United Wholesale Mortgage Plunges Despite 822% Profit Jump
- Shares sink as much as 10% on margin concerns for quarter
- Firm debuted in public trading recently after SPAC merger
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UWM Holdings Corp., one of the nation’s largest mortgage lenders, reported $1.4 billion in net income as the newly public company capped its most profitable year ever.
Still, the 822% profit surge wasn’t enough to satisfy investors, with the company’s shares dipping as much as 10% to $10.20 on Thursday in New York.