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UWM Holdings Corporation Announces Second Quarter 2025 Results

Second Quarter Net Income of $314.5 million. Loan Origination Volume of $39.7 billion, up 18% Year over Year

PONTIAC, Mich.--(BUSINESS WIRE)-- UWM Holdings Corporation (NYSE: UWMC) (鈥淯WMC鈥� or the 鈥淐ompany鈥�), the publicly traded indirect parent of United Wholesale Mortgage (鈥淯WM鈥�), today announced its results for the second quarter ended June 30, 2025. Total loan origination volume was $39.7 billion for the second quarter 2025. The Company also reported 2Q25 total revenue of $758.7 million and net income of $314.5 million.

Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "The second quarter of 2025 was an outstanding quarter for UWM. I am proud that we delivered our best quarter since 2021, and it wasn't because of any market tailwinds. It was fantastic both operationally and financially, but more importantly, we made a series of significant strategic decisions and product launches that we believe are not only game-changing for mortgage brokers, but also will change the trajectory of our company and the wholesale channel. Our latest AI technologies, Mia and LEO, are two excellent examples of the leadership you鈥檒l continue to see from us in this space, and more importantly, we are now seeing measurable results in our business as a result of the investments we have made in artificial intelligence. I am proud of our team and excited for what lies ahead."

Second Quarter 2025 Highlights

• Originations of $39.7 billion in 2Q25, compared to $32.4 billion in 1Q25 and $33.6 billion in 2Q24
• Purchase originations of $27.3 billion in 2Q25, compared to $21.7 billion in 1Q25 and $27.2 billion in 2Q24
• Total gain margin of 113 bps in 2Q25 compared to 94 bps in 1Q25 and 106 bps in 2Q24
• Total revenue of $758.7 million in 2Q25 compared to $613.4 million in 1Q25 and $622.4 million in 2Q24
• Net income of $314.5 million in 2Q25 compared to net loss of $247.0 million in 1Q25 and net income of $76.3 million in 2Q24
• Adjusted EBITDA of $195.7 million in 2Q25 compared to $57.8 million in 1Q25 and $133.1 million in 2Q24
• Total equity of $1.7 billion at June 30, 2025, compared to $1.6 billion at March 31, 2025, and $2.3 billion at June 30, 2024
• Unpaid principal balance of MSRs of $211.2 billion with a WAC of 5.51% at June 30, 2025, compared to $214.6 billion with a WAC of 5.44% at March 31, 2025, and $189.5 billion with a WAC of 4.31% at June 30, 2024
• Ended 2Q25 with approximately $2.2 billion of available liquidity, including $490.0 million of cash and available borrowing capacity under our secured and unsecured lines of credit

Second Quarter Business and Product Highlights

LE Optimizer Tool (LEO)

• We launched LE Optimizer (LEO), an innovative tool that provides a detailed analysis of competitors鈥� Loan Estimates (LE) and identifies gaps and opportunities for better deals for the borrower. This enables independent mortgage brokers to present better loan estimates and win more loans.

Loan Officer Assistant, 鈥淢ia鈥�

• We released Mia, an AI-powered virtual assistant built by UWM鈥檚 in-house technology team. Mia is designed to handle a variety of client engagement touchpoints, including answering inbound calls, making outbound calls, asking and answering questions, taking messages, scheduling appointments, and collecting callback information. Mia is available 24/7, 365 days a year, and ensures mortgage brokers never have to worry about answering or missing a call.

UWM LIVE!

• We hosted our 4th annual UWM LIVE! event, the largest mortgage broker event in the country, welcoming nearly 6,000 mortgage broker partners, processors, and real estate agents to our campus in Pontiac, Michigan.

Third Quarter 2025 Outlook

We anticipate third quarter production to be in the $33 to $40 billion range, with gain margin from 100 to 125 basis points.

Dividend

Subsequent to June 30, 2025, for the nineteenth consecutive quarter, the Company's Board of Directors declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on October 9, 2025, to stockholders of record at the close of business on September 18, 2025. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around October 9, 2025.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Thursday, August 7, 2025, at 10:00 a.m. ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting:

Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and a transcript and supporting materials will be available on the Company's investor relations website at .

Key Operational Metrics

鈥淟oan origination volume鈥� and 鈥淭otal gain margin鈥� are key operational metrics that the Company's management uses to evaluate the performance of the business. 鈥淟oan origination volume鈥� is the aggregate principal of the residential mortgage loans originated by the Company during a period. 鈥淭otal gain margin鈥� represents total loan production income divided by loan origination volume for the applicable periods.

