Origination rebound lifted revenue as margins and earnings steadied off 2024 highs
United Wholesale Mortgage’s parent, UWM Holdings Corporation, closed 2025 with higher revenue and fatter margins, but full-year profit still sat below its 2024 peak even as originations climbed.
The company reported fourth-quarter 2025 loan origination volume of $49.6 billion, up from $41.7 billion in the third quarter and $38.7 billion a year earlier.
Total revenue in the quarter rose to $945.2 million, compared with $843.3 million in 3Q25 and $720.6 million in 4Q24, while gain on sale margin improved year over year to 122 basis points.
For 2025, originations reached $163.4 billion and revenue totaled $3.16 billion, both higher than 2024 levels. Net income, however, fell to $244.0 million for the year, down from $329.4 million in 2024, reflecting $435 million in mortgage servicing rights markdowns and a higher non-funding debt load.
“We had another strong quarter financially, and an outstanding year overall,” chairman, president and CEO Mat Ishbia said.
“We have incredible scale, a low-cost model, and, with in-house servicing, the new BILT partnership, and the pending Two Harbors acquisition, you can begin to see our vision of a closed-loop platform.”
“These moves accelerate broker channel growth, drive borrower retention, and strengthen our leadership position,” Ishbia said. “We’re prepared to win operationally, financially, and strategically in 2026 and remain focused on delivering long-term value for our shareholders, team members, brokers, and consumers.”
Revenue and margins moved higher
Quarterly net income climbed to $164.5 million from $12.1 million in the prior quarter and $40.6 million in the year-ago period, although the bottom line included $28.8 million in MSR markdowns.
For the full year, gain on sale margin rose to 116 basis points from 110 basis points in 2024, extending an improvement that began when margin increased from 92 basis points in 2023.
UWM ended 2025 with $1.6 billion of total equity, down from $2.1 billion a year earlier, and approximately $1.8 billion of available liquidity, including $503.4 million of cash. Its MSR portfolio carried an unpaid principal balance of $240.8 billion at year end, with a weighted average coupon of 5.65%.
Strategy framed as a 2026 earnings story
Looking to the first quarter of 2026, management guided total revenue to a range of $650 million to $850 million, framing investments such as the pending acquisition of MSR-focused REIT Two Harbors Investment Corp. and an expanded rewards collaboration with Bilt as levers for future earnings rather than immediate profit maximization.
The earnings trajectory underscores a familiar pattern for UWM: management accepted near-term earnings volatility as it sought to build scale, streamline its balance sheet and sustain margin gains.
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