Brokers say it’s ‘business as usual’ with UWM despite loss, capital raise 

Mortgage brokers working with United Wholesale Mortgage (UWM) say it remains “business as usual” following the lender’s second-quarter loss and a multibillion-dollar capital raise, with no noticeable impact so far on day-to-day loan production. The Pontiac, Michigan-based wholesale lender reported last week that it lost $451.9 million in the second quarter, driven largely by a $603.2 million derivatives loss tied to its failed acquisition of Two Harbors Investment Corp. The Q2 financial results were announced alongside a $2.05 billion capital raise, including funding from distressed debt investor Oaktree Capital Management. The moves have put UWM’s balance sheet and strategy under a microscope for brokers who rely on the company’s platform. But brokers interviewed by HousingWire said their operations with UWM have not changed. “There hasn’t been any change at all from a day-to-day perspective,” said Andi Numan of Swift Home Loans, which sends most of its production to UWM. “As long as we submit loans, they get processed and underwritten right away.” Numan said he isn’t worried about the recent financial headlines. From the perspective of Swift Home Loans, “it is what it is” as long...