UWM Holdings Corporation

investors.uwm.com

What Do They Do?

Originates residential mortgage loans for homebuyers through independent mortgage brokers, then sells loan pools to mortgage investors.

How Do They Make Money?

It earns most of its loan-production income when it originates a mortgage, including fees and the gain from selling the loan; servicing fees come in as mortgage payments are collected, and it also earns interest on loans it holds.

FY2025 revenue

Who Are Their Customers?

Independent mortgage brokers arrange loans and submit applications to UWM, while UWM does not work directly with borrowers.

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$2.7B.

Net income, FY2025

1% of revenue

▲ +90% vs FY2024 ($14.4M, 1%)

Free cash flow, FY2025

−86% of revenue

▼ −57% (Loss) vs FY2024 (−$6.3B, −235%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +17%; vs $758.7M in Q2 FY2025
Net income: ▼ Now a loss; vs $22.9M in Q2 FY2025

Aug 6, 2026 UWM completed a preferred-stock and warrant financing The financing brought gross proceeds of $1,650,000,000.
May 13, 2026 Two Harbors rejected UWM's acquisition proposal UWMC had offered $12.50 per share in cash or 2.3328 UWMC shares.

Flat. Revenue was $3.2B in FY2025, about the same as the $3B of FY2021.

Expanded loan offerings The older report described non-agency jumbo loans as the main offerings outside agency-backed loans; the latest also describes construction loans and non-qualified products, including home equity lines of credit.

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