UWM expects $33.4 billion in third-quarter originations and lowers 2026 revenue estimate

UWM Holdings, the parent of the wholesale mortgage lender United Wholesale Mortgage, said it expects to report third-quarter loan origination volume of $33.4 billion, in a preliminary results release dated October 23.

What happened

Of the $33.4 billion, $22.8 billion was purchase loans and $10.6 billion was refinance loans. The company expects a gain margin of about 124 basis points and total revenue of $800 million to $825 million, including loan production income of $410 million to $420 million and loan servicing income of $240 million to $250 million. It expects net income of $205 million to $220 million and adjusted EBITDA of $170 million to $190 million.

Its mortgage servicing rights portfolio had an unpaid principal balance of about $270 billion, with a weighted average coupon of about 5.97%. The figures are unaudited estimates that "may change as the Company completes its financial closing procedures."

UWM said it released the figures "in advance of the commencement of the measurement period used to determine the subscription price under its previously announced rights offering."

The 2026 outlook

For the full year, UWM estimates it will originate about 8% of total US residential mortgage production and end the year with a servicing portfolio of $210 billion to $230 billion in unpaid principal balance. It expects revenue of about $3.35 billion to $3.50 billion, "lower than expected earlier in 2026 as a result of lower origination volume throughout the industry."

The company expects to sell between $70 billion and $80 billion of mortgage servicing rights in the fourth quarter, with proceeds of more than $1.8 billion. Those proceeds, along with $400 million of gross proceeds from the rights offering, "will be used to support the ongoing paydown of non-funding debt." Net non-funding debt to total preferred and common equity is expected to be 1.75 to 1.80 times at September 30.