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olivLaw · US equity research

UWM Holdings Corporation UWMC

Mortgage Bankers & Loan Correspondents · SIC 6162 · Vertical: Nondepository credit (SIC 616x)

1.63USD−3.55% · 1 dayClose 05 Nov 2026

UWM Holdings Corporation is the publicly traded parent of the largest U.S. residential mortgage lender, which originates loans exclusively through independent mortgage brokers in the wholesale channel. The company originated loans worth over 163 billion dollars in 2025, but results weakened in 2026 as industry volumes fell, and it is now focused on reducing non-funding debt through MSR sales and a rights offering.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, UWM Holdings Corporation (UWMC) stock was 1.63 USD (−3.55% on the day), with market capitalisation 168.1 m USD, dividend yield 61.82%, beta 0.99, 52-week range 1.01–6.10 USD. Latest reported quarter (Q2 2026): revenue of 888.0 m USD (+17.0% YoY), net income of -80.6 m USD (−451.8% YoY), diluted EPS -0.24 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
168.1 m USD
shares as of 18 Mar 2021
P/E (TTM)
unavailable
Diluted EPS TTM -0.15 · TTM to 30 Jun 2026
E/P (TTM)
-9.07%
TTM to 30 Jun 2026
Dividend yield
61.82%
Beta (2y)
0.99
Volatility (1y) 78%
52-week range
1.016.10

Price history

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Technical reading

RSI (14)
66.1
strong (55–70)
Bollinger (20, 2)
0.82 – 1.80
in the upper half of the band · %B 0.83 · band width 74.5%
SMA 50 / 200
1.31 / 2.77
mixed trend
MACD (12, 26, 9)
0.11 / 0.06
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+35.8%−5.9%+41.8 pp—
3 months+35.8%−4.6%+40.5 pp—
6 months−51.8%+0.2%−52.0 pp—
Year to date−62.8%+7.4%−70.2 pp—
1 year−71.2%+8.2%−79.4 pp−44.4%
3 years−68.0%+68.4%−136.4 pp−13.8%
5 years−76.9%+56.5%−133.5 pp—
Max drawdown (1y)
−83.4%
16 Jan 2026 → 14 Oct 2026
Max drawdown (5y)
−89.4%
23 Aug 2024 → 14 Oct 2026
Compound annual growth (5y)
−25.4%
S&P 500 +9.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
888.0 m USD
+17.0% YoY
Net income
-80.6 m USD
−451.8% YoY
Diluted EPS
-0.24
−318.2% YoY
net / operating
-9.1% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue745.6 m720.6 m613.4 m758.7 m843.3 m945.2 m901.4 m888.0 m
Depreciation & amortisation11.6 m12.2 m12.6 m12.2 m12.7 m15.2 m15.6 m14.7 m
Pre-tax income32.3 m42.3 m-260.8 m329.4 m12.7 m169.6 m177.5 m-472.9 m
Income tax344.0 k1.7 m-13.8 m14.9 m582.0 k5.1 m7.1 m-21.0 m
Net income-6.3 m8.9 m-13.7 m22.9 m-1.3 m19.4 m25.3 m-80.6 m
Diluted EPS-0.060.06 ≈-0.120.11-0.010.01 ≈0.09-0.24
Operating cash flow-2.2 bn ≈-543.3 m593.9 m-265.9 m ≈-3.1 bn ≈103.8 m-2.2 bn344.0 m ≈
Capex12.3 m ≈8.3 m17.8 m24.2 m ≈10.4 m ≈21.7 m19.1 m9.5 m ≈
Dividends paid9.6 m ≈11.3 m15.8 m18.8 m ≈20.6 m ≈23.4 m26.8 m33.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2019202020212022202320242025
Revenue1.3 bn4.9 bn3.0 bn2.4 bn2.2 bn2.7 bn3.2 bn
Revenue YoYunavailable+286.3%−39.9%−20.1%−8.7%+23.5%+18.2%
Net income415.1 m-5.8 m1.4 bn41.7 m-13.2 m14.4 m27.4 m
Net income YoYunavailable−101.4%unavailable−97.0%−131.7%unavailable+90.1%
Diluted EPSunavailableunavailable0.660.45-0.140.130.12
Diluted EPS YoYunavailableunavailableunavailable−31.8%−131.1%unavailable−7.7%
net %32.5%-0.1%46.6%1.8%-0.6%0.5%0.9%
Free cash flow-3.5 bn-876.0 k-10.0 bn8.2 bn138.8 m-6.3 bn-2.7 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
503.4 m USD
Financial debt
3.0 bn USD
Net debt
2.5 bn USD
Equity
1.6 bn USD
Total assets
16.9 bn USD
Debt / equity
1.87x
Current ratio
unavailable
ROE
1.5%
ROA
0.2%
FCF margin
-86.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
2.2 bn
2024
2.7 bn
2025
3.2 bn

