UWM Holdings Corporation (UWMC)

UWM Holdings reported third-quarter 2026 net income of $212.6 million on November 4, on loan originations of $33.4 billion 1. Revenue for the quarter was $811.1 million 1.

That follows a net loss of $451.9 million in the second quarter, which included a $603.2 million loss on interest rate derivatives, contracts the company uses to offset rate moves 15.

HousingWire reported that the company attributed the second-quarter loss to a derivative hedge position tied to its planned Two Harbors acquisition, which fell through in March 8.

On August 5, 2026, the company announced a $2.05 billion capital partnership with the Ishbia family and Oaktree Capital Management, and said it was suspending its common dividend 4.

A $400 million rights offering to Class A stockholders, backed by those two parties if needed, was set to expire on November 12, 2026 4. In an October 23 filing the company wrote that material subscription from outside investors appears unlikely 3.

UWM was founded in 1986 in Pontiac, Michigan, and stayed privately owned for 35 years 6. On January 21, 2021, it completed a business combination with Gores Holdings IV, and began trading on the New York Stock Exchange the next day 6.

Its central choice was to lend only through independent mortgage brokers, the wholesale channel, and never to deal with borrowers directly 6. The company says this avoids competing with its own customers, the brokers 6.

The company says it has been the largest wholesale lender in the United States since 2015, and the largest overall originator of home loans for the last four years described in its annual report 6.

Volume moved sharply from year to year 6. Originations were $108.3 billion in 2023, when UWM posted a net loss of $69.8 million, then $139.4 billion in 2024 and $163.4 billion in 2025 6.

Total revenue followed: $2.2 billion in 2023, $2.7 billion in 2024 and $3.2 billion in 2025 6. The 2025 gain came mainly from higher loan volume, the company says, and refinance volume rose from $43.4 billion to $70.3 billion 6.

Net income still fell, from $329.4 million in 2024 to $244.0 million in 2025 6. Adjusted EBITDA, a profit measure that leaves out items such as the change in value of servicing rights, rose from $460.0 million to $697.3 million 6.

In December 2025, UWM and Two Harbors Investment Corp. agreed to a stock-for-stock merger 8. Two Harbors ended that agreement in March 2026 for a competing offer from CrossCountry Mortgage, and paid UWM a $25.4 million termination fee on March 31 8.

Profit then swung with hedges 51. First-quarter 2026 net income was $170.4 million, the second quarter a loss of $451.9 million, and the third a profit of $212.6 million 51.

The value of its servicing rights fell $1,055.4 million in 2025, and a bet on interest rates through other derivatives gained $298.1 million that year after losing $215.4 million in 2024 6.

Gain margin, loan production income divided by loan volume, rose from 1.10 percent in 2024 to 1.16 percent in 2025 6. Interest income was $537.7 million in 2025 6.

Loans kept their servicing in 2025 about 93 percent of the time, which builds the servicing book but ties up capital, a point the company's later financing addressed 64.

Between those results came the August 2026 capital partnership, which UWM said was meant to repay debt and strengthen its equity base 4.

Wholesale mortgage lending

UWM lends to home buyers and owners through independent brokers, who find the borrower and submit the application, while UWM underwrites, closes and funds the loan 6. It originates mainly conforming and government loans in all 50 states and the District of Columbia 6.

In the third quarter of 2026 it originated $33.4 billion: $22.8 billion of purchase loans and $10.6 billion of refinance loans 1. Conventional loans were $12.8 billion of the purchase total and government loans $8.4 billion 1.

Gain margin, loan production income divided by loan volume, was 124 basis points in the third quarter, against 133 in the second 1. A basis point is one hundredth of a percentage point 1.

About 90 percent of 2025 loans went to Fannie Mae, Freddie Mac or Ginnie Mae pools; the rest were mostly jumbo loans, construction loans and home equity lines 6. Competitors include banks, credit unions, mortgage banks and retail lenders, the company says 6.

Servicing

UWM keeps the right to collect payments on most loans it makes, called mortgage servicing rights, and sells some of them 6. At September 30, 2026, the loans it serviced had an unpaid balance of $269.8 billion 1.

