The mortgage business is one of the most cyclical businesses out there. It can pivot from feast to famine almost overnight. 2021 versus 2022 is a great example of this pivot in action. In 2021, mortgage bankers feasted on easy refinances courtesy of Federal Reserve policy to keep rates near zero to support the economy. These easy refinances evaporated in 2022 as the Fed began to hike rates to defeat inflation.

Mortgage bankers have been fighting to secure their piece of a shrinking pie as 2022 progresses, and virtually every big banker is reporting declines in origination volume. That is, except for one: UWM Holdings (NYSE: UWMC), the parent company of United Wholesale Mortgage. What is it doing differently?

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Source Fool.com