UWMC

The second quarter of 2026 was not kind to United Wholesale Mortgage (NYSE: UWMC). It posted a massive quarterly loss, eliminated its dividend, and got a cash infusion from Oaktree Capital. This is not a stock that risk-averse investors should be considering. And even more aggressive investors might want to tread with caution. And yet, United Wholesale Mortgage remains an industry giant in the mortgage space. United Wholesale Mortgage posted a loss of $451.9 million in the second quarter. That was down from net income of $170.4 million in the first quarter and $314.5 million in the second quarter of 2025. Clearly not a good showing. Notably, loan originations were down sequentially from the first quarter and flat year over year. A big part of the problem is the weak housing market and rising interest rates, both of which work against the company. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » And yet, the company remains one of the largest mortgage loan originators in the United States. A key part of its business is that it doesn't deal directly with customers; instead, it provides mortgage brokers with the tools they need to make loans. Further, the company generally retains mortgage servicing rights to the loans that it eventually packages into bond-like securities and sells. Those servicing rights generate reliable cash flows. In some ways, the business model is appealing. But that doesn't change the fact that the operating environment today is difficult. Notably, rising rates depress the value of mortgage servicing rights and mortgage loans, and reduce the volume of new loan originations. This helps explain the weak first quarter and the company's need to raise over $2 billion in capital from Oaktree Capital and SFS Group Capital. SFS Capital is a new investment vehicle created by the Ishbia Family. The CEO of United Wholesale Mortgage is Mat Ishbia, so there's an important connection here. Given the cash infusion and weak financial results, the company had little choice but to stop paying dividends. The stock, as you might expect, has been performing poorly, trading near its 52-week lows. This could realistically be a make-or-break situation. If the company can muddle through this rough patch, it could turn things around over the longer term. If it continues to struggle despite the financial backstop, buying the stock amid today's uncertainty could be a costly mistake. The risk-versus-reward balance with United Wholesale Mortgage is tilted toward risk right now. Only the most aggressive investors should consider it. To be fair, Oaktree Capital is a highly respected business partner. And the CEO is putting their money where their mouth is, given the CEO's family's involvement in the cash infusion. However, being a large mortgage lender in a weak housing market amid rising interest rates has clearly stretched the company's finances. The company is likely to struggle until the industry backdrop improves. Before you buy stock in UWM Holdings, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and UWM Holdings wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $419,408!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,348,694!* Now, it’s worth noting Stock Advisor’s total average return is 966% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 19, 2026. Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. UWM Suspended Its Dividend and Raised $2.05 Billion From Oaktree After a $451.9 Million Quarterly Loss was originally published by The Motley Fool

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 10:30 a.m. ET Chairman, Chief Executive Officer and President - Mathew Ishbia Chief Financial Officer - Rami Investor Relations - Blake Kolo Executive - Mat Roslin Mathew Ishbia: [Audio Gap] go through every one of them, at least I'm trying to get through every one of them. Hopefully make it as effective for everyone as possible. Before I get into that, obviously, from a second quarter perspective, operating income, over $180 million EBITDA -- adjusted EBITDA along with about $40 billion of business. We feel really good about UWM and the strength of the broker channel and the growth of the broker channel. So we feel great about where that's at. Mathew Ishbia: Obviously, I got so many questions about Oaktree partnership, the dividend, Two Harbors, the hedging, we're going to get through all that stuff, and I'll try to get through it. Before I get into it, I wanted to start with the overall picture from where we are at UWM and the partnership with Oaktree. We feel great about Oaktree and the partnership that we have and are creating -- and Oaktree is not just capital, they're strategic partners of ours. They have MSR background, non-agency -- like they have a lot of mortgage related, and they're betting on housing, and they're betting on UWM. And so we're excited about the partnership and what it's going to do for our business long term, and that's what we always think about is how do we dominate long term. The mortgage market has been tough for the last 5 years now. And UWM has consistently made operating income. And Two Harbors have recognized the strength of our business and says, hey, how can we take this to the next level. And from a strategic perspective, we see a lot of the same vision about the brokers, about the operating model and infrastructure that we've built to help the independent mortgage channel grow and dominate. And that's really what we're about here at UWM. And housing and mortgages are going to be here and be strong. It's a huge market. And it's been a tough 4, 5 years, and we expect the next 4, 5 years to be significantly, significantly better. And in the tough years, we still are successful and profitable at UWM, as Oaktree points out many times, we spent time with them. And now it's like how do we take it to a whole another level. And so the balance sheet is fortified. The debt ratios that people are concerned about are non-question anymore, and we're ready to go forward in a really, really strong way. So with that being said, I know there's AI questions, there's dividend questions. So let me just go into all these questions and hopefully answer all of them. I'm going to try to mention a couple of people that ask the questions, but to be fair, I think we got the same questions from about 15 different people. So I won't try -- I won't do too many. But let's just start, I guess, with the dividend. I got some questions, Jason Stewart, Bose, Jeff. I mean, I got people. So I'm not going to name everyone's name that asked the question. But the basic question is, hey, Matt, UWM, why are we cutting the dividend now? And so the first part, how we got here, a lot of things tied to the dividend. We've always rewarded our shareholders, and we feel good about rewarding our shareholders, and we're going to always look at ways to do that. The decision to cut it right now is just capital allocation. Right now, our -- after this transaction, after the $2 billion plus, which is the largest capital raise, I think, in mortgage history, we're going to have over $3 billion of equity. And so how do we continue to build on that going forward. The dividend obviously comes -- takes out from that. And we made the decision that the right thing for our business for the long term is to continue to build up equity, continue to solve for the debt ratios, which are significant -- are well below industry norms now with the capital infusion and run the business in the most effective way. Will there be special dividends down the road? Possibly. Will there be -- will we go back to regular dividend? Possibly. Once again, we look at that stuff every single quarter. But the reality is liquidity matters, equity matters, and we have the best operating business and infrastructure for brokers to grow and dominate. And so if I can make sure the capital and liquidity are in a great position, then all the rest takes care of itself. And once again, it's been a tough 4, 5 years in the mortgage industry. The next 4 or 5 years are going to be significantly better. Oaktree believes in that. They believe in housing, they believe in UWM and so do we, and so do I, obviously. And so that's kind of how I think about the dividend. It's just the right time to pause that and suspend that process. And then we'll always evaluate every quarter with our Board of Directors and see what's best. But right now, I see a going-forward path of let's retain equity, retain earnings, continue to build, continue to grow and take advantage of the market that we have in front of us. All right. Let's see. Two Harbors, I guess we can talk -- Two Harbors, a couple of questions on the transaction. So let me just -- did that create the need for capital? So I don't really look at it that way. And so here's what I'll say. The way we look at it is how do we make sure we have a good amount of equity, we have good ratios, and we have a fortified balance sheet. So that's a big part of why we have the capital raise. And it's not just capital because if it was just capital and I could put money in myself or we can get random people put capital. This was a strategic partnership with Oaktree because of their MSR background, they have a whole -- and also their -- just their knowledge and their sophistication around capital markets, which will help us in so many ways. And so we're excited about the partnership. Now the Two Harbors transaction, it definitely was unfortunate how it happened. And you'll see some litigation and some things that they did inappropriately, and we'll go through that process when that time comes. However, I'm not going to spend my time talking about that. What I'm going to talk about is that Two Harbors transaction was one of the strategies of helping from a cash, liquidity and equity perspective. And when that did not go the way we expected, we had another option. And it's great to have options. And once again, Oaktree wrote a massive size check to be part of this and to be next to me and UWM and help us grow together. And so if the deal would have closed, maybe the Oaktree thing would not have happened as quickly. The silver lining is Oaktree has so much better partnership for us than Two Harbors or anything else would have been. And so I think of it as a long-term upside for UWM the way it all played out, and we'll go through the litigation process with Two Harbors and CrossCountry