SEC (XBRL)· 25 Feb 2026verified

Operating income
2023
—
2024
—
2025
—

SEC (XBRL)· 22 Mar 2021verified

Depreciation & amortisation
2023
50.1 m
2024
48.8 m
2025
55.5 m

SEC (XBRL)· 25 Feb 2026verified

EBITDA
2023
—
2024
—
2025
—

SEC (XBRL)· 22 Mar 2021derived

Interest expense
2023
320.3 m
2024
—
2025
—

SEC (XBRL)· 28 Feb 2024verified

Pre-tax income
2023
-76.3 m
2024
336.0 m
2025
250.9 m

SEC (XBRL)· 25 Feb 2026verified

Income tax
2023
-6.5 m
2024
6.6 m
2025
6.9 m

SEC (XBRL)· 25 Feb 2026verified

Net income
2023
-13.2 m
2024
14.4 m
2025
27.4 m

SEC (XBRL)· 25 Feb 2026verified

Diluted EPS
2023
-0.14
2024
0.13
2025
0.12

SEC (XBRL)· 25 Feb 2026verified

Weighted average diluted shares
2023
93.2 m
2024
111.4 m
2025
1.6 bn

SEC (XBRL)· 25 Feb 2026verified

Balance sheet · USD

Cash
2023
497.5 m
2024
507.3 m
2025
503.4 m

SEC (XBRL)· 25 Feb 2026verified

Current assets
2023
—
2024
—
2025
—

SEC (XBRL)· 22 Mar 2021verified

Property, plant & equipment, net
2023
146.4 m
2024
146.2 m
2025
180.2 m

SEC (XBRL)· 25 Feb 2026verified

Total assets
2023
11.9 bn
2024
15.7 bn
2025
16.9 bn

SEC (XBRL)· 25 Feb 2026verified

Long-term debt
2023
2.0 bn
2024
2.8 bn
2025
3.0 bn

SEC (XBRL)· 25 Feb 2026verified

Current liabilities
2023
—
2024
—
2025
—

SEC (XBRL)· 22 Mar 2021verified

Total liabilities
2023
9.4 bn
2024
13.6 bn
2025
15.3 bn

SEC (XBRL)· 25 Feb 2026verified

Equity
2023
2.5 bn
2024
2.1 bn
2025
1.6 bn

SEC (XBRL)· 25 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
165.2 m
2024
-6.2 bn
2025
-2.6 bn

SEC (XBRL)· 25 Feb 2026verified

Capex
2023
26.4 m
2024
39.5 m
2025
74.0 m

SEC (XBRL)· 25 Feb 2026verified

Free cash flow
2023
138.8 m ≈
2024
-6.3 bn ≈
2025
-2.7 bn ≈

SEC (XBRL)· 25 Feb 2026derived

Investing cash flow
2023
1.8 bn
2024
2.7 bn
2025
2.3 bn

SEC (XBRL)· 25 Feb 2026verified

Financing cash flow
2023
-2.2 bn
2024
3.6 bn
2025
384.0 m

SEC (XBRL)· 25 Feb 2026verified

Dividends paid
2023
37.2 m
2024
39.7 m
2025
78.6 m

SEC (XBRL)· 25 Feb 2026verified

Share repurchases
2023
0
2024
—
2025
—

SEC (XBRL)· 28 Feb 2024verified

Computed indicators

Growth

Revenue growth (YoY)
18.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
10.0%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-8.5%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
90.1%
computed by olivLawFY 2025
Net income CAGR 3Y
-13.1%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-7.7%
computed by olivLawFY 2025
EPS CAGR 3Y
-35.6%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
-1.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-137.6%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-2.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-0.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
2.5 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
3.0x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
-4.9 bn USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
60.6 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-4.9 bn USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
168.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
2.7 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-9.1%
computed by olivLawTTM to 30 Jun 2026
P/B
0.2x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
0.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-2,928.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
61.8%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
61.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 37.5% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.63 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 168.1 m USD

Key indicators

Market capitalisation
168.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.2x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-2.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-1.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
18.2%
computed by olivLawFY 2025
Dividend yield
61.8%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

25/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 18 Mar 2021
Source: SEC (XBRL)published 07 Aug 2026
verified 682derived 68

