Rocket was able to secure bragging rights in terms of year-end results, posting $133.1 billion in mortgages for 2022 compared to UWM’s $127.3 billion.
What is the impact of a higher interest rate environment?
Despite the quarterly loss, Ishbia was bullish on the future: “2022 was great across the board,” he said. “As I’ve been saying all along, a higher interest rates environment is where you’ll see the best mortgage companies separate even further from the rest of the mortgage companies remaining.”
He credited the company’s business model for mitigating further losses in a volatile market: “I’m confident UWM is the best mortgage company in America because of our efficiencies and partnership with mortgage brokers,” he said. “The broker channel is the best place for consumers to get a loan, and the best place for loan officers to work and we’re seeing that before all our eyes.”
Despite the harsh environment for mortgage originations, he said the company will continue to invest in technology and human capital: “While my competitors are cutting investments and laying off thousands and thousands of people, we continue to invest in technology, take care of our people and have never laid off a single team member in our 37-year history.”
Other fourth-quarter highlights for UWM included: