The market’s response to the attacks is in line with its recent divergence from historical reactions to outside stressors, said Andrew Rhodes, head of trading at Mortgage Capital Trading.
UWM is projecting revenue of between $800 million and $900 million for the first quarter of 2025, rather than the forecast of between $650 million and $850 million in revenue offered less than two weeks earlier.
The retail channel accounted for 51.3% of first-lien mortgage originations in 2025, up from 50.6% in 2024, according to a new analysis by Inside Mortgage Finance.
"It is possible that pull-through rates declined in February as mortgage rates continued to drift lower through the month," according to analysts at Goldman Sachs.
The correspondent share of mortgage originations shrank in 2025, with retail picking up most of the slack. Both channels remained well ahead of the wholesale channel. (Includes six data tables.)