and some of the inappropriate things that happened in that deal at that time. So I think that covers Two Harbors. I'm trying to think if there's anything else that -- look at some of the other Two Harbors questions. Let me go into the hedge loss because I think that's a handful of other questions here. Can you please explain the hedge loss, what caused it and how investors should think about it? So listen, hedging in general in the mortgage industry is expensive. And it's something I actually don't believe in, in general. We have never hedged our MSR, I say never. We don't traditionally hedge our MSRs. Our origination machine is so big and strong that if the rates drop, you'll lose MSR value and equity, but you'll do so much more business that you're good. And if rates go up, your MSR values go up and you do less originations, but your equity goes up. That's kind of how we've always played it. Well, when you're going through and acquiring a company like Two Harbors and a massive MSR book, then our MSR book became double the size of what we've always managed. And therefore, it created a little more risk. So when we did put a hedge on to protect against that risk and then a lot of things happen. Let's just be real with whether it's a war, a lot of different things that happened that created the 10-year to go up -- and then obviously, the Two Harbors transaction went away. And so a confluence of events that created a hedge loss. We hit a certain risk threshold that I said we're not going to continue hedging regardless because we didn't want to have more of an equity drain, and we took the hedge off. And of course, that's the strategy that we've always had is let's not hedge, let's run the business effectively. Once again, Oaktree has a strategic perspective on this, and I'll go through that with them after this process and whether we hedge going forward or not. But once you have $3 billion of equity, you're really not at a risk of the MSR values go down $400 million for this quarter or go up $400 million, it's less relevant. But when you're hovering around $1.5 billion or $2 billion, it becomes a little bit more relevant. And so that became an issue. We hedged -- and it was a onetime event, to be honest with you, because of Two Harbors, we were overhedged, if you think of it that way, protecting against the Two Harbors transaction. The market moved against us, and it's a onetime event that won't happen again. We feel like our hedging policies are much stronger now, but also we're not acquiring another company that has an MSR book like that, at least that's not the plan of now, and we know how to handle it differently going forward. So I think that covers it. It was a transaction-specific event. It's not a reflection of our operating business, by the way, at all. As you guys know, as I pointed out at the beginning of the call, $160 million to $200 million of adjusted EBITDA almost every quarter consistently, a little bit higher than that if you look at the numbers, but we're consistently making that much money. What did management learn from hedge loss? I kind of covered this one. A unique circumstance. Traditionally, we don't hedge MSRs at UWM. Definitely, with the size book we have right now, we wouldn't be hedging MSRs at that level. And once again, the market moved in a certain way, and it was an event that obviously unfortunate and not planned and not expected. But at the same time, we're looking forward now and know what our business is about and operating business is great. The balance sheet is fortified. It's never been stronger. I even looked at the balance sheet from 2020 and '21, I think $3 billion is kind of the high watermark, and we're going to be at that number when this capital raise is done. And at the same time, after another quarter or 2 of earnings as we're going to have, it will continue to grow. And with no dividend, that will make our balance sheet strong, liquidity is strong. And then just let's continue to build and dominate helping independent mortgage operate in this housing market with AI, all the things that we've really been building for years and years here at UWM can now go to the next level. So I think that covers those. Let me see if there's any other ones. So let's talk -- now there's a bunch of Oaktree questions, obviously. So let me talk about that. I talked a lot about it already, but why was Oaktree the right partner for UWM at this point of the cycle? So first, Oaktree has a great background, great reputation from their leadership to also just their mortgage knowledge and their housing belief. So they believe in housing, they believe in UWM, and we partner together. Once again, my background has always been, hey, I'll just do it myself. We don't really bring outside parties in. And that was really the path we're going to. We started having some in-depth conversations with Oaktree, and I realized the strategic benefit of bringing in someone next to me. And so instead of Mat putting in $1 billion or more, Mat will put in $500 million, $550 million. These guys put in $1 billion, $1.5 billion, and that's kind of how we get to $2 billion. And so that was the strategy there, but it's strategic money. It's not just capital. We can get capital from anyone, but strategic partner, we're going to have a member or 2 on the board as well. They're going to have some different conversations, and they have different belief systems on things that maybe can help us. They also believe heavily, heavily in the strategy and the vision of the UWM, the broker channel, the independent market. And I wouldn't be aligned with someone that didn't believe strategically and the same thing from housing, from the infrastructure we built for brokers, the AI investments that we're making and continue to make so they're aligned with us and how we're doing things. And so I think it's really been a perfect match. They understand the cycles of the industry as well. They understand that in most cycles, most mortgage markets, it's every 6, 7 years, it's $15-plus trillion of mortgages. And the last 5 have not been that. So they know the good years of the $2 trillion, $3 trillion, $4 trillion years are most likely coming in the next 3, 4, 5 years. So they understand that right now is an amazing time to be partnered with UWM. And I understand that as well, which is why I put a lot of money in as well. And obviously, I'm the biggest shareholder and also big in on this deal as well. So we believe in the market, we believe in UWM, and Oaktree is a great partner in that respect. So let's see. Let me see if I can cover more Oaktree. There's a lot of Oaktree questions here. So some people look at the size and cost of the transaction and think, is this -- how do we think about this from a strategic benefit? Is this -- Oaktree is getting a great deal is what people say, which they are, and they should get a great deal, and we're happy for them. When Oaktree makes a lot of money, so does every shareholder, so does UWM. Everyone is going to win together. And so I don't begrudge anyone from making a lot of money next to me. I wish them all the best along with everyone. And when the warrants become very profitable -- I guess one of the questions kind of ties to, will the warrants become very profitable? I think everyone that owns shares today will make a lot of money as well. And so the way we look at that is, yes, there's a lot of different pieces to it. And Oaktree wrote a $1.5 billion check. I'm putting it up to $550 million. I believe that, that's an opportunity for everyone to succeed, and it's putting the common shareholders, the debt holders, all in a better long-term position. And that's my job to run the business the most effective for the long term, not for whatever today is August 6. It's not about August 6, it's about '27, '28, 2030, 2032. And anyone that's partnered with us, Oaktree being one of them, me being a big shareholder and a lot of the shareholders on the call and people that pay attention to what we talk about, everyone is going to win together. And it's about UWM and the operating platform, the AI, the technology that we've built to dominate for the long term. And now our balance sheet is fortified and integrated. So yes, Oaktree is getting a great deal, and I'm happy for them. And when they make a boatload of money and are very successful, so will most of our shareholders and a lot of shareholders make even more because of based on where the stock is today. And so we're excited about everyone's winning together, and we're going to continue to win going forward. Let's see. So I think there's a question here about debt ratios and equity. And so the key thing is the total equity increases from $1 billion to roughly $3 billion and growing, right? And the nonfunding debt-to-equity declines from -- it was -- with the end of the quarter, it jumped up to a really high number because of the hedging and the negative we had in the second quarter to over 5x or I think it was 5.6x, but now we're down to 1.2x. So 1.2x is well below the industry norms. Most people operate 1.5x to 2x, maybe a little higher than that, but we'll call it 1.5x to 2x. We're well below it, and we have plenty of room to grow. And so we feel really good about where we are right now from a debt-to-equity ratios and overall, our business and balance sheet. So the key thing for me here on the Oaktree, the 2 -- the question kind of talks about the $2 billion capital raise and how that handles for debt ratios and equity. And I think, in general, it's a real big positive. Anyone wants to take a step back and says, is the company stronger today than it was 6 months or a year ago? Anyone would say yes. Everyone would say yes. And that's what I think about right now is how are we positioned for the future. We have never been better positioned not because of just the equity and capital and liquidity, which, of course, is a big part of it but also the Oaktree strategic partnership and all that they bring to the table. And then on top of that, we are the best and biggest mortgage originator in America. We brought servicing in-house. We are dominating in that respect. I know there aren't that many questions about all these things operating-wise, which I understand why, but that's okay. But operating wise, we have a massive moat around our business. The broker channel is growing and the infrastructure that we are