Loan servicing income was $246.6 million in the third quarter, and the fair value of servicing rights rose by $470.3 million 1. In the second quarter that fair value fell by $122.7 million 5.

Technology and broker tools

UWM runs its own loan system, EASE, and a service called TRAC+ that lets a broker close a loan without a separate title company 6. It has more than 13,000 broker businesses as clients, with about 35,000 loan officers submitting loans in 2025 6.

In the third quarter it launched a ChatUWM mobile app and an enhanced ChatUWM for brokers, plus a Mortgage Matchup plugin for ChatGPT aimed at consumers 1. It also says it was first to offer VantageScore 4.0, a credit score, among mortgage lenders 1.

The company employed about 9,100 team members at the end of 2025, with about 2,200 working on technology 6.

Places and people

Headquarters are in leased buildings in Pontiac with about 1.5 million square feet of occupied space 6. The company leases the space from entities controlled by Mat Ishbia, its chief executive, and Jeff Ishbia, a director and its founder 6.

Mat Ishbia is chairman, president and chief executive, and Rami Hasani signs the company's filings as chief financial officer 13.

Problems and lawsuits

UWM faces a class action in federal court in Michigan alleging it steered borrowers through brokers it improperly influenced 7. In July 2026 the court granted in part and denied in part UWM's motion to strike the class claims 7.

A separate class action filed in February 2026 in Colorado alleges violations of the Telephone Consumer Protection Act; UWM says the calls were not made by it 7.

UWM sued Two Harbors in federal court in Maryland in August, seeking more than $500 million in damages 8. On October 1 Two Harbors filed a counterclaim seeking the return of the $25.4 million fee and damages, which UWM had not answered when HousingWire published 8.

The umbrella, in words

UWM Holdings Corporation is the publicly traded indirect parent of United Wholesale Mortgage, LLC, which makes the loans 6.

Control sits with SFS Corp., which the annual report says holds all of the Class D common stock, at ten votes a share 6. The report says it controls approximately 79 percent of the combined voting power 6.

The deal announced August 5, 2026, brought $1.65 billion of preferred equity from Oaktree and the Ishbia family, plus warrants, and a representative of Oaktree was to join the board 4. SFS Group Capital, a new family investment vehicle, took part 5.

On October 23, 2026, the company said it expects to originate about 8 percent of total United States residential mortgage production in 2026 23.

It also said it expects total 2026 revenue of about $3.35 billion to $3.50 billion, lower than expected earlier because of lower industry origination volume 2.

The company expects to end 2026 with a servicing portfolio of $210 billion to $230 billion in unpaid balance 2. It plans to sell $70 billion to $80 billion of servicing rights in the fourth quarter, with proceeds above $1.8 billion 2.

Those proceeds and the $400 million from the rights offering are to pay down non-funding debt, the company said 2. Debt of that kind is borrowing other than the lines that fund loans waiting to be sold 1.

The rights offering is set to expire on November 12, 2026, in the late afternoon Eastern Time 4. If it raises less than $400 million, Oaktree has the option and the Ishbia parties the obligation to cover the gap 3.

The company's information statement says its majority stockholder approved issuing up to 200 million Class A shares tied to the backstop 9. The actions take effect no earlier than 40 days after notice 9.

In August the company said it would suspend its quarterly dividend, and that it plans to use earnings and leverage to pay down the preferred equity opportunistically 4.

Each holder of record on October 2, 2026, is entitled to purchase 0.57 shares of Class A stock per right 3. Rights holders may also use an oversubscription option, the company said in August 4.

Chief executive Mat Ishbia said the company is going to keep investing in its business and in helping mortgage brokers win 1. The company said in August it would keep investing in technology, AI and its servicing platform 4.

Net non-funding debt stood at 1.77 times preferred and common equity at September 30, 2026, against 5.65 times at June 30 1. The company gave a range of 1.75 to 1.80 times for it in its October 23 update 23.

Litigation also remains pending: the Two Harbors dispute in Maryland and the class actions in Michigan and Colorado 87.