UWM (UWMC) Q3 2025 earnings summary

Executive summary

• Achieved $41.7 billion in loan origination for Q3 2025, the highest since 2021, with both purchase and refinance volumes up year-over-year and a record day for rate locks in September.

• Net income for Q3 2025 was $12.1 million, down from $31.9 million in Q3 2024, while adjusted EBITDA rose to $211.1 million from $107.2 million in Q3 2024.

• Continued investment in technology and AI, with the Mia assistant making over 400,000 calls and contributing to over 14,000 loan closings.

• Strategic initiatives included bringing servicing in-house by January 2026 and a partnership with BILT to enhance servicing and rewards.

• Maintained largest U.S. residential mortgage lender position by closed loan volume, exclusively through the wholesale channel.

Financial highlights

• Q3 2025 revenue was $843.3 million, up from $745.6 million in Q3 2024; gain-on-sale margin reached 130 basis points, exceeding prior quarters.

• Net servicing income was $135.1 million, with a healthy MSR portfolio and UPB of $216.0 billion as of September 30, 2025.

• Cash and cash equivalents at period end were $870.7 million, with available liquidity of $3.0 billion.

• Q3 2025 net loss attributable to shareholders was $(1.3) million; adjusted diluted EPS was $0.01.

• Loan production income for Q3 2025 was $542.1 million; loan servicing income was $169.0 million.

Outlook and guidance

• Q4 2025 production guidance is $43–$50 billion, with gain margin expected between 105 and 130 basis points.

• Declared a $0.10 per share dividend for the twentieth consecutive quarter, payable January 8, 2026.

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

• Bringing servicing in-house remains on track for Q1 2026, expected to positively impact financials and broker loyalty.

• Proceeds from 2031 Senior Notes expected to cover 2025 Senior Notes maturity.