It was yr for the most important mortgage lender within the nation, regardless of sticky-high mortgage charges.
United Wholesale Mortgage (UWM), which works solely with mortgage brokers, funded a stable $163.4 billion in dwelling loans throughout 2025.
That was up roughly 17% from their 2024 whole of $139.4 billion, doubtless securing them the highest spot for the third yr operating.
Though, we nonetheless need to see what their crosstown rival Rocket Mortgage completed through the yr (earnings tomorrow!).
What’s attention-grabbing although is UWM’s mortgage quantity wasn’t pushed by positive factors in dwelling buy lending final yr.
For UWM, It Was All Concerning the Refis Final Yr
Lately, it has been dwelling buy lending carrying a lot of the burden for mortgage lenders.
In spite of everything, with mortgage charges surging from the three% vary all the best way as much as 8%, it didn’t make a lot sense for many current householders to refinance.
A rate and term refinance hardly ever penciled, and a cash-out refinance was (or ought to have been) solely utilized in excessive conditions the place the house owner was in determined want of funds.
And so buy loans allowed the large guys to develop whereas charges remained excessive.
That modified final yr as seen in United Wholesale Mortgage’s numbers, which turned much more refinance-heavy.
The lender noticed its refinance quantity practically double from $43.4 billion to $70.3 billion, an enormous acquire given mortgage charges had been nonetheless above 6% all year long.
The fourth quarter was notably good for refinances, with origination quantity s of $30.7 billion, up from $16.5 billion within the third quarter and $16.8 billion within the fourth quarter of 2024.
In keeping with UWM, it was their finest refinance yr since 2021. And all of us keep in mind how good refinances had been again then, the year the 30-year fixed hit an all-time low.
Buy Lending Truly Slowed Through the Yr
That brings me to dwelling buy lending. Whereas refinances had been scorching final yr, and could possibly be even hotter this yr, buy lending cooled at UWM.
The corporate mentioned it funded solely $93.2 billion in buy loans throughout 2025, in comparison with $96.1 billion the yr prior.
It wasn’t an enormous drop, but it surely was a drop. And that’s not an important signal for the housing market, which has struggled mightily of late.
Lengthy story brief, housing affordability has been actually poor and also you’re seeing it within the numbers from high lenders like UWM.
Whereas current householders have been in a position to get mortgage fee reduction, we aren’t seeing new consumers bounce into the market.
Latest numbers had been even much less encouraging, with buy originations of simply $18.9 billion within the fourth quarter in comparison with $25.2 billion within the third quarter.
That was additionally down from $21.9 billion within the fourth quarter of 2024.
Will Sub-6% Mortgage Charges Change Issues for 2026?
The large query now’s what is going to 2026 appear like for the most important mortgage lenders within the business?
Mortgage charges lastly fell into the 5s this week and if they will keep there for an inexpensive period of time (or all yr!), we might see buy lending choose up.
However the truth that it’s been principally a refinance social gathering with decrease charges tells you there’s an actual probability dwelling consumers may not chew. Or received’t chew as a lot as anticipated.
Positive, it’s cheaper than it was final yr (and doubtless the yr earlier than that), but it surely’s nonetheless costly to purchase a house as we speak.
And finally a charge of 5.875% versus 6% isn’t a lot completely different when it comes to math. We’re speaking $30 on a $400,000 mortgage.
Nevertheless, if consumers can afford it and the sentiment improves with decrease mortgage charges, we would see each buy lending and refinance lending enhance in 2026.
Earlier than creating this web site, I labored as an account govt for a wholesale mortgage lender in Los Angeles. My hands-on expertise within the early 2000s impressed me to start writing about mortgages 19 years in the past to assist potential (and current) dwelling consumers higher navigate the house mortgage course of. Observe me on X for warm takes.
