Due to accounting rules, earnings from the loans locked during the third quarter of 2025 were recognized in the third quarter rather than the fourth quarter.
Seneca owned mortgage servicing rights with an unpaid principal balance of $42.31 billion as of the end of December, according to estimates by Inside Mortgage Finance.
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.
One of the mortgagee letters that established the policies in 2022 required that HUD document all CWCOT property sales, but the HUD OIG said it didn’t keep records verifying buyers, such as the statements owner-occupants must sign verifying they intend to use the home as a principal residence.