built -- we've built and the AI we built to help power them to grow even further and waiting for not only big years because those will happen, but just the normal mortgage years -- in a traditional mortgage year, even in these bad years, we've been doing really well operating income-wise. And so we feel really good about the business and where we are at right now. Let me see. So I guess there's a couple of people asked about -- Mikhail Goberman, and a couple of people asked about why choose preferred equity with warrants instead of issuing common stock? So first off, a large issue -- common issuance at current trading levels would create significant and immediate dilution, and we can talk about dilution. The preferred equity rates, permanent capital in our business is a better upside for the business and our belief system. The warrants do create dilution as people will ask about, and I understand that. And to be honest with you, on the dilution because I know there's some dilution questions, it's definitely something we had to weigh heavily. However, the long-term benefit of us making significantly more money and building this business significantly bigger is the right decision for all shareholders, including myself. And so although the dilution is real, the dilution is only really real at a high level when the warrants are in the money. And the average of the warrants are $4, which is significantly higher than our stock price. And a lot of the warrants are at $6. And so that's how I look at it. This structure balances near-term capital with long-term shareholder upside. And we do not want to dilute the common shareholders more than necessary, and we feel great about where we're at right now and about what's going to happen going forward. Let's see. I think I kind of covered the dilution question there, too, but obviously can have no more. And by the way, I know I'm answering all these, and I appreciate all the questions. After the call, whether it's me or our Investor Relations team or even people from Oaktree, we're all available to talk through anybody's thoughts and strategy on all aspects of the business. We feel -- once again, I continue to tell you, I feel excellent about the business, the fortified balance sheet and the long-term strategic benefit of the Oaktree partnership and where we're going together. Let's see. Okay. So here's something that's interesting. How much interest savings does this transaction create? So a lot of people ask, there's another question that ties to the amount of the coupon that Oaktree is receiving. And so right now, a lot of the money that we're borrowing is between 6% and 8%, we'll call it. And yes, the coupon on this new partnership is 10%. But so it's not 10% on $1.65 billion to start because remember, and the question that you're basically asking here is, we are saving about $100 million by paying down MSR lines and paying off other things from an interest perspective, and then we're paying out $165 million in this example on a 10%. And so it's not truly $165 million more of expense because you have to net out the savings that we would be having because we are paying from a capital perspective right now on borrowing money against our MSR lines or other liquidity that we have. So the interest expense will go down roughly $100 million, but we're going to pay about $100 million and $165 million for the [ pref ] money. So I just want to make sure that's clear. So the question is talking about interest savings. Yes, there are interest savings. I don't really look at it -- I look at it as a net number as it's slightly more expensive in that perspective, but not the full amount, and it's not interest savings overall, although it might look like that. Let me see if there's other questions, a lot of Oaktree stuff. So well, we hit this -- I kind of talked to -- the next one was about total potential dilution from the warrants. And so once again, there's 330 million total warrants, 165 million warrants that can be exercised at $2, which is obviously higher than the stock price is today. Most people won't exercise the warrants until it's well above $2 in my perspective. So I believe that those warrants are probably in the money, more closer to $3 or $3.50 when people will exercise them. And then the other half or 165 million warrants are at $6. So same concept there that it will be probably exercised when they're higher than $6. And so that's to answer that question, just I don't think there's much more to it than just -- I think someone was just asking for clarification there. Jeff Adelson, Bose George, Mikhail, a bunch of people asked about -- so this is a little bit off of Oaktree now. Happen -- what happens to the MSR book from here if rates fall sharply? And so here's what I say. Rates fall sharply. That's a win for our mortgage business, right? The MSR, just like ours and everyone else will get -- will have a write-down if you have a massive MSR rates drop. When rates drop, though, our origination machine will kick in at a high, high level. And so if that happens, we're -- that's why I always -- I was kind of talking about earlier about the natural hedge and how we've always run our business is, we don't put a hedge on our MSR portfolio. We sit there and wait. If rates go up, our MSRs are worth more. Rates go down, we do a lot more loans. And so it's a win-win for our business. The only reason that was different in this situation was because of the Two Harbor transaction of having a double the size of the MSR book and obviously, a war happening and a couple of different things happening all at once and our equity levels being too low. So the confluence of those 3 things created us to hedge at the level that we did. And so I guess a long way of saying, it will be a really great thing if rates drop sharply, and we'll do a whole lot of loans. Obviously, we did $40 billion in a really tough mortgage market and $45 billion in the quarter before when rates were slightly lower. But overall, our origination machine can handle $250 billion to $300 billion as we stand today, if not more. And so I hope rates drop sharply, and we have to deal with the MSR write-down. That will be a fine problem to have because the origination machine will kick in. We'll do $60 billion, $70 billion, $80 billion in a quarter at big margins, and the brokers will grow, will grow and the overall shareholder base will be excited and positive about that opportunity. So we'll see what happens. We've been talking about rates dropping for a while. They haven't happened. When they do, we'll be ready. All right. Let's see. Is UWM becoming a servicing-focused company? No. No. UWM, we're -- like I said, I talk about is we're big in housing. We're big in AI. We're big in infrastructure to help mortgage brokers build and grow the independent channel, but we're an origination machine. And we have a moat around our business that people can't touch. And with some of these things happening, understanding that the barriers to entry to compete with UWM is significantly higher than it's ever been, even back to 2020 and '21 when we're doing a huge amount of volume, the capital and liquidity requirements were not at the level they are today. And so we look at that as a positive because our balance sheet is now fortified at a level that almost has never been done before at our size for UWM perspective-wise, and we're excited about it. So no, we're not a servicing focused company. We will continue to build our servicing book. We brought servicing in-house. I do see a question here, so I kind of hit this at once, expenses are higher on the servicing side right now because I've got both, right? I got internal and I'm -- still have external with Cenlar. And so having external servicing and internal and then I also have to pay the offboarding cost. So the servicing costs, I'm kind of getting double hit this year. Next year, we'll see those big benefits that we've talked about now. So you're kind of getting hit a double on that right now tied to the service. But we are not a servicing company. We are an origination company. We're an infrastructure and AI technology company, helping brokers dominate in this housing market, and we feel good about the moat around our business. And the servicing book is definitely a nice thing that we have, and we will continue to grow because we can originate loans at a level that almost -- actually, I won't say almost, we originate loans at a level that nobody in the market can do. Let me see. I'm trying to think of -- I've covered all those. I kind of covered the servicing for a higher rate perspective. Obviously, scale is a big part of servicing, and we are pretty close to that level. We obviously have one of the top 10 servicing books in America. But as we continue to grow and now one of the things that kind of tested the scale, are we going to continue to scale our servicing book? So let me answer that one head on. Can we continue to scale the MSR book? And the way we look at it is with the equity that we have now, we will continue to opportunistically sell our servicing when the time is right. And so we don't have a need to sell. If someone is going to pay a great price and it makes strategic benefit, we will sell the MSRs and bring in that cash and validate all of that. Or if we feel like it's the right time to continue to build, we can do that. And that's one of the benefits of Oaktree. They have an intimate knowledge of the MSR book and the MSR asset in general. And I feel really good about the partnership there because they have a lot of views on that and how we can build this the best way together. So I feel good about the MSR book and our ability. Once again, we don't have to go buy MSRs. We originate them, which is something that we have at the highest level in the country, which will help us continue to grow going forward. Let's see. I think there's some questions that are kind of -- let me try to knock some more of these out. So Jeff Adelson, as you build an in-house servicing platform, how are you balancing the strategic value of retaining MSRs and growing the servicing portfolio against the liquidity generated through MSR sales? And so I kind of answered that question, I think, a minute ago. And so I'm trying to think if there's anything else I'd want to add to it to help answer your question. But we will continue to grow the MSR book. We love