UWM (UWMC) Q3 2024 earnings summary

Executive summary

• Achieved $39.5 billion in Q3 2024 loan originations, up 32.9% year-over-year, with $26.2 billion in purchase and $13.3 billion in refi volume.

• Net income for Q3 2024 was $31.9 million, down sharply from $301.0 million in Q3 2023.

• Maintained dominance as the top U.S. residential mortgage lender and leader in the broker channel.

• Continued investment in technology and broker tools, including TRAC+, PA+, Bolt, Chat UWM, KEEP, and BrokerX.

• Leadership stability cited as a differentiator, with no turnover among direct reports since 2016.

Financial highlights

• Q3 2024 total revenue was $465.5 million (production), $134.8 million (servicing), and $145.3 million (interest income).

• Net income of $31.9 million, despite a $446.1 million decline in MSR fair value.

• Gain margin reached 1.18%, up from 0.97% in Q3 2023 and above guidance.

• Year-to-date production volume was $100.8 billion, up 20.1% from 2023.

• Adjusted EBITDA for Q3 2024 was $107.2 million.

Outlook and guidance

• Q4 2024 production guidance is $34–$41 billion, with gain margin expected between 85 and 110 basis points.

• Confident in maintaining or exceeding guidance, with potential for higher margins and volume if rates decline.

• Board declared a $0.10 per share dividend for the sixteenth consecutive quarter.

• Management expects sufficient liquidity and capital resources for the next twelve months.

• Plans to be opportunistic in refinancing 2025 Senior Notes.