UWM (UWMC) Q1 2025 earnings summary

Executive summary

• Originated $32.4 billion in loans in Q1 2025, up 17% year-over-year, maintaining the largest U.S. residential mortgage lender position.

• Net loss of $247 million for Q1 2025, primarily due to a $388.6 million MSR fair value reduction and higher expenses.

• Nearly doubled refinance volume to $10.6 billion, capitalizing on brief rate windows.

• Announced a strategic move to bring mortgage servicing in-house, targeting $40–$100 million in annual cost savings.

• Continued investment in technology, AI, and new product rollouts to drive operational efficiency and industry leadership.

Financial highlights

• Q1 2025 revenue was $613.4 million; adjusted EBITDA reached $57.8 million.

• Gain margin was 94 basis points for Q1 2025, down from 108 bps year-over-year.

• Maintained over $20 billion in quarterly purchase volume for eight consecutive quarters.

• MSR fair value decreased by $388.6 million in Q1 2025.

• Ended Q1 2025 with $485 million in cash and $2.4 billion in total accessible liquidity.

Outlook and guidance

• Q2 2025 production guidance set at $38–$45 billion, with gain margin expected between 90 and 115 basis points.

• Management expects sufficient liquidity to fund operations and loan originations for the next twelve months.

• Continued focus on technology rollouts and operational investments to support future growth.