UWM Holdings Corporation (NYSE: UWMC) reported Q4 EPS of $0.49, $0.17 better than the analyst estimate of $0.32.

Fourth Quarter and Full Year 2020 Financial Highlights

• Record originations of $54.7 billion in loan volume, a 71% increase from the 4Q19 $31.9 billion loan volume, bringing UWM’s full year 2020 production to $182.5 billion, which is 69% higher than UWM’s prior record production for 2019 of $107.8 billion.
• Total gain margin of 305 bps in 4Q20 compared to 110 bps in 4Q19.
• Reported fourth quarter net income of $1.37 billion, as compared to $148.9 million for 4Q19.
• Increased UWM’s equity to $2.37 billion at December 31, 2020 as compared to $661.3 million at December 31, 2019.
• Closed private senior notes offering of $800 million, ending 4Q20 with non-funding debt to equity ratio of 0.49 (non-GAAP metric – see discussion below).
• Increased the unpaid principal balance of mortgage servicing rights from $72.6 billion at Q419 to $188.3 billion at Q420.

Mat Ishbia, President and CEO of UWM said: “The fourth quarter and 2020 overall was phenomenal for UWM and the wholesale channel by any measure. We are very proud of what we accomplished in 2020 but have shifted our focus to 2021 and beyond. By going public and accessing the debt markets, we now have the capital and liquidity to not only invest in technology and service as we have always done, but also the ability to take advantage of higher profit opportunities when available or otherwise returning excess cash to our stockholders. Independent mortgage brokers are the best place for a consumer to get a loan, and as we progress through 2021, our 100% focus on the wholesale channel remains steadfast. We will continue to work with the growing number of independent mortgage brokers to provide the fastest, easiest and most cost effective way to get a mortgage, helping even more families achieve their dream of home ownership.”

For earnings history and earnings-related data on UWM Holdings Corporation (UWMC) click here.