UWM (UWMC) Q1 2025 earnings summary

Executive summary

• Originated $32.4B in Q1 2025, up 17.1% year-over-year; largest U.S. residential mortgage lender by closed loan volume and highest Q1 production since 2022.

• Reported a $247.0M net loss, primarily driven by a $388.6M decline in MSR fair value and higher expenses.

• Ranked #1 overall and wholesale mortgage lender; 1Q25 overall market share was 8.8% and wholesale share was 42.4%.

• Announced plans to develop internal servicing operations following a competitor’s acquisition of sub-servicer Mr. Cooper.

Financial highlights

• Total revenue was $613.4M, up from $585.5M in Q1 2024; production income was $304.8M, servicing income $190.5M and interest income $118.1M.

• Adjusted EBITDA was $57.8M, down from $101.5M in Q1 2024.

• Gain margin was 94 bps, compared with 108 bps in Q1 2024 and 105 bps in Q4 2024.

• Quarter-end cash was $485M and available liquidity was $2.4B.

• MSR unpaid principal balance was $214.6B, with a 5.44% weighted average coupon.

Outlook and guidance

• Q2 2025 production guidance was $38–$45B, with gain margin guidance of 90–115 bps.

• Technology and people investments are intended to strengthen refinance-market share capture; purchase volume and a sticky broker base support resilience across rate cycles.

• Sufficient liquidity is expected to fund operations and originations for the next 12 months and satisfy the upcoming 2025 Senior Notes maturity.