After posting a net loss in Q1, United Wholesale Mortgage surged back with a big Q2
Fueled by new technological advancements, United Wholesale Mortgage (UWM) announced strong second quarter numbers on Thursday morning.
After posting a net loss of $247 million in Q1, the company surged in Q2 with net income of $314.5 million. Overall, loan origination volume was $39.7 billion for the second quarter, up from $32.4 billion in Q1 and $33.6 billion in Q2 2024.
Despite elevated interest rates, purchase originations were also up, coming in at $27.3 billion. This was an increase from $21.7 billion in Q1 and $27.2 billion in the second quarter last year. This was the third-best purchase quarter in company history, and put them on track for $100 billion for the year.
Mat Ishbia, chairman, chief executive officer and president of UWM Holdings Corporation (UWMC), was pleased with the quarterly report.
“The second quarter of 2025 was an outstanding quarter for UWM,” Ishbia said. “I am proud that we delivered our best quarter since 2021, and it wasn't because of any market tailwinds. It was fantastic both operationally and financially, but more importantly, we made a series of significant strategic decisions and product launches that we believe are not only game-changing for mortgage brokers, but also will change the trajectory of our company and the wholesale channel.”
Broker market share surges
Even in a challenging market for mortgage refinance loans, UWM saw a surge there as well. Refinances made up $12.4 billion of business, double the total from Q4 2024 and up 17% quarter over quarter. This was 11% of the refi volume for the mortgage industry.
Overall, this was UWM’s best quarter since Q4 2021, when historically low rates fueled a business surge.
There was also good news for the broker community as a whole. The company reported the broker market share had increased to nearly 30% according to Inside Mortgage Finance (IMF), the highest level since 2009.
Total revenue for the company was $758.7 million, an increase from the $613.4 million in Q1 and $622.4 million in Q2 2024.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA), a metric used to determine company profitability, also increased. In Q2, it was $195.7 million, up from $57.8 million in the previous quarter and $133.1 million at the same time last year.
Tech leads the way
The company cited several technological advancements announced in Q2 as helping to push the company forward.
Two major AI tools were announced at the company’s annual event, UWM Live. A loan estimate optimizer (LEO) tool helped analyze competitors’ LEs and identify areas where UWM brokers could win the deal away.
The biggest announcement was Mia, an AI-powered virtual loan assistant. It helps brokers stay in contact with past and current customers, and allows brokers to be available to answer questions 24/7 without sacrificing personal free time.
“Our latest AI technologies, Mia and LEO, are two excellent examples of the leadership you’ll continue to see from us in this space, and more importantly, we are now seeing measurable results in our business as a result of the investments we have made in artificial intelligence,” Ishbia said. “I am proud of our team and excited for what lies ahead."
Jason Bressler of UWM pushed the boundaries of what’s possible in mortgage tech with “Mia,” an AI assistant that streamlines client follow-up and enhances broker productivity.https://t.co/gnubCAGlmK
— Mortgage Professional America Magazine (@MPAMagazineUS) May 16, 2025
The company also announced its gain of sale margin was 113 basis points, up 6.6% year over year and 20.2% over Q1.
The release also mentions their Bilt partnership, with UWM providing $100 million of the $250 million funding round completed in mid-July. The partnership will allow people to earn rewards on mortgage payments made with Bilt to UWM. The company promises more details on the partnership in Q3.
The company expects Q3 production to be between $33 billion and $40 billion. Gain margin is forecasted to be between 100 and 125 basis points, the first time in four years UWM has increased its gain margin guidance two levels.
The full financial report can be viewed on the company's website.
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