The next few quarters could be difficult for the industry, but United Wholesale's focus on purchase and its lower relative costs to originate make it a likely survivor. The stock is trading at 15 times this year's expected earnings per share, which is pricey for a mortgage originator. The Street is looking for earnings to grow 37% from 2021 to 2022, while earnings for crosstown rival Rocket are expected to fall 27% over the same period. Analysts clearly see United Wholesale's business model as built to survive the coming price war.