UWM Q4 Earnings Call Highlights

Key Points

• UWM delivered stronger originations and profitability in 2025 and Q4 but saw net income reduced by mortgage servicing rights (MSR) write-downs — full-year originations were $163.4 billion (+17%) with net income of $244 million (including a $435 million MSR write-down), and Q4 originations were $49.6 billion (+28%) with net income of $164.5 million (including a $28.8 million MSR write-down).
• Management is executing a strategic shift to bring servicing in-house, is expanding the Bilt partnership, and is pursuing the Two Harbors acquisition — initiatives the company says will drive broker lead flow, higher recapture rates, and more data-driven personalization as a “closed-loop” growth and retention engine.
• UWM finished Q4 with $1.6 billion of equity and $1.8 billion of available liquidity, expects its capital and leverage profile to improve after the Two Harbors deal, and remains optimistic about housing tailwinds and AI-driven cost reductions to support continued market leadership.

UWM NYSE: UWMC used its fourth-quarter and full-year 2025 earnings call to highlight higher origination volume, improved quarterly profitability, and ongoing strategic initiatives centered on bringing mortgage servicing in-house and completing a pending acquisition involving Two Harbors.

Full-year 2025 results: higher originations, net income impacted by MSR write-down

Chairman, President, and CEO Mat Ishbia said 2025 was “an amazing year” for UWM and emphasized the company’s market position. Ishbia said UWM was the “number one overall lender in America” for the fourth consecutive year and the “number one wholesale lender” for the 11th consecutive year.

For the full year, Ishbia reported:

• Originations: $163.4 billion, up 17% from 2024
• Net income: $244 million, which included a $435 million mortgage servicing rights (MSR) write-down
• Adjusted EBITDA: more than $697 million

Chief Financial Officer Rami Hasani provided additional full-year financial detail, reporting total revenue of $3.2 billion in 2025, up from $2.7 billion in 2024. Hasani said net income was $244 million, down from $329 million in 2024. He also said the company delivered servicing income of $725 million in 2025, up from $637 million in 2024.

Fourth quarter: stronger profitability and sequential revenue growth

Ishbia said UWM delivered $49.6 billion of originations in the fourth quarter, up 28% year-over-year. He also reported a gain margin of 122 basis points and fourth-quarter net income of $164.5 million, which included a $28.8 million MSR write-down. Adjusted EBITDA for the quarter was $232.8 million, according to Ishbia.

Hasani said fourth-quarter total revenue was $945 million, up from $843 million in the third quarter. He also noted that net income rose to $164.5 million in the fourth quarter, compared with $12.1 million in the third quarter.

On the servicing side, Hasani said the company maintained an MSR portfolio with unpaid principal balance (UPB) of approximately $241 billion and fair value of $4.1 billion. He reported net servicing income of $186 million in the fourth quarter, up from $169 million in the third quarter.

Servicing strategy, Bilt partnership, and Two Harbors transaction

Management framed bringing servicing operations in-house as a key strategic focus. Ishbia said the process of bringing servicing in-house is “on track,” and he described the effort as part of a plan to deliver an improved consumer experience while keeping brokers connected with borrowers after closing.

Ishbia also highlighted the company’s partnership with Bilt, saying it is “going fantastic” and “off to an amazing start.” He said the initiative is intended to help brokers acquire consumers earlier, expand lead flow, and keep mortgage brokers “top of mind through the whole process.”

In addition, Ishbia described the pending Two Harbors acquisition and the move to in-house servicing as “strategic inflection points.” He said these initiatives are intended to:

• Expand UWM’s position in wholesale and overall lending
• Deliver “high-quality leads” to brokers
• Increase recapture rates while lowering cost per recaptured loan
• Enable more data-driven personalization tools for brokers

Ishbia characterized the servicing platform as both a “growth and retention engine,” and said UWM’s “100% broker model” at its current scale is “unique” and an advantage as more consumers enter the broker channel.

Capital and liquidity: equity and available liquidity cited as strong

Hasani said UWM ended the fourth quarter with total equity of $1.6 billion and total available liquidity of $1.8 billion. He noted liquidity was higher at the end of the third quarter due to timing around a $1 billion senior unsecured bond issuance in September and the company’s use of proceeds ahead of a mid-November bond maturity.

He added that net available cash and leverage ratios at the end of the fourth quarter were “relatively consistent” with the third quarter, and said the company expects to keep capital, liquidity, and leverage ratios within “acceptable ranges.” Upon completion of the Two Harbors acquisition, Hasani said UWM expects its capital, liquidity, and leverage ratios to be “further enhanced.”

Outlook commentary: optimism on housing, AI, and continued market leadership

In closing remarks, Ishbia said he is “very optimistic” about the mortgage and housing industry and cited what he described as a “big tailwind” tied to efforts by government and housing-related agencies to address affordability and lower rates. He said UWM expects to be a beneficiary of those changes.

Ishbia also said the company expects to remain number one in a growing market and sees opportunity for its AI implementation to lower expenses while increasing production. He described UWM’s approach—combined with in-house servicing, the Bilt experience, and the pending Two Harbors acquisition—as a “closed-loop platform” designed to accelerate broker channel growth and improve consumer retention.

The company did not take questions during the call. Ishbia said management believes the typical short Q&A format does not adequately address the complexity of the business, and he encouraged listeners to review the company’s SEC filings for additional information.

About UWM NYSE: UWMC

United Wholesale Mortgage NYSE: UWMC is a leading mortgage lender in the United States specializing in the wholesale channel. The company partners with independent mortgage brokers, community banks and credit unions to offer a full suite of residential mortgage products. Through its network of third-party originators, United Wholesale Mortgage underwrites, funds and closes loans, allowing its partners to focus on customer acquisition and service.

The company’s product offerings include conventional fixed- and adjustable-rate mortgages, Federal Housing Administration (FHA) loans, Veterans Affairs (VA) loans, U.S.

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