Score by group

38% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · input data missing

no valuation method could be computed

Multiple comparisons use the SIC vertical: Nondepository credit (SIC 616x)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-1.0%25 (vs peers)17%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth10.0%84 (on a fixed band)22%
EPS CAGR 3Y · Growth-35.6%0 (on a fixed band)22%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-2,928.7%0 (on a fixed band)22%
Shareholder yield (distributions) · Returns61.8%100 (on a fixed band)17%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/3 factors with a value
  • Growth42/100 · 2/2 factors with a value
  • Quality· partial25/100 · 1/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

UWM Holdings Corp (UWMC). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 3.2 bn USD in 2025; YoY growth 18.2%; net margin -1.0%; ROE -2.7%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 10.0%
  • Shareholder yield (distributions): 61.8%

What contradicts it

  • Net margin: -1.0%
  • EPS CAGR 3Y: -35.6%
  • FCF yield: -2,928.7%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Nondepository credit (SIC 616x) · same industry group (3-digit SIC) · compared with 8 companies

Multiples and returns vs the median

P/E
—
vertical median 10.7x
EV/EBITDA
—
vertical median —
P/S
0.0x
vertical median 2.1x
below median (−97.8%)
P/B
0.2x
vertical median 1.2x
below median (−86.3%)
ROE
-2.7%
vertical median 11.0%
below median (−124.8%)
Net margin
-1.0%
vertical median 12.7%
below median (−108.2%)
EBIT margin
—
vertical median 8.2%
Revenue YoY
18.2%
vertical median 25.1%
below median (−27.6%)
Net debt/EBITDA
—
vertical median —
Dividend yield
61.8%
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
PFSIPennyMac Financial Services, Inc.3.5 bn15.15.6%640.7%−25.2%−50% / −14%
FOAFinance Of America Companies Inc.803.7 m—-0.1%-0.1%+26.1%−46% / +40%
TREELendingTree, Inc.543.8 m3.182.8%14.3%+24.1%−32% / +119%
BETRBetter Home & Finance Holding Company360.1 m—-267.7%-112.6%+52.0%−61% / −17%
ONITOnity Group Inc.263.3 m2.323.0%11.1%+9.3%−28% / +25%
UWMCUWM Holdings Corp168.1 m—-2.7%-1.0%+18.2%−71% / −68%
BLNEBeeline Holdings, Inc.20.0 m—-41.1%-215.3%+600.0%−70% / −95%
FIGRFigure Technology Solutions, Inc.—22.516.8%33.5%+48.7%−42% / unavailable
FINVFinVolution Group—10.716.3%2,679.2%+3.9%−42% / −35%

1- and 3-year price returns: for UWMC from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 23 Oct 2026; since then the company filed 8-K (04 Nov 2026 · results).

    In brief

    UWM Holdings Corporation is the publicly traded parent of the largest U.S. residential mortgage lender, which originates loans exclusively through independent mortgage brokers in the wholesale channel. The company originated loans worth over 163 billion dollars in 2025, but results weakened in 2026 as industry volumes fell, and it is now focused on reducing non-funding debt through MSR sales and a rights offering.123

    SWOT

    Strengths

    • A leading position in the wholesale channel and in total closed loan volume, sustained over several consecutive years.
    • Fast loan processing and high client satisfaction scores, supported by proprietary platforms.
    • Investment in technology and AI that could lower costs and speed up approvals.

    Weaknesses

    • High dependence on Fannie Mae, Freddie Mac and government agencies for selling loans.
    • High exposure to the value of MSRs, which falls when interest rates decline.
    • Volatile net results, including a loss in the second quarter of 2026.

    Opportunities

    • Growth of the wholesale channel could bring new volume if brokers keep gaining market share.
    • Lower interest rates could revive refinance demand.
    • MSR sales and the rights offering could reduce non-funding debt.

    Threats

    • Changes in the role of the GSEs or in government guarantees could affect the sales model.
    • Competition from banks and direct lenders could compress margins.
    • Repurchase and indemnification obligations for defective loans could create unexpected costs.

