United Wholesale Mortgage posted second-quarter net income of $76.3 million, inclusive of a $115.3 million decline in fair value of mortgage servicing rights, the Pontiac-based mortgage company reported Tuesday.

The company sells mortgage servicing rights to generate cash flow to support ongoing operational capital and financing cash needs.

Profitability continued for the mortgage giant following a 2024 first-quarter net income of $180.5 million, on net revenue of $569.9 million. Year over year, however, net income was down from $228.8 million in the second quarter of 2023.

United Wholesale Mortgage CEO Mat Ishbia said in the Tuesday report that the Pontiac-based mortgage lender had a strong quarter and is "dominating the current purchase market while investing and preparing for lower rates ahead."

"Our momentum is building, with margins and production both up year over year, and our focus remains on our best-in-class people, process and technology. UWM and the mortgage broker community are in a position of strength. With wholesale channel market share at a 15-year high, we are in a prime position to capitalize and grow when rates inevitably drop. UWM has never been as prepared for the upcoming opportunity as we are now," Ishbia said in the report.

UWM Holdings Corp. had loan originations of $33.6 billion in the second quarter of 2024, up from $27.6 billion in Q1 2024. Of the $33.6 billion in loan originations, $27.2 billion was in purchase originations.

Last week, rival Rocket Companies reported second-quarter net income of $178 million on net revenue of $1.3 billion, up from $139 million in net income a year ago

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