Ishbia remains bullish, stating that 2023 will be the year that separates the best lenders from the rest.
During the company’s recent earnings call, Ishbia outlined UWM’s commitment to supporting the broker channel and helping them to be successful. He also highlighted the company’s investment in people, processes, and technology to deliver the best service experience for brokers. UWM plans to train over 20,000 loan officers on its campus this year, including hosting its annual UWM LIVE! event, which Ishbia promised would be the biggest mortgage event of the year.
Ishbia reassured concerned shareholders that UWM has control over its business, with intentional decision-making focused on long-term success. Anticipated production for Q1 2023 falls in the $16 billion to $23 billion range, with margins expected to be within 75 to 100 basis points, according to the company. Ishbia thanked UWM employees for their work in 2022 and promised further dominance in 2023.
Even with the Q4 loss, UWM’s message to shareholders is one of confidence, underpinned by a strong commitment to supporting brokers and investing in technology and training. As the company continues to navigate the challenges of the current market, its focus on long-term success and control over its business bodes well for its prospects in the year ahead.