    Risks

    • Interest rate volatilityhigh

      Rates affect origination volume and the value of MSRs, which can directly affect revenue and liquidity.1

    • Dependence on GSEs and agencieshigh

      Changes to the role of Fannie Mae, Freddie Mac or government guarantees could affect the ability to sell loans.1

    • Repurchase obligationsmedium

      Loans that do not meet standards may have to be repurchased or indemnified, and the recorded reserves could be exceeded.1

    • Non-funding debtmedium

      Debt reduction depends on MSR sales and the rights offering, and delays could strain liquidity.3

    • Antitrust litigationlow

      As the largest lender in the country, the company could face claims of anti-competitive conduct, with legal costs and reputational effects.1

    Investment thesis

    What would need to be true (bull case)

    • If rates fall and the wholesale channel keeps gaining share, production volume could recover quickly, and its leading position could support long-term revenue.13
    • Technology investment could lower operating costs and preserve the speed advantage over competitors.1
    • Reducing non-funding debt through MSR sales and the rights offering could strengthen the financial structure.3

    What would break the thesis

    • If rates stay high, origination volume could remain weak and revenue could fall below estimates.13
    • Dependence on government agencies and regulatory changes could reduce access to the secondary market.1
    • MSR sales could limit future servicing revenue, and the value of remaining assets is sensitive to interest rates.13

    What to watch

    • Final third-quarter results and definitive revenue figuresQ3 2026
    • Completion of MSR sales and the expected proceedsQ4 2026
    • Outcome of the rights offering and the year-end level of non-funding debt2027
    • Trend in wholesale channel share and origination volumenext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 23 Oct 2026; since then the company filed 8-K (04 Nov 2026 · results).

    The business

    UWM is the largest residential mortgage lender in the U.S. by closed loan volume, although it never deals directly with the borrower and works only through independent brokers. It originates conforming and government loans in all 50 states and the District of Columbia, was founded in 1986, and is headquartered in Pontiac, Michigan.1

    The company invests heavily in technology and AI, through platforms such as EASE, BOLT and ChatUWM, which shorten the time from application to approval. About 90% of loans originated in 2025 were sold to Fannie Mae, Freddie Mac or transferred to Ginnie Mae pools, showing reliance on government agencies.1

    Segments

    Loan production

    Loan production income includes primary gain on sale, origination fees and the capitalization of MSRs. It is the largest revenue segment, at about 1.9 billion dollars in 2025.1

    Loan servicing

    Servicing income consists of contractual fees for administering loans, but the value of MSRs is highly sensitive to interest rates, which makes this segment volatile in the accounts.1

    Interest income

    Interest income is earned on mortgage loans held at fair value before sale and reflects production volume during the period.1

    Market context

    The wholesale channel held about 42.5% of loans closed through that channel in the first nine months of 2025, and UWM had about 8.4% of all first-lien residential mortgages. The company expects to reach about 8% of total U.S. production in 2026, although the market weakened in the second half of the year.13

    The market is strongly influenced by interest rate levels, which drive refinance volume, while the continued shift toward the wholesale channel remains the company's main growth argument.1

    Trends

    • High mortgage ratesheadwind

      Higher rates have reduced refinance demand and slowed home purchases, lowering origination volume across the industry. If rates decline, volume could recover.13

    • Growth of the wholesale channeltailwind

      The wholesale channel's share has almost doubled from its 2014 low, and the company believes there is still much room for growth as consumers learn about the benefits of brokers.1

    • AI in loan processingmixed

      AI automation could reduce costs and processing time, supporting margins, but it requires large investment and carries operational risk.1

    • MSR sales and rights offeringmixed

      MSR sales and the rights offering aim to reduce non-funding debt, but selling assets could limit future servicing revenue.3

    Competitive position

    Competition is intense, and lenders that deal directly with borrowers or have lower funding costs may have advantages. Federally chartered banks benefit from uniform federal rules, while UWM is subject to the laws of each state.1

    The company depends on brokers, so any loss of partners or agency relationships could affect production volume.1

    • Direct-to-consumer mortgage lenders

      These lenders compete in the same market and have a direct relationship with the borrower.

    • Banks and federal thrifts

      Federal institutions benefit from uniform federal rules and can hold loans in portfolio.

    • Lenders with greater financial resources

      Some rivals have greater access to capital and lower costs of funds.

    • Institutions that originate loans with their own funds

      These firms can hold loans, giving them more flexibility than UWM.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report04 Nov 2026
      Results of operations · Financial statements and exhibits
    • Current report23 Oct 2026
      Results of operations · Other events · Financial statements and exhibits
    • Current report05 Oct 2026
      Other events · Financial statements and exhibits
    • Current report01 Oct 2026
      Other events · Financial statements and exhibits
    • Quarterly report07 Aug 2026
    • Current report06 Aug 2026
      Material agreement · Results of operations · Item 3.02 · Departure or appointment of officers · Amendments to articles or bylaws · Other events · Financial statements and exhibits
    • Current report03 Jun 2026
      Shareholder vote
    • Current report13 May 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Current report12 May 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Current report11 May 2026
      Regulation FD disclosure · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / UWM Holdings Corporation · 25 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / UWM Holdings Corporation · 07 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / UWM Holdings Corporation · 23 Oct 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.