Non-GAAP Metrics

The Company's net income does not reflect the income tax provision that would otherwise be reflected if 100% of the economic interest in UWM was owned by the Company. Therefore, for comparison purposes, the Company provides 鈥淎djusted net income (loss),鈥� which is our pre-tax income (loss) together with an adjusted income tax provision (benefit), which is calculated as the provision for income taxes plus the tax effects of net income attributable to non-controlling interest determined using a blended statutory effective tax rate. 鈥淎djusted net income (loss)鈥� is a non-GAAP metric. "Adjusted diluted EPS" is defined as "Adjusted net income (loss)" divided by the weighted average number of shares of Class A common stock outstanding for the applicable period, assuming the exchange and conversion of all outstanding Class D common stock for Class A common stock, and is calculated and presented for periods in which the assumed exchange and conversion of Class D common stock to Class A common stock is anti-dilutive to EPS.

We also disclose Adjusted EBITDA, which we define as earnings before interest expense on non-funding debt, provision for income taxes, depreciation and amortization, adjusted to exclude stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions, gains or losses on other interest rate derivatives, the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the non-cash income/expense impact of the change in the Tax Receivable Agreement liability, and the change in fair value of retained investment securities as we believe these adjustments are not indicative of our performance or results of operations. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of interest expense, as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA.

In addition, we disclose 鈥淣on-funding debt鈥� and the 鈥淣on-funding debt-to-equity ratio鈥� as a non-GAAP metric. We define 鈥淣on-funding debt鈥� as the total of the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases and the 鈥淣on-funding debt-to-equity ratio鈥� as total non-funding debt divided by the Company鈥檚 total equity.

Management believes that these non-GAAP metrics provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for any other operating performance measure calculated in accordance with GAAP and may not be comparable to a similarly titled measure reported by other companies.

The following tables set forth the reconciliations of these non-GAAP financial measures to their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands, except per share amounts):

Cautionary Note Regarding Forward-Looking Statements

This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified using words such as 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥渕ay,鈥� 鈥減lan,鈥� 鈥減otential,鈥� 鈥減redict鈥� and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this press release and our earnings call include statements regarding: (1) our strategic investments and product launches ; (2) our ability to adapt and scale our business when interest rates move; (3) our ability to handle our origination volume while limiting the impact on our fixed costs; (4) our position amongst our competitors and ability to capture market share; (5) our beliefs regarding opportunities in 2025 for our business and the broker channel; (6) our beliefs regarding operational profitability; (7) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (8) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (9) our beliefs related to the amount and timing of our dividend; (10) our expectations for future market environments, including interest rates, and the timing of such market changes; (11) our expectations related to production, gain margin and our overall success in the third quarter of 2025; (12) our performance in shifting market conditions and the comparison of such performance against our competitors; (13) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (14) our position and ability to capitalize on market opportunities and the impacts to our results and (15) our investments in technology and its impact to our operations, ability to scale and financial results. These statements are based on management鈥檚 current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward- looking statements, including: (i) UWM鈥檚 ability to successfully implement strategic decisions and product launches; (ii) UWM鈥檚 dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by changes in the Presidential Administration that affect interest rates and inflation; (iii) UWM鈥檚 reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (iv) UWM鈥檚 ability to sell loans in the secondary market; (v) UWM鈥檚 dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (vi) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vii) our ability to comply with all rules and regulations in connection with the launch of our internal servicing; (viii) UWM鈥檚 dependence on Independent Mortgage Advisors to originate mortgage loans; (ix) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (x) UWM鈥檚 inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xi) UWM鈥檚 ability to continue to attract and retain its broker relationships; (xii) UWM鈥檚 ability to implement technological innovation, such as AI in our operations; (xiii) the occurrence of a data breach or other failure of UWM鈥檚 cybersecurity or information security systems; (xiv) the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xv) UWM鈥檚 ability to continue to comply with the complex state and federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xvi) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission including those under 鈥淩isk Factors鈥� therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward- looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About UWM Holdings Corporation and United Wholesale Mortgage

Headquartered in Pontiac, Michigan, UWM Holdings Corporation (UWMC) is the publicly traded indirect parent of United Wholesale Mortgage, LLC (鈥淯WM鈥�). UWM is the nation鈥檚 largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for ten consecutive years and is the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038.

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of June 30, 2025, and the preceding four quarters and Statements of Operations for the quarter ended June 30, 2025, and the preceding four quarters for purposes of providing historical quarterly trending information to investors.

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For inquiries regarding UWM, please contact:



INVESTOR CONTACT

BLAKE KOLO

[email protected]



MEDIA CONTACT

NICOLE ROBERTS

[email protected]

Source: UWM Holdings Corporation