UWM Holdings Corporation (NYSE:UWMC) Q4 2023 Earnings Call Transcript

It’s really hard to be great at one thing also. We are not only great, we are the best at one thing in mortgage. And so what we are focusing on is brokers growing their business, building more relationships with real estate agents. We are teaching brokers how to handle scale because when refis come, how can they double their business in a month like literally. And so we are doing things. We built PA+. We built different things out to help brokers handle scale, which is a big part of our initiative. And you will see more and more of it in the second quarter and third quarter, what we are doing by the technology and initiatives to help brokers handle scale. And then the other part is converting loan officers over for retail and wholesale. And I think you will see in the media here in the near future that some of the top loan officers in retail have converted over to broker.

And that’s not been reported yet, but you will see it come out to some of the top 5, top 10 loan officers that used to be all retail, now have converted. And by the way, when you are all retail, I can get zero of your business. When you become wholesale, now I have a chance. And usually, they will come over, because they know how strong UWM is. I have met with some of these people, and we are going to get 60%, 70%, 80%, 90% of their business. And so you are starting to see that transition. So, there is a bunch of different buckets, but I really don’t look at correspondent as one of them to answer your question, but I really look at broker and retail and that’s the competition and how do we help brokers grow and succeed, and that’s what we are focused on.

Eric Hagen: Great stuff. Thank you so much.

Mat Ishbia: Eric, thanks for the question. Appreciate you. Is that all the questions I think. Moderator all the questions, so we are good. So, all of those, well, thank you guys for the time. I appreciate all of you guys and gals for jumping on the call. Hopefully, it is valuable, and we will talk to you after the first quarter for the next quarterly call. Have a great day.

Operator: This concludes today’s conference call and you may now disconnect.