UWM Expands Workforce As Housing Market Exhibits Recovery Indications

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UWM Expands Workforce As Housing Market Exhibits Recovery Indications

Apr 28, 2023 | News | 0 comments

Despite the possibility of a recession, United Wholesale Mortgage is continuing to grow. The biggest provider of home loans in the country is currently seeking to hire 500 new workers as interest rates stabilize once more.

According to the Detroit Free Press, the mortgage lending company held open interviews for job seekers at its Pontiac, Michigan headquarters last weekend. Both entry-level and higher-level positions, such as underwriting, sales, and IT, were available. The entry-level jobs do not demand a bachelor’s degree or prior experience in mortgages, and the company provides paid training.

In anticipation of the spring homebuying season and lower interest rates, UWM plans to add roughly 500 full-time positions on its campus within the next three months. This expansion is intended to accommodate the company’s growing volume of business.

During an interview with the Detroit Free Press, Laura Lawson, UWM’s Chief People Officer, stated that the increase in business volume is creating new opportunities for the company.

During Q3 of 2022, UWM overtook Rocket as the top residential loan originator in the US by gaining a greater share of the purchase market and expanding its wholesale channel. Nevertheless, Rocket’s total volume for 2022 was reported to be larger.

According to a UWM representative, the new hires are expected to contribute to the company’s long-term headcount rather than merely replacing employees who typically depart for various reasons within a year. As of the end of 2022, UWM employed around 6,000 individuals, which is down from the 8,000 who worked there in 2021. Rocket Mortgage’s parent company, Rocket Companies, has a workforce of approximately 18,500 people, which is a decrease from the previous year’s total of 26,000 employees.