what we've done. We will be the best servicer in America. We might not be the biggest servicer in America because we will opportunistically sell when it makes sense. But what we're doing for the consumers and the retention of those loans, giving them back to our broker channel has been a huge, huge benefit. We've always done a very good job of it. But now that we're handling the servicing process and not outsourcing it to Cenlar or other lenders or other servicers, we feel we can do a better job, which will hopefully only drive the refinance when the refinances come, a higher percentage come back to UWM. But as I've said before, although we don't have the biggest servicing book, we do 12%, 13%, I think, of all refinances in the market. We only have 2% or 3% of the servicing. So we don't have to own the servicing book to do the refinances. The broker channel is very efficient, and we help our brokers succeed with the technology and the infrastructure we provided for them to help them win, they will win in that market when the rates do drop for refinances. And so there's still a lot of refinances right now but it's obviously been a higher rate environment. And so in this example, our MSR book will continue to be stronger and continue to build going forward. Let's see. I've covered a lot of these questions. I'm trying to see if there's any other questions that I have not covered. This is an Oaktree question, kind of like, I guess, I kind of said it already, so I'll just kind of repeat myself, but just to kind of reiterate the question tied to Oaktree is, why is Oaktree the partner and not capital from other companies or bringing in other -- and Oaktree is a strategic partner, right? Capital is capital. Money is money. But if you get someone that could help you build your business and actually aligns with the vision and strategy that you have going forward, that's a different type of capital. And that's how we look at MSR as -- I mean, excuse me, Oaktree has strategic value, but they have MSR knowledge. They have -- there are some things we can do on the non-agency side. And they also have really strong leadership there and people that we're going to partner with that think of things in a way that maybe think a little differently and they give us different perspectives on things. But I'm going to continue to run this business the best way for our brokers, for our team members, for our shareholders and for Oaktree and for UWM. And once again, I'm one of the shareholders as well, so we're all doing it together. And we're all going to win together. And once again, in the question kind of alludes to Oaktree could you've gotten cheaper capital elsewhere, I'm sure we could have gotten cheaper capital elsewhere, but is that the right long-term benefit? I'm thinking about the size, yes, someone could put in $100 million, someone put $1.5 billion, and I put in $550 million or committed up to $550 million. Those are big numbers. And so I want Oaktree to make a lot of money. And Oaktree's warrants are in the money, everyone that's watching this [indiscernible] that cares about UWM is going to be extremely happy for Oaktree because they're going to make a lot of money as well. So we feel great about Oaktree, the partnership, but it's not just capital. They wrote a big check. They believed in housing. They believe in UWM and they're making their bet with us right next to me, and I feel great about that opportunity. I don't know, I feel like I've covered almost all of these. I don't know if there's any other questions. Here's what I'll say is, I'll kind of wrap up because I feel like a lot of questions are duplicative, and I want to make sure I cover everyone. If I do not cover your question, I'm personally happy to get on a call with people. Of course, Investor Relations, Blake, Mat Roslin, my CFO, Rami, everyone is available to talk. The Oaktree team is ready to talk. We're happy to talk about it with anyone. We're excited about the opportunity. The biggest thing is long-term winning. UWM is always about long term. We're not looking back at a bad month or a bad quarter or a bad trade. That's not what UWM is about. UWM has been in business 40 years, 40 years of helping brokers win, growing and continuing to put ourselves in a position to dominate in all cycles. In the last 5 years have been a down cycle and UWM has consistently made, what do you want to call it, $400 million, $500 million, but also I look at $150 million to $200 million of adjusted EBITDA pretty consistently. We are a strong operating business. And with the capital infusion and liquidity we have right now, the sky is the limit. And so I look at that from a perspective of how do we win long term together, and that's what UWM is about, and we are going to win with Oaktree next to us and all of our shareholders and partners, our brokers, our team members, we're going to win together going forward. And that's my job, long-term domination, and that's where UWM has never been better positioned than we are today. Thanks for the time. Look forward to talking to anybody about it. We appreciate the questions, the support and you being on the call with us. Have a great day. Before you buy stock in UWM Holdings, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and UWM Holdings wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 13, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. UWM Holdings (UWMC) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in UWM Holdings Corporation? Here are five stocks we like better. UWM reported more than $180 million in adjusted EBITDA and approximately $40 billion in second-quarter business volume. The company also plans to suspend its regular dividend to retain capital and strengthen liquidity. UWM proposed a capital partnership with Oaktree involving a $1.5 billion investment, plus up to $550 million from its largest shareholder. The company expects the transaction to raise total equity to roughly $3 billion and reduce its non-funding debt-to-equity ratio from about 5.6 times to approximately 1.2 times. A failed Two Harbors transaction and related hedging losses weighed on second-quarter results, but management characterized the setback as transaction-specific. UWM remains focused on mortgage origination, while expanding in-house servicing and positioning for stronger housing and refinancing conditions. 3 Mortgage Companies To Watch On Rising Home Sales UWM (NYSE:UWMC) said it generated more than $180 million in adjusted EBITDA and approximately $40 billion of business during the second quarter, while outlining a proposed capital partnership with Oaktree and plans to suspend its regular dividend. During a shareholder question-and-answer session, company leadership said the Oaktree transaction is intended to strengthen UWM’s balance sheet, add strategic mortgage-market expertise and position the company for what it expects to be a stronger housing and mortgage environment in the coming years. → No Hangover: Revisiting Microsoft One Week After Earnings 3 Mid-Cap Dividend Stocks Having Themselves a Year UWM described Oaktree as more than a source of capital, citing the firm’s experience in mortgage servicing rights, non-agency mortgage markets and capital markets. UWM said Oaktree shares its view of the independent mortgage broker channel and the infrastructure UWM has built to support brokers. The company said the transaction represents a capital raise of more than $2 billion, including a $1.5 billion investment from Oaktree and a commitment of up to $550 million from UWM’s largest shareholder. UWM said the capital raise would increase total equity to roughly $3 billion. → MarketBeat Week in Review – 08/03 - 08/07 Management said the transaction would reduce its non-funding debt-to-equity ratio to about 1.2 times from more than 5 times at the end of the second quarter, when it said the ratio reached approximately 5.6 times following hedge-related losses. UWM said the expected 1.2-times ratio would be below what it characterized as industry norms of roughly 1.5 to 2 times. UWM said it chose preferred equity with warrants rather than a large common-stock issuance because issuing common shares at prevailing trading levels would have created immediate dilution. The company acknowledged that the warrants would be dilutive if exercised, but said it viewed the structure as balancing capital needs with long-term shareholder upside. UWM said 165 million warrants have an exercise price of $2 per share. Another 165 million warrants have an exercise price of $6 per share. The company said the average warrant exercise price is about $4 per share. → Why the Landlord of the AI Boom Could Outlast the Chipmakers Management said Oaktree’s preferred investment carries a 10% coupon. It also said the capital transaction is expected to reduce interest expense by roughly $100 million through the repayment of MSR-related lines and other obligations, though the preferred dividend expense means the financing is not simply an interest-cost reduction. UWM said it is suspending its dividend to retain equity and earnings following the capital raise. Management framed the decision as one of capital allocation, saying liquidity and equity are priorities as the company seeks to expand its business and improve leverage metrics. The company said it would continue to assess dividends with its board each quarter and could consider special dividends or a return to regular dividends in the future. For now, it said, the focus is on building capital and taking advantage of future mortgage-market opportunities. Management said the mortgage market has been difficult for four to five years, but maintained that UWM has remained profitable and has consistently generated operating income. The company said it expects mortgage conditions over the next four to five years to be “significantly better,” though it did not provide a financial outlook. UWM said a failed transaction involving Two Harbors was a factor in its decision to raise capital and in a hedge loss during the second quarter. Management said the company had anticipated acquiring a substantially larger mortgage servicing rights portfolio through the transaction, which would have roughly doubled the MSR book it had historically managed. To protect against the additional MSR exposure, UWM put on a hedge. Management said market events, including increases in the 10-year