Refis also surged as rates dropped in the third quarter
United Wholesale Mortgage (UWM) announced a surge in loan originations, allowing the company to have the most originations they’ve had in a single quarter since 2021.
The wholesale lender announced its Q3 numbers on Thursday morning. Its loan originations rose to $41.7 billion in the third quarter, up from $39.7 billion in Q2 and $39.5 billion in Q3 2024. According to the company, this represents the highest quarterly origination total since 2021.
Overall, the company posted a net income of $12.1 million for the third quarter of 2025, a decline from the $31.9 million earned in the same quarter last year and the $314.5 million reported in the second quarter of 2025.
Mat Ishbia, chairman, CEO, and president of UWM, said advances in technology helped fuel growth in originations.
"The third quarter was a fantastic opportunity to show off the results of three years of disciplined preparation, strategic decisions and an unwavering focus on innovation and execution," Ishbia said. "Even without the tailwinds of a full refinance market, we briefly experienced a rate rally and seized the opportunity.
“We set a company record in September for rate locks in a single day and saw a significant ramp in our daily loan submission intake, all while maintaining our high-performance standards."
Purchases down, refis up
Unsurprisingly, with the rate drops throughout the third quarter, UWM reported a surge in refinances. The company reported $16.5 billion in refis, up from $12.4 billion in Q2 and $13.3 billion in Q3 2024.
Meanwhile, purchase loans were down slightly quarter over quarter. The company reported $25.2 billion in the third quarter, down from $27.3 billion in Q2 and $26.2 billion in the same quarter a year ago.
Speaking at the AIME Fuse event, United Wholesale Mortgage CEO Mat Ishbia encouraged brokers to act now, stressing that waiting for even lower rates means missing opportunities. https://t.co/yfhEN7I8AM
— Mortgage Professional America Magazine (@MPAMagazineUS) October 27, 2025
The total gain margin was reported at 130 basis points, up from 113 bps in the second quarter of this year, and 118 bps in Q3 2024. Total revenue for the quarter was $843.3 million, up from $758.7 million last quarter and $745.6 million in the same quarter the previous year.
The unpaid principal balance of MSRs was $216 billion, with a weighted-average coupon (WAC) rate of 5.57%. At the end of the second quarter, the balance was $211.2 billion with a WAC of 5.51%. At the end of Q3 2024, it was $212.2 billion with a WAC of 4.56%.
The company ended the quarter with approximately $3.0 billion of available liquidity, including $870.7 million in cash and available borrowing capacity under secured and unsecured lines of credit.
A look ahead
The Pontiac, Michigan-based company is also looking forward to both the fourth quarter and 2026, as in-house servicing and continued technological advances look to boost the company into the new year, according to Ishbia.
"We are also on track to bring servicing in-house in January and will deliver the best consumer servicing experience in the industry through our strategic collaboration with BILT," Ishbia said. "Finally, while others in the industry are still using AI as a buzzword, we’ve already generated over 14,000 loans for our brokers with Mia, our AI Loan Officer Assistant. The best part is, we are just getting started — we’re excited to continue building on this momentum in the quarters ahead."
The company estimated fourth-quarter production to be between $43 billion and $50 billion, with a gain margin of 105 to 130 basis points.
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