Mortgage giant United Wholesale Mortgage turned a profit last year, reversing steep losses at the end of last year.

UWM reported a net income of $40.6 million in the final quarter and $329.4 million for the year. Last year, the mortgage company lost $69 million driven by an extremely difficult final quarter where the company lost $461 million.

Chairman and CEO Matt Ishbia said the turnaround came despite a still challenging year for the mortgage industry where interest rates remained stubbornly high and homebuyers face challenges with affordability and low inventories.

“I am particularly proud of our team for delivering a record year of purchase production in 2024, which was the lowest year for existing home sales in the U.S. since 1995,” Ishbia said.

“In addition, we tripled our refinance volume in 2024 compared to 2023 despite the interest rate environment.”

The company reported overall originations for 2024 at $139.4 billion in 2024, up nearly 29% compared to the previous year. In the final quarter, originations were $38.7 billion compared to $24.4 billion in the final quarter of 2023.

UWM shares were trading lower on Wednesday at slightly more than $6 per share.