rate, combined with the termination of the Two Harbors transaction and UWM’s equity position at the time, contributed to the loss. The company said it removed the hedge after reaching an internal risk threshold and characterized the event as transaction-specific rather than reflective of its operating business. UWM said it does not traditionally hedge its MSR portfolio because it views loan originations and MSR values as a natural offset: lower rates may reduce MSR values but can also increase originations, while higher rates can increase MSR values while reducing loan volume. UWM said it expects to pursue litigation involving Two Harbors and CrossCountry Mortgage over what it described as inappropriate actions related to the proposed deal, but did not provide further details. Management said UWM does not intend to become a servicing-focused company and remains primarily an originator serving the broker channel. The company said it has brought servicing in-house, while continuing to incur costs associated with both internal servicing and its external servicing relationship with Cenlar, as well as offboarding costs. UWM said those overlapping servicing costs are affecting current expenses and that it expects benefits from the internal platform next year. It said it will continue to build its servicing portfolio but may sell MSRs opportunistically when pricing and strategy warrant. The company said its in-house servicing capabilities could improve borrower retention and increase the likelihood that refinances return through its broker network. Management said UWM accounts for roughly 12% to 13% of all refinances despite holding only about 2% to 3% of servicing. If rates decline sharply, UWM said it would expect an MSR write-down but also substantially greater originations. Management said its origination platform could handle annualized volume of $250 billion to $300 billion or more and said lower rates could lead to quarterly originations of $60 billion to $80 billion. UWM said the Oaktree partnership, higher equity base and continued investments in technology and artificial intelligence leave the company better positioned to serve mortgage brokers and pursue long-term growth. United Wholesale Mortgage (NYSE: UWMC) is a leading mortgage lender in the United States specializing in the wholesale channel. The company partners with independent mortgage brokers, community banks and credit unions to offer a full suite of residential mortgage products. Through its network of third-party originators, United Wholesale Mortgage underwrites, funds and closes loans, allowing its partners to focus on customer acquisition and service. The company’s product offerings include conventional fixed- and adjustable-rate mortgages, Federal Housing Administration (FHA) loans, Veterans Affairs (VA) loans, U.S. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "UWM Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management characterized the $2 billion capital raise as the largest in mortgage history, intended to increase total equity from approximately $1 billion to over $3 billion. The Oaktree partnership was framed as a strategic alliance rather than a pure capital infusion, leveraging Oaktree's expertise in MSRs, non-agency products, and capital markets sophistication. Performance was attributed to a robust origination machine that generated over $180 million in operating income and $40 billion in business despite a challenging five-year mortgage market cycle. Management defended the decision to suspend the dividend as a necessary capital allocation shift to prioritize equity retention and debt ratio reduction during a volatile market period. The company transitioned servicing in-house to improve consumer retention and refinance efficiency, though this currently results in temporary 'double' expenses due to overlapping external servicing and offboarding costs. Management asserted that UWM maintains a significant competitive moat through its infrastructure and AI investments, positioning the firm to dominate as the mortgage market improves over the next five years. Management expects the next 4 to 5 years in the mortgage industry to be 'significantly, significantly better' than the previous five-year down cycle. The company's origination machine is currently scaled to handle $250 billion to $300 billion in annual volume if interest rates drop and market demand accelerates. Future MSR strategy will be opportunistic; the fortified balance sheet allows the company to hold or sell servicing based on price and strategic benefit rather than liquidity needs. Management anticipates realizing significant servicing cost benefits in the following year once the transition from external providers is fully completed. The company remains open to reinstating regular dividends or issuing special dividends in future quarters based on board evaluation of liquidity and equity levels. A significant hedge loss occurred due to a 'confluence of events,' including an over-hedged position intended to protect the failed Two Harbors transaction and unexpected macro volatility. Management explicitly stated they have ceased MSR hedging for the time being, returning to a 'natural hedge' strategy where origination volume offsets MSR value fluctuations. The failed Two Harbors transaction was described as 'unfortunate,' with management indicating that litigation is forthcoming regarding 'inappropriate' actions by Two Harbors and CrossCountry. Non-funding debt-to-equity ratios spiked to 5.6x due to Q2 hedging losses but are expected to decline to 1.2x following the capital infusion, placing them well below industry norms. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management explained that issuing common stock at current levels would cause immediate and significant dilution. The preferred structure balances near-term capital needs with long-term upside, noting that warrants are only 'in the money' at prices significantly higher than the current stock price ($2 and $6 tiers). Management views a sharp rate drop as a net positive, despite potential MSR write-downs, because the origination machine would generate high-margin volume to offset equity losses. They emphasized that UWM does not need to own a massive servicing book to capture refinances, as the broker channel currently captures 12-13% of market refinances with only 2-3% of servicing. While the Oaktree capital carries a 10% coupon, management expects to save approximately $100 million by paying down existing MSR lines and other debt currently costing 6% to 8%. The net increase in interest expense is significantly lower than the headline 10% rate on the $1.65 billion preferred investment.

Loan Origination Volume of $39.7 Billion. Total Gain Margin of 133 Basis PointsAnnouncement of $2.05 Billion Equity Investment PONTIAC, Mich., August 05, 2026--(BUSINESS WIRE)--UWM Holdings Corporation (NYSE: UWMC) ("UWMC" or the "Company"), the publicly traded indirect parent of United Wholesale Mortgage ("UWM"), today announced its results for the second quarter ended June 30, 2026. Total loan origination volume was $39.7 billion for the second quarter 2026. The Company reported 2Q 26 total revenue of $888.0 million, net loss of $451.9 million and adjusted EBITDA of $185.9 million. The Company also announced a $2.05 billion equity capital investment by Oaktree Capital Management and SFS Group Capital, LLC, a newly formed investment vehicle wholly owned by the Ishbia family. Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "The second quarter was another quarter where we demonstrated the scale of our origination engine and industry leadership, as well as our continued commitment to serving the broker channel. I am also excited to announce our partnership with Oaktree. We’re taking decisive action to make UWM stronger, more liquid and better positioned to win for years to come. This is not just about capital. This is about bringing in a strategic partner that understands our business, understands MSRs, understands the mortgage industry and believes in the same long-term vision we have for UWM." Second Quarter 2026 Highlights Originations of $39.7 billion in 2Q26, compared to $44.9 billion in 1Q26 and $39.7 billion in 2Q25 Purchase originations of $23.8 billion in 2Q26, compared to $18.7 billion in 1Q26 and $27.3 billion in 2Q25 Refinance originations of $15.9 billion in 2Q26, compared to $26.3 billion in 1Q26 and $12.4 billion in 2Q25 Total gain margin of 133 bps in 2Q26 compared to 123 bps in 1Q26 and 113 bps in 2Q25 Total revenue of $888.0 million in 2Q26 compared to $901.4 million in 1Q26 and $758.7 million in 2Q25 Net loss of $451.9 million in 2Q26 compared to net income of $170.4 million in 1Q26 and net income of $314.5 million in 2Q25 Adjusted EBITDA of $185.9 million in 2Q26 compared to $160.9 million in 1Q26 and $195.7 million in 2Q25 Total equity of $1.0 billion at June 30, 2026, compared to $1.6 billion at March 31, 2026, and $1.7 billion at June 30, 2025 Unpaid principal balance of MSRs of $247.6 billion with a WAC of 5.93% at June 30, 2026, compared to $229.5 billion with a WAC of 5.90% at March 31, 2026, and $211.2 billion with a WAC of 5.51% at June 30, 2025 Ended 2Q26 with approximately $1.3 billion of available liquidity, reflecting $498.4 million of cash plus available borrowing capacity under our secured and unsecured lines of credit Second Quarter Business and Product Highlights: UWM LIVE! UWM hosted its annual UWM LIVE! event, the largest trade show in the mortgage industry, bringing together over 5,000 independent mortgage brokers and real estate agents from across the country to share industry insights, strengthen partnerships and explore new products and technology. The event highlighted UWM's continued investment in innovation and broker channel success. Vantage Score 4.0 UWM became the first mortgage lender to offer brokers access to both FICO® and VantageScore® for conventional loans. From inception to June 30, UWM originated $502 million in VantageScore® loans, representing 87% of all VantageScore loan volume across the industry. This performance highlights our commitment to innovation and expanding access to homeownership through alternative credit solutions. Mia Enhancements UWM expanded the capabilities of its AI-powered assistant, Mia, with new on-demand engagement options and Spanish-language support. The enhancements help brokers