Many consumers may still believe now isn’t the right time to refi their mortgage, “but they might be sitting on a 7.5% loan,” he pointed out. “They need to be saving money now. We still do a tremendous amount of refi. So the reality is that consumers need to get over the [hesitance] of ‘Hey, should I wait?’”
If borrowers can go from a 7.5% to a 6% mortgage right away, Elezaj said, they should do it – and then refinance again in six months or a year if it drops again. “Take the opportunity that’s available to you right now and execute on it,” he said. “That’s the way that we think about it, and I know that’s the way that brokers are also coaching consumers across America.”
Elezaj was speaking with MPA after UWM reported $39.5 billion in Q3 origination volume, up from $29.7 billion the same time last year, although its net income dipped in large part thanks to a decline in fair value of MSRs (mortgage servicing rights).
He pointed to the mortgage broker channel’s growing market share – and UWM’s strong influence within that space – as positive trends for the company as it reflects on the year that’s been and looks forward to 2025.
The company has seen “tremendous growth” in its purchase business throughout the year, and is also ready for the likely spike in refinances that’s on the way. “It’s been exciting – and then obviously when rates come down and it becomes more of a refi market, we’re going to do great in that market also,” Elezaj said. “We perform well in both environments.”