UWM Holdings Corp. (NYSE: UWMC) has reported its first earnings as a public company with a new report Wednesday afternoon showing that the Pontiac-based wholesale mortgage lender continues to rapidly grow.
UWM, which just completed its process of going public via a reverse merger with a "blank check" company late last month, reported $1.37 billion in net income for the fourth quarter of last year and $3.38 billion for its 2020 fiscal year.
The figures represent increases of 821 percent and 715 percent respectively, over the fourth quarter in 2019 and the 2019 fiscal year, according to a news release announcing the results.
Additionally, the company reported fourth quarter 2020 mortgage originations totaling $54.7 billion, up 71 percent from the same time period last year. Full year production volume totaled $182.5 billion, a 69 percent increase from the previous year.
"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," UWM President and CEO Mat Ishbia said in the release.
Beginning April 6 UWM says it will begin paying a quarter dividend of 10 cents per share for those holding outstanding shares of the company's common stock.
The company's stock closed Wednesday afternoon — prior to earnings being released — at $11.38, up 10 percent for the day. At the close of markets the company had a market capitalization of $18.27 billion.
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February 04, 2021 at 05:13AM
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UWM reports first earnings as public company - Crain's Detroit Business
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