UWMC Posts Largest Loan Origination Volume Since 2021 as Strategic Innovation Pays Off
Record-Breaking $41.7 Billion in Quarterly Originations Highlights Growth in Refinancing
UWM Holdings Corporation (NYSE: UWMC) delivered its highest quarterly loan origination volume since 2021 in the third quarter of 2025, totaling $41.7 billion. This marks a 5% rise from Q2 and nearly matches Q3 2024’s total. Despite the headwinds in the mortgage industry, the uptick was propelled largely by a resurgence in refinancing activity and the company’s focus on strategic execution.
In the words of CEO Mat Ishbia, "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." UWM set a new daily record for rate locks in September and reported a significant increase in daily loan submissions. Even with the absence of a strong refinance tailwind, UWMC took advantage of a temporary rate rally, positioning itself for future market shifts.
Refinance Originations Drive Top-Line Momentum Amid Mixed Margins
The most notable change this quarter came from the surge in refinance originations, which climbed to $16.53 billion, up 33% from Q2. Purchase originations moderated slightly, reaching $25.21 billion from $27.30 billion in the previous quarter. Overall, this lifted the company’s gain margin to 1.30%, recovering from 1.13% in Q2.
| Key Metric | Q3 2025 | Q2 2025 | Q3 2024 |
|---|---|---|---|
| Loan Origination Volume | $41.7B | $39.7B | $39.5B |
| Purchase Originations | $25.2B | $27.3B | $26.2B |
| Refinance Originations | $16.5B | $12.4B | $13.3B |
| Total Revenue | $843.3M | $758.7M | $745.6M |
| Gain Margin | 1.30% | 1.13% | 1.18% |
| Adjusted EBITDA | $211.1M | $195.7M | $107.2M |
| Net Income | $12.1M | $314.5M | $31.9M |
Adjusted Earnings Remain Modest; Liquidity and Servicing Set for Transformation
While revenue, origination, and gain margin metrics moved higher, net income slipped sharply to $12.1 million, compared with $314.5 million in Q2—driven by large swings in non-operating items like changes in mortgage servicing right valuations and derivatives gains. Adjusted net income, which strips out non-cash and one-time items, was a subdued $9.6 million. However, Adjusted EBITDA, a key operational indicator, improved to $211.1 million, nearly double year-ago levels.
On the balance sheet, available liquidity rose to approximately $3 billion, giving UWMC flexibility as it prepares to bring loan servicing fully in-house in January. This strategic move—underpinned by the company’s collaboration with BILT—aims to further differentiate UWMC by rewarding customers for on-time payments and giving brokers tools to maintain lasting relationships with borrowers.
| Balance Sheet Highlights | Q3 2025 | Q2 2025 | Q3 2024 |
|---|---|---|---|
| Cash & Equivalents | $870.7M | $490.0M | $636.3M |
| Mortgage Loans at FV | $10.8B | $8.04B | $10.1B |
| Mortgage Servicing Rights | $3.31B | $3.45B | $2.80B |
| Total Equity | $1.59B | $1.75B | $2.18B |
| Non-funding Debt/Equity | 2.45x | 1.90x | 1.11x |
Outlook Signals Continued Growth and Focus on Digital
Looking ahead, UWMC expects Q4 loan production in the $43-50 billion range, with gain margin guidance between 1.05% and 1.30%. The board has also approved a $0.10 per share cash dividend for the twentieth consecutive quarter. Notably, the company continues to scale its proprietary digital tools—its AI-powered Mia Loan Officer Assistant has now generated over 14,000 loans for brokers. This integration of tech and customer-centric service is seen as central to future momentum.
Key Takeaways: Efficiency and Technology Drive Future Positioning
UWMC’s ability to capture growth in refinancing—despite only a fleeting drop in interest rates—illustrates strategic agility in an evolving mortgage landscape. With enhanced technology adoption, ongoing broker partnerships, and in-house servicing, the company aims to solidify its market-leading role while boosting operational leverage.
Investors and analysts may want to follow upcoming updates on servicing rollout and additional tech innovation, as well as the Q4 results, to see whether the firm can maintain this positive trajectory through 2025.
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