UWM Holdings Corporation (NYSE:UWMC) Q3 2023 Results Conference Call November 8, 2023 10:30 AM ET
Company Participants
Blake Kolo - Chief Business Officer & Head of Investor Relations
Mathew Ishbia - Chairman, President & CEO
Andrew Hubacker - Executive VP, Chief Accounting Officer & CFO
Conference Call Participants
Kyle Joseph - Jefferies
Bose George - KBW
Eric Hagen - BTIG
Jeffrey Adelson - Morgan Stanley
Kevin Barker - Piper Sandler
Mikhail Goberman - JMP Securities
Operator
Good morning. My name is Rob, and I will be your conference operator today. At this time, I'd like to welcome everyone to the UWM Holdings Corporation Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Blake Kolo, you may begin your conference.
Blake Kolo
Good morning. This is Blake Kolo, Chief Business Officer and Head of Investor Relations. Thank you for joining us, and welcome to the Third Quarter 2023 UWM Holdings Corporation's Earnings Call. Before we start, I would like to remind everyone that this conference call includes forward-looking statements. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the earnings release that we issued this morning.
I will now turn the call over to Mat Ishbia, Chairman and CEO of UWM Holdings Corporation and United Wholesale Mortgage.
Mathew Ishbia
Thanks, Blake. Appreciate it, and thank you to everyone for joining the call. We had another great quarter, and I'm incredibly proud of our results and excited for the opportunity ahead. I know that every loan we do today means that much more opportunity for us when rates go back down in the next 6, 12, 18 months, and we're doing a lot of loans right now. So things are going great.
You're now seeing the reality of what I've been saying for years. When rates rise, both UWM and brokers shine, while others struggle. Despite about a 25-year high in mortgage rates and lower housing inventory, we continue to thrive in all aspects of the business, including having one of our best purchase quarters of all time.
It's no secret why UWM and the broker community continue to do so well in the purchase market. Purchase transactions require an expert. They require more attention to detail. They require a higher level of service for real estate agents, consumers and brokerage, everybody. And they require an efficient process where speed matters for getting contract deadlines. Together, UWM and independent mortgage brokers match these needs perfectly. We have world-class NPS scores, which was actually a plus 86 for this quarter. We have fantastic turn times that are the fastest in the industry.