strengthen client relationships, improve borrower engagement and operate more efficiently throughout the loan lifecycle. Home Equity Loans UWM expanded its product suite with the introduction of home equity loans, giving brokers additional options to help homeowners access their available equity. The offering complements UWM's existing lending solutions and enables brokers to better serve a wider range of borrower needs. Dividend Subsequent to June 30, 2026, the Company's Board of Directors determined to suspend its quarterly dividend. The Company is committed to a disciplined capital allocation strategy and will continue to evaluate capital return opportunities as market conditions evolve and opportunities arise. Earnings Conference Call Details As previously announced, the Company will hold a conference call for financial analysts and investors on Thursday, August 6, 2026, at 10:30 a.m. ET to review the results. Interested parties may register for a toll-free dial-in number by visiting: https://uwm.zoom.us/webinar/register/WN_nsViKKtxRnybVH3Db_qrkg Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Replay and supporting materials will be available on the Company's investor relations website at https://investors.uwm.com/. Key Operational Metrics "Loan origination volume" and "Total gain margin" are key operational metrics that the Company's management uses to evaluate the performance of the business. "Loan origination volume" is the aggregate principal of the residential mortgage loans originated by the Company during a period. "Total gain margin" represents total loan production income divided by loan origination volume for the applicable periods. Non-GAAP Metrics The Company's net income does not reflect the income tax provision that would otherwise be reflected if 100% of the economic interest in UWM was owned by the Company. Therefore, for comparison purposes, the Company provides "Adjusted net income (loss)," which is our pre-tax income (loss) together with an adjusted income tax provision (benefit), which is calculated as the provision for income taxes plus the tax effects of net income attributable to non-controlling interest determined using a blended statutory effective tax rate. "Adjusted net income (loss)" is a non-GAAP metric. "Adjusted diluted EPS" is defined as "Adjusted net income (loss)" divided by the weighted average number of shares of Class A common stock outstanding for the applicable period, assuming the exchange and conversion of all outstanding Class D common stock for Class A common stock, and is calculated and presented for periods in which the assumed exchange and conversion of Class D common stock to Class A common stock is anti-dilutive to EPS. We also disclose Adjusted EBITDA, which we define as earnings before interest expense on non-funding debt, provision for income taxes, depreciation and amortization, adjusted to exclude stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions, gains or losses on other interest rate derivatives, the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the non-cash income/expense impact of the change in the Tax Receivable Agreement liability, the change in fair value of retained investment securities, and acquisition-related expenses (net of recoveries) as we believe these adjustments are not indicative of our performance or results of operations. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of interest expense, as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA. Non-funding debt includes the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases. In addition, we disclose "Non-funding debt" and the "Non-funding debt-to-equity ratio" as a non-GAAP metric. We define "Non-funding debt" as the total of the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases and the "Non-funding debt-to-equity ratio" as total non-funding debt divided by the Company’s total equity. Management believes that these non-GAAP metrics provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for any other operating performance measure calculated in accordance with GAAP and may not be comparable to a similarly titled measure reported by other companies. The following tables set forth the reconciliations of these non-GAAP financial measures to their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands, except per share amounts): Cautionary Note Regarding Forward-Looking Statements This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified using words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "potential," "predict" and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this press release and our earnings call include statements regarding: (1) the impact the strategic partnership with Oaktree will have on UWM’s financial results; (2) our position amongst our competitors and ability to capture market share and maintain our industry leading position; (3) our beliefs regarding opportunities in the broker channel; (4) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (5) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (6) our expectations for future market environments, including interest rates, and the timing of such market changes; (7) our performance in shifting market conditions and the comparison of such performance against our competitors; (8) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (9) our position and ability to capitalize on market opportunities and the impacts to our results and (10) our investments in technology, including artificial intelligence, and its impact to our operations, ability to scale and financial results. These statements are based on management’s current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward-looking statements, including: (i) UWM’s ability to successfully implement strategic decisions and product launches; (ii) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by the Presidential Administration that affect interest rates and inflation; (iii) UWM’s reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (iv) UWM’s ability to sell loans in the secondary market; (v) UWM’s dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (vi) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vii) our ability to comply with all rules and regulations in connection with the launch of our internal servicing and the new risks that may be presented as a result of the transition; (viii) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (ix) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (x) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xi) UWM’s ability to continue to attract and retain its broker relationships; (xii) UWM’s ability to implement technological innovation, such as AI in our operations; (xiii) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xiv) reliance on third-party software and services; the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xv) UWM’s ability to continue to comply with the complex state and federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xvi) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission including those under "Risk Factors" therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof. About UWM Holdings Corporation and United Wholesale Mortgage Headquartered in Pontiac, Michigan, UWM Holdings Corporation ("UWMC") is the publicly traded indirect parent of United Wholesale Mortgage, LLC ("UWM"). UWM is the nation’s largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for eleven consecutive years and is the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038. Addendum to Exhibit 99.1 This addendum includes the Company's Consolidated Balance Sheets as of June 30, 2026, and the preceding four quarters and Statements of Operations for the quarter ended June 30, 2026, and the preceding four quarters for purposes of providing historical quarterly trending information to investors. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805148809/en/ Contacts For inquiries regarding UWM, please contact: INVESTOR CONTACT BLAKE [email protected] MEDIA CONTACTNICOLE [email protected]

PennyMac Financial (PFSI) came out with quarterly earnings of $1.39 per share, missing the Zacks Consensus Estimate of $2.08 per share. This compares to earnings of $1.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -33.17%. A quarter ago, it was expected that this mortgage banking and investment management company would post earnings of $2.22 per share when it actually produced earnings of $2.19, delivering a surprise of -1.35%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. PennyMac, which belongs to the Zacks Financial - Mortgage & Related Services industry, posted revenues of $497 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 7.18%. This compares to year-ago revenues of $444.73 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. PennyMac shares have lost about 35% since the beginning of the year versus the S&P 500's gain of 8.5%. While PennyMac has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for PennyMac was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.49 on $590.97 million in revenues for the coming quarter and $9.77 on $2.29 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Mortgage & Related Services is currently in the bottom 15% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. UWM Holdings Corporation (UWMC), another stock in the same industry, has yet to report results for the quarter ended June 2026. This company is expected to post quarterly earnings of $0.09 per share in its upcoming report, which represents a year-over-year change of -43.8%. The consensus EPS estimate for the quarter has been revised 20% lower over the last 30 days to the current level. UWM Holdings Corporation's revenues are expected to be $871.62 million, up 14.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PennyMac Financial Services, Inc. (PFSI) : Free Stock Analysis Report UWM Holdings Corporation (UWMC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wall Street expects a year-over-year decline in earnings on higher revenues when UWM Holdings Corporation (UWMC) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 6, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This company is expected to post quarterly earnings of $0.09 per share in its upcoming report, which represents a year-over-year change of -43.8%. Revenues are expected to be $871.62 million, up 14.9% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 20.03% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For UWM, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -20.15%. On the other hand, the stock currently carries a Zacks Rank of #4. So, this combination makes it difficult to conclusively predict that UWM will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that UWM would post earnings of $0.06 per share when it actually produced earnings of $0.09, delivering a surprise of +50.00%. Over the last four quarters, the company has beaten consensus EPS estimates two times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. UWM doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Another stock from the Zacks Financial - Mortgage & Related Services industry, Finance of America Companies Inc. (FOA), is soon expected to post earnings of $1.09 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +98.2%. Revenues for the quarter are expected to be $109.83 million, down 38.1% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for Finance of America Companies has been revised 0.5% up to the current level. Nevertheless, the company now has an Earnings ESP of -1.22%, reflecting a lower Most Accurate Estimate. This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Finance of America Companies will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report UWM Holdings Corporation (UWMC) : Free Stock Analysis Report Finance of America Companies Inc. (FOA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

