UWM has recently released its latest 10-Q report. UWM Holdings Corporation originates, sells and services residential mortgage loans in the United States, operating exclusively through the wholesale channel. It focuses primarily on conforming and government loans and is headquartered in Pontiac, Michigan.
In Item 2, management said the company continued to rely on its wholesale model, with loan production, servicing and interest income as its three revenue streams. For the three months ended March 31, 2026, UWM originated $44.9 billion of loans, up 38.9% from $32.4 billion a year earlier. Purchase volume was $18.7 billion, while refinance volume rose to $26.3 billion from $10.6 billion.
The mix remained heavily concentrated in agency and government production. UWM said 94% of first-quarter originations were sold to Fannie Mae, Freddie Mac or transferred to Ginnie Mae pools, compared with 92% in the prior-year quarter. The remaining 6% went to other counterparties, including non-agency jumbo, construction and non-qualified mortgage products.
Revenue for the quarter increased to $901.4 million from $613.4 million. Loan production income rose to $554.6 million from $304.8 million, loan servicing income increased to $213.4 million from $190.5 million, and interest income climbed to $133.5 million from $118.1 million.
Other losses narrowed the quarter’s results, but remained material. UWM recorded $148.5 million of other losses, including a $138.2 million loss on other interest rate derivatives and a $10.3 million decline in the fair value of mortgage servicing rights, versus $388.6 million of other losses a year earlier, when the MSR mark was a $388.6 million hit.
Total expenses rose to $575.4 million from $485.6 million. Salaries, commissions and benefits increased to $224.6 million from $192.8 million, direct loan production costs rose to $60.5 million from $43.1 million, marketing, travel and entertainment increased to $30.9 million from $22.2 million, and servicing costs climbed to $43.1 million from $30.4 million. General and administrative expense fell to $59.0 million from $68.1 million.
UWM reported earnings before income taxes of $177.5 million, compared with a loss before taxes of $260.8 million in the prior-year quarter. Net income was $170.4 million, versus a net loss of $247.0 million. Net income attributable to UWM Holdings Corporation was $25.3 million, compared with a loss of $13.7 million a year earlier, after $145.1 million of net income was attributed to non-controlling interests.
Adjusted EBITDA came in at $160.9 million, up from $57.8 million. Management’s reconciliation showed the quarter included $70.7 million of interest expense on non-funding debt, $7.1 million of tax provision, $14.4 million of depreciation and amortization, $13.2 million of stock-based compensation, and a $247.9 million favorable swing in MSR valuation inputs and assumptions, partly offset by a $138.2 million loss on other interest rate derivatives.
On the production side, average loan size increased to $400,000 from $385,000. The weighted average loan-to-value ratio was 81.29%, compared with 81.64% a year earlier, while the weighted average credit score improved to 740 from 736. The weighted average note rate fell to 5.87% from 6.60%. Servicing-retained loans accounted for 95% of originations, up from 94%. The market has reacted to these announcements by moving the company's shares 1.63% to a price of $3.435. For the full picture, make sure to review UWM's 10-Q report.
