UWM (UWMC) Q4 2024 earnings summary

Executive summary

• 2024 loan production was $139.4B, up 29% year over year; purchase production reached a record $96.1B.

• Reported as the largest U.S. overall, wholesale and purchase mortgage lender; wholesale leadership extended to 10 years.

• FY24 net income was $329.4M, reversing a $69.8M net loss in FY23.

• Investments in technology and operational efficiency support growth without increasing fixed costs.

Financial highlights

• FY24 gain-on-sale margin was 110 bps, up 19% from 2023.

• Q4 production was $38.7B, with $40.6M net income and a 105 bps gain margin.

• FY24 Adjusted EBITDA was $460.0M versus $478.3M in FY23; Q4 Adjusted EBITDA was $118.2M.

• Year-end equity was $2.05B; cash was $507.3M and available liquidity was $2.5B.

Outlook and guidance

• Q1 2025 production guidance is $28B–$35B, with a gain margin of 90–115 bps.

• A $0.10 per-share cash dividend was declared for the seventeenth consecutive quarter, payable April 10, 2025.

• Operational capacity can support over $100B in additional volume without higher fixed expenses; origination volume could double if rates fall.

• January 2025 single-family inventory was 26% above 2024 levels.