UWM (UWMC) Q1 2026 earnings summary

Executive summary

• Achieved $44.9 billion in loan origination volume in Q1 2026, up 39% year-over-year, marking the second-highest first quarter in company history.

• Maintains #1 position as overall, wholesale, purchase, and refinance mortgage lender in the U.S. since 2022, 2015, and 2025, respectively.

• Proprietary technology, AI initiatives (Mia, ChatUWM, LEO), and a 100% wholesale model drive operational efficiency, margin expansion, and broker-consumer engagement.

• All new loans are now serviced in-house, with full transition expected by October 2026, enhancing client service and operational control.

• Strategic partnerships, including Bilt, and the launch of VantageScore credit model, are expanding consumer access and broker opportunities.

Financial highlights

• Q1 2026 loan origination volume reached $44.9B, with $18.7B in purchase production and $26.3B in refinance originations.

• Total revenue was $901.4M and net income $170.4M in Q1 2026, with adjusted EBITDA of $160.9M.

• Gain on sale margin was 123 basis points in Q1 2026, up from 94 bps in Q1 2025.

• Ended Q1 2026 with $1.3B in available liquidity, including $424M in cash.

• Servicing UPB at $229.5B with WAC of 5.90% at March 31, 2026.

Outlook and guidance

• 2026 estimates: $98B in purchase volume and $105B in refinance volume, with total mortgage volume targeted at $1.3 trillion over five years.

• Expenses are expected to remain flat or decrease due to technology and AI efficiencies, even as volume grows.

• Additional revenue streams from ancillary products and AI initiatives are anticipated to contribute up to 25% more revenue.

• Management expects continued strong performance regardless of interest rate movements, citing resilience and scale.

• Gain on sale margins are expected to remain stable or slightly higher.