PONTIAC, Mich., July 28, 2026--(BUSINESS WIRE)--UWM Holdings Corporation (NYSE:UWMC), the publicly traded indirect parent of United Wholesale Mortgage (UWM), the #1 overall mortgage lender, wholesale and purchase mortgage lender in the U.S., will announce its second quarter 2026 financial results on Thursday, August 6, 2026. A press release with financial highlights will be available on the company’s investor relations website https://investors.uwm.com in the financials section. The company will also host a Q&A via Zoom with UWMC Chairman, President and Chief Executive Officer Mat Ishbia for financial analysts and investors on Thursday, August 6, 2026, at 10:30 a.m. ET. Interested participants are encouraged to submit questions in advance by emailing [email protected] no later than 10:00 a.m. ET on August 6, 2026. The Zoom call may be accessed by registering here: https://uwm.zoom.us/webinar/register/WN_nsViKKtxRnybVH3Db_qrkg Please join at least 15 minutes in advance to ensure a timely connection to the call. This Q&A session will include forward-looking statements. A replay or transcript will be available at https://investors.uwm.com in the financials section following the call. About UWM Holdings Corporation and United Wholesale Mortgage Headquartered in Pontiac, Michigan, UWM Holdings Corporation (UWMC) is the publicly traded indirect parent of United Wholesale Mortgage, LLC ("UWM"). UWM is the nation’s largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for 11 consecutive years and is also the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038. View source version on businesswire.com: https://www.businesswire.com/news/home/20260728338542/en/ Contacts For information regarding UWM, please contact: Blake Kolo, Chief Business Officer & Head of Investor [email protected] Nicole Roberts, Team Leader, Communications and [email protected]

Management attributes strong Q1 performance to a significant year-over-year volume increase to $45 billion, despite the first quarter typically being the slowest seasonal period. The company is executing a strategic transition to bring all servicing in-house by the end of the year, aiming to eliminate subservicers and lower operational costs while improving client service metrics. Strategic investments in technology and AI, specifically the 'Mia' platform, are driving outsized refinance volume; management noted that while they hold only 2% to 3% of the servicing book, they captured 12% to 13% of industry refinances. The competitive strategy focuses on growing the overall broker channel share from its current 28% toward a long-term goal of 50.1%, positioning UWM to benefit from retail-to-wholesale migration. Management emphasized that recent expense reductions reflect the 'harvesting' phase of multi-year investments in proprietary technology like TrackPlus and free credit report initiatives. The company maintains a highly opportunistic approach to its MSR book, indicating a willingness to sell servicing assets if bids exceed intrinsic value, despite the strategic push for in-house servicing. Management established a 'north star' five-year production target of $1.3 trillion in mortgages between 2027 and 2031, assuming significant volume volatility within that period. The financial framework assumes that total expenses will remain flat or level out even as production volume is expected to more than double over the next several years. Future revenue growth is expected to include a 20% to 25% contribution from ancillary products and AI-driven initiatives beyond traditional origination and gain-on-sale income. Gain-on-sale margins are projected to remain within current ranges for Q2, with potential upside if interest rates decline and competitive pressures ease. The company anticipates that the new VantageScore credit rating system will provide a competitive advantage by qualifying more borrowers and reducing loan-level price adjustments (LLPAs). Management expressed continued interest in acquiring Two Harbors primarily for its MSR book and shareholder base, while explicitly stating they see no value in the target's current leadership team. The company shifted its preferred acquisition currency for Two Harbors from stock to cash, citing a desire to avoid diluting UWM shares at what management considers a low valuation. The implementation of the 'trigger lead' rule is viewed as a net positive for consumer experience, though management noted it may paradoxically reduce price competition by limiting the number of competing offers a consumer receives. Fluctuations in debt and liquidity ratios at quarter-end were characterized as temporary anomalies driven by specific trades used to balance the MSR book rather than structural leverage concerns. The transition is currently underway with fewer than 100 thousand loans on the internal platform, but all new production is being boarded directly. Management confirmed the goal to have zero subservicers by the end of the year, utilizing a mix of Black Knight, BILT, and proprietary technology. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. The primary value driver is the 'pristine' MSR book, some of which consists of high-quality paper originally originated by UWM. Management admitted to a lack of engagement from the target's board and reiterated a $12 valuation, expressing a preference for a cash transaction over stock. The AI tool has facilitated approximately 80 thousand to 100 thousand closings over the past year by automating lead follow-up for brokers. Mia achieves a 40% pickup rate on calls, with many borrowers engaging in multi-minute conversations, effectively bridging the gap in broker-client retention. UWM implemented the VantageScore system within four business days of the FHFA rollout, significantly faster than the anticipated industry-wide adoption in May or June. The system allows for a '20-point haircut' equivalent compared to FICO, helping borrowers qualify for better interest rates and lower fees through different credit modeling. The partnership introduces a rewards-based loyalty program for mortgage payments, a first for the industry, aimed at increasing consumer stickiness. The relationship provides UWM with access to a pool of 6 million curated leads from the BILT platform who are likely to use UWM's broker network for future home purchases. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

Image source: The Motley Fool. Wednesday, May 6, 2026 at 11:00 a.m. ET Chairman and CEO — Mathew Ishbia Need a quote from a Motley Fool analyst? Email [email protected] Mathew Ishbia: Thanks for joining today. I appreciate everyone being here. This quarter we are doing a little different format. Hopefully you like it, and we would love your feedback. This probably fits my style more. I would love to be able to see you as well; I do not think we set it up that way this time, maybe next time. We have a bunch of questions, so I am going to go through them. I know last quarter we did not do Q&A and people missed that, so I am happy to do this and add value in any way possible about the industry and about UWM Holdings Corporation. I have a variety of questions. I will try not to duplicate and will group some together. I will read a person’s name, read the question, and go through it. If anyone has any follow-ups, I know I cannot take them live this way, but our investor relations team, Blake and everybody else, will handle your questions and help with anything you need. We will now open the call for questions. First question, I have Doug Harter from BTIG. What is the status of bringing servicing in-house? What is the latest timeline transitioning all servicing to our own platform? Status of bringing servicing in-house: it is going fantastic. We feel really great about where servicing is right now and how it is going. We have fewer than 100 thousand loans on our in-house platform currently, but all new loans are boarding onto our platform, and we have moved a bunch of loans over from Cenlar already. We feel really good about that. The process will take place this year. Over the whole year, we will bring all of our loans in-house so there will be no subservicers by the end of this year. UWM Holdings Corporation will handle it all. It is going really great. Our technology and process are going great. We partnered with Black Knight, we partnered with BILT, and we have also built a bunch of stuff ourselves. We feel really good about how it is all going. Our client service has been excellent. All the metrics that people look at are fantastic, so we feel really good about it across the board. The transition timeline is this year. Hopefully that answers your question, Doug. I know there are a lot of servicing questions; I am sure I will get to them as we go through it. Next one, Ryan Nash, Goldman Sachs: What are your thoughts on future gain-on-sale margins? What does the competitive landscape look like in a heightened rate environment? Rates went up in March from February. The 10-year finished at 3.95%. Seeing rates go up, how does that impact competitive landscape and gain-on-sale margins? We are in a really great position from a margin and competitive perspective. The competitive landscape is very competitive right now. A heightened rate environment means purchases more than refi. However, if you looked at our first quarter, we did a heck of a job on the refinance side. My answer on gain-on-sale margins: I see the current range being the right range and I think it will continue to be at these levels, not significantly higher and not significantly lower. I actually think there is upside in the margins. Our margins were pretty strong in the first quarter; I expect them to be in those ranges again in the second quarter. If rates come down, you could see margins increase. The competitive landscape is very competitive. We had a great first quarter. You saw the numbers. First quarter is usually the slowest quarter. Rates going up and the uncertainty from the war create issues in the rate environment, but we feel really good about where it is at right now. Ryan Nash also asked thoughts on the Knicks winning it all. They have a very good team. We just lost to Oklahoma City, who is an amazing team too. The East is open; the Knicks have a real good chance. I am not really cheering for anybody; I am just watching and learning. Good luck to your Knicks. Now you can see me. I told you I had a good blue suit on today. Next question, Mark DeVries from Deutsche Bank: What is the strategic value you see in Two Harbors, and what updates can you share regarding its progress or impact? Two Harbors is interesting. When we originally sought to acquire the company, they had something that is really great: a pristine servicing book. We thought there would also be a lot of synergies—capital markets expertise, some finance expertise, and we could learn from their servicing platform. As we went through due diligence, we learned there was a really great servicing book, and we still like that servicing book. We originally put an offer out there. Where it stands now: we do not see as much value in their management team. Their team members we met are very good, but their leadership team we were not as impressed with. Since then they went out and tried to get another bid, and they did. If they would have engaged with us, we always planned on paying $12. Quite honestly, based on when their stock price went down, I would rather pay it in cash than in stock; I feel like I would be giving our stock away at a really low price. They never engaged; they just went out to another offer. We made another offer; they basically ignored it. We made another one and said, okay, we will go to $12, what we originally planned on paying. I think it is maybe $11.95, but you can do the math based on when their stock was at $5.11 or $5.15 the day we cut the deal. We still feel really good about that deal. It is very clear their management team and their board have had their own issues in the past with lawsuits and such, and may be playing games, because they realize we do not see any value for them specifically. They have really great shareholders, which we are excited to bring on to UWM Holdings Corporation. But their board and their management team do not have value to us. Now they are trying to do anything they can to go with someone else so that they have jobs and sustainability. It will play out; we will see how it shakes out. The strategic value is their MSR book and their shareholders. We would love them to be UWM Holdings Corporation shareholders. Whether they take cash or stock does not matter to me. For the shareholders of Two Harbors, they would obviously prefer taking $12 in cash or UWM Holdings Corporation shares than taking $11.30 in cash from someone else. That is going to play out. We feel good about the strategic value. It is very clear to us that it is the MSR book and the shareholders; we do not have any value for their leadership team, which is not what they like to hear. Mikael (Mikhail) Goberman from Citizens Bank: How do you foresee the balance between origination income and servicing income evolving, especially given the post-war reversal of rates since February? We are an origination company. We are the biggest and best originator in the country. You saw an amazing first quarter. We have been the number one originator for four straight years and the number one wholesale lender for 11 straight years. Origination is our game. As we bring servicing in-house, we will have more servicing and will continue to retain servicing. We are still opportunistic: if someone gives me a bid we believe is more than the intrinsic value, I will sell the servicing. With the lower cost of servicing by bringing it in-house and a better level of service, which will help retention, we have the best of all of it. How will it balance? We will see with income levels, origination versus servicing, but origination is still our game. We will continue to build out the servicing book. We are always opportunistic—people call us all the time. Even with Two Harbors, a lot of that “pristine” servicing book happens to be our old servicing that we sold them. We feel good about the paper we originate and servicing the loans. If someone offers us a great price, we will always look at it. Jason Stewart from Compass Point: Was there an increased number of high-producing brokers affiliated with UWM Holdings Corporation during the quarter supporting wholesale channel growth? Good question. High-producing broker shops affiliated with UWM Holdings Corporation—there are about 12 thousand to 12.5 thousand brokers that work with us, and maybe 400 to 500 that are not “all in” with UWM Holdings Corporation. There are not that many high-producing shops left to bring over; almost everyone in the market works with us. That is why we have almost 45% market share—about 44.7% or 44.8%—of the wholesale channel for the year last year. Our big focus is grow the channel, help brokers do more, and help more originators realize that broker is the place to go, whether they join a broker shop or start their own. As the broker channel grows, UWM Holdings Corporation will grow, even if our market share were to go down. I feel great about growing the broker channel. Brokers coming over to join UWM Holdings Corporation—yes, every single day people see the value of what we do. An example: one of the biggest adversaries of UWM Holdings Corporation in the past at Rocket, who was very negative on us, left his company, started a broker shop, called me, and is now working with UWM Holdings Corporation and not with Rocket. Someone who knows every detail that Rocket is doing learned about UWM Holdings Corporation, started a broker shop, and picked to work with UWM Holdings Corporation. That sends a message there will be more big broker shops moving over. There are not that many left that do not work with us, but it is an opportunity. The bigger thing is grow the broker channel. The broker channel continues to be very positive, and we are excited about its growth. I have a couple of questions on Mia and the AI initiative. Let me give you a Mia update. Mia has been fantastic. It has been almost a year since I rolled it out at UWM Holdings Corporation Live last year, and it has been amazing. Roughly 80 thousand to 100 thousand closings over the last year have come from Mia. The last report was very strong with Mia’s initiation of refinance opportunities. People ask: you have 2% to 3% of the servicing book, but you did 12% to 13% of all refinances—why? Mia is a big part of that. Brokers do a great job with the consumer upfront; consumers want to come back to the broker. The problem was brokers did an average or below-average job of following up with past clients. With Mia, she keeps the broker in front of the consumer. When the consumer goes to refinance, they work with the broker, who offers a better deal; now they know who to call. Mia leaves voicemails and sends a text message too. About 40% of her calls get picked up—better than expected—so 60% go to voicemail, and we send a text as well. Many call the broker back, ask if it was AI or spam, and then they connect and do a loan. On about 40%—for example, if there were 40 thousand calls in a day, then 16 thousand—borrowers talk to Mia and have long conversations, two to four minutes. Some know it is AI and some do not; it has gotten that good. Then we send a follow-up email to the broker: “You have a call scheduled at 3 PM with Jenny, the borrower.” It has been very successful. We have more coming with Mia—enhancements at UWM Holdings Corporation Live next week and beyond. There is nowhere in the country, in any industry that I know of, doing this at the scale we are. It will help brokers win. It is a big part of that delta: 2% to 3% of the servicing book and 12% to 13% of refis—Mia plus brokers doing a great job and us staying in front of consumers. Kyle Joseph: Could you review industry competitive trends, current broker share, and how you anticipate it evolving in the current market? Current broker share is about 28%. Five years ago, in early 2020, it was about 14% to 15%, so it has almost doubled. Will it double again? We are working on it; going from 14% to 28% is easier than 28% to 56%. Our goal is to help brokers be the number one overall channel—50.1%—and we are on a path to that. Our wholesale share has been over 40% for years—about 44.7% or 44.8%—consistently. That has never been done in wholesale. It is because we provide value: we help brokers grow, look good to real estate agents, do more business, make the process easier, and be successful. We train, coach, and give tools that help them win more loans. We are the best and the biggest in wholesale and overall, and the key is helping brokers win. As brokers win, UWM Holdings Corporation wins. Being the largest lender in the country for four straight years, we only have a chance at 28 out of 100 loans because that is the broker channel today. Others compete for 100 out of 100 loans. As the retail share of 72 out of 100 shifts down to 65, 60, or 50, that is growth for UWM Holdings Corporation. That is why we are bullish on our growth and broker growth. I have a couple of questions tied to expenses. Our expenses went down. We invested