News Details

PONTIAC, Mich.--(BUSINESS WIRE)-- UWM Holdings Corporation (NYSE: UWMC) (“UWMC” or the “Company”), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), today announced its results for the third quarter ended September 30, 2026. Total loan origination volume was $33.4 billion for the third quarter 2026. The Company reported 3Q26 total revenue of $811.1 million, net income of $212.6 million and adjusted EBITDA of $178.3 million.

Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, “Our third quarter results show the strength of UWM and our ability to perform in any market. Even with rates staying higher, our origination engine, operational execution and service levels continue to set us apart. At the same time, the investments we’re making in artificial intelligence and technology are driving greater efficiencies across the business and helping lower expenses. The broker channel continues to show its strength and resiliency, and we’re going to keep investing in our business, helping mortgage brokers win and finding ways to make homeownership more affordable for consumers across the U.S.”

Third Quarter 2026 Highlights

• Originations of $33.4 billion in 3Q26, compared to $39.7 billion in 2Q26 and $41.7 billion in 3Q25
• Purchase originations of $22.8 billion in 3Q26, compared to $23.8 billion in 2Q26 and $25.2 billion in 3Q25
• Refinance originations of $10.6 billion in 3Q26, compared to $15.9 billion in 2Q26 and $16.5 billion in 3Q25
• Total gain margin of 124 bps in 3Q26 compared to 133 bps in 2Q26 and 130 bps in 3Q25
• Total revenue of $811.1 million in 3Q26 compared to $888.0 million in 2Q26 and $843.3 million in 3Q25
• Net income of $212.6 million in 3Q26 compared to net loss of $451.9 million in 2Q26 and net income of $12.1 million in 3Q25
• Adjusted EBITDA of $178.3 million in 3Q26 compared to $185.9 million in 2Q26 and $211.1 million in 3Q25
• Total equity of $1.3 billion at September 30, 2026, compared to $1.0 billion at June 30, 2026, and $1.6 billion at September 30, 2025
• Total redeemable preferred stock of $1.5 billion at September 30, 2026
• Unpaid principal balance of MSRs of $269.8 billion with a WAC of 5.97% at September 30, 2026, compared to $247.6 billion with a WAC of 5.93% at June 30, 2026, and $216.0 billion with a WAC of 5.57% at September 30, 2025
• Ended 3Q26 with approximately $1.35 billion of available liquidity, reflecting $394.8 million of unrestricted cash plus available borrowing capacity under our secured and unsecured lines of credit

Production and Income Statement Highlights (dollars in thousands, except per share amounts)

Balance Sheet Highlights as of Period-end (dollars in thousands)

Mortgage Servicing Rights (dollars in thousands)

Third Quarter Business Highlights:

ChatUWM Enhancements

• UWM announced the most significant evolution of ChatUWM since its launch in 2024. Powered by leading AI models and purpose-built for the mortgage industry, the enhanced platform features a refreshed interface, streamlined project access and enhanced intelligence designed to help brokers work more efficiently and stay focused on serving clients. Brokers can upload and analyze documents, summarize pipeline actions, find answers to complex industry questions, and create marketing content and images.

ChatUWM Mobile App

• UWM launched the ChatUWM mobile app, bringing the power of AI directly into mortgage brokers’ hands. Built exclusively for broker partners, the app helps brokers manage their pipeline and access UWM tools on the go, combining the functionality they already rely on with ChatUWM’s AI capabilities, including a new AI Voice Assistant that delivers instant answers.

ChatGPT Plugin with Mortgage Matchup

• UWM launched a Mortgage Matchup plugin for ChatGPT, making it easier for consumers to find expert mortgage loan originators in their area and navigate the home buying process. Users can calculate home affordability, access a variety of mortgage calculators, review common mortgage terms and explore educational content.

VantageScore® 4.0

• UWM was the first mortgage lender to offer VantageScore® 4.0 and approximately 25% of borrowers have experienced a more advantageous credit result. This can help improve pricing, and potentially lead to lower costs including LLPAs and mortgage insurance, increasing loan eligibility and access to credit.

Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, November 4, 2026, at 11:00 a.m. ET to review the results. Interested parties may register for a toll-free dial-in number by visiting:

https://uwm.zoom.us/webinar/register/WN_RqGxxp-XQKaIaIeRpjkbKg

Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Replay and supporting materials will be available on the Company's investor relations website at https://investors.uwm.com/.

Key Operational Metrics

“Loan origination volume” and “Total gain margin” are key operational metrics that the Company's management uses to evaluate the performance of the business. “Loan origination volume” is the aggregate principal of the residential mortgage loans originated by the Company during a period. “Total gain margin” 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 “Adjusted net income (loss) available to Class A common shareholders,” 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, less preferred stock dividends. “Adjusted net income (loss) available to Class A common shareholders” is a non-GAAP metric. “Adjusted diluted EPS” is defined as “Adjusted net income (loss) available to Class A common shareholders” 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, the change in fair value of retained investment securities, and acquisition-related expenses (net of recoveries) 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. Non-funding debt includes the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases.

In addition, we disclose “Net non-funding debt,” “Total preferred and common equity,” and the “Net non-funding debt-to-equity ratio” as a non-GAAP metric. We define “Net non-funding debt” as the total of the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases, less unrestricted cash, “Total preferred and common equity” as total equity plus total redeemable preferred stock, and the “Net non-funding debt-to-equity ratio” as “Net non-funding debt” divided by “Total preferred and common 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 “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict” 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 position amongst our competitors and ability to capture market share and maintain our industry leading position; (2) our investments in technology, including artificial intelligence, and its impact to our operations; (3) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (4) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (5) our expectations for future market environments, including interest rates, and the timing of such market changes; (6) our performance in shifting market conditions and the comparison of such performance against our competitors; and (7) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results. These statements are based on management’s 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’s ability to successfully implement strategic decisions and product launches; (ii) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by the Presidential Administration that affect interest rates and inflation; (iii) UWM’s 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’s ability to sell loans in the secondary market; (v) UWM’s 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 and the new risks that may be presented as a result of the transition; (viii) UWM’s 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’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xi) UWM’s ability to continue to attract and retain its broker relationships; (xii) UWM’s ability to implement technological innovation, such as AI in our operations; (xiii) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xiv) reliance on third-party software and services; the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xv) UWM’s 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 “Risk Factors” 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 (“UWM”). UWM has been the largest wholesale mortgage lender for eleven 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 September 30, 2026, and the preceding four quarters and Statements of Operations for the quarter ended September 30, 2026, and the preceding four quarters for purposes of providing historical quarterly trending information to investors.