UWM (UWMC) Q1 2026 earnings summary

Executive summary

• Achieved $44.9 billion in loan origination volume in Q1 2026, up 39% year-over-year, maintaining the #1 position as the largest U.S. residential mortgage lender by closed loan volume.

• Net income was $170.4 million in Q1 2026, a $417.4 million improvement from a net loss of $247.0 million in Q1 2025.

• Adjusted EBITDA reached $160.9 million, up from $57.8 million in Q1 2025.

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

• Proprietary technology, AI initiatives, and strategic partnerships (e.g., Bilt) are driving operational efficiency, broker support, and customer engagement.

Financial highlights

• Q1 2026 loan origination volume was $44.9B, up from $32.4B in Q1 2025.

• Total revenue grew 47% year-over-year to $901.4 million.

• Net income for Q1 2026 was $170.4M, compared to a net loss of $247.0M in Q1 2025.

• Adjusted EBITDA for Q1 2026 was $160.9M, up from $57.8M in Q1 2025.

• Gain on sale margin improved to 1.23% (123 bps) from 0.94% (94 bps) year-over-year.

Outlook and guidance

• Management expects continued strong performance regardless of interest rate movements, with sufficient liquidity to fund operations and loan originations for the next twelve months.

• 2026 estimates include $98B in purchase volume and $105B in refinance volume, with ambitions for $1.3 trillion in total mortgage volume over five years.

• Full in-house servicing transition by October 2026 is anticipated to improve borrower retention and reduce expenses.

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

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