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United Wholesale's Results Confirm the Benefit of Its Business Model

United Wholesale's Results Confirm the Benefit of Its Business Model

The past year has been awful for the mortgage origination business. After feasting on easy refinance activity in 2020 and 2021, mortgage originators got a punch to the gut when the Federal Reserve started hiking the federal funds rate in early 2022 to bring down outsized inflation. The biggest originator in the United States is UWM Holdings (NYSE: UWMC), which is the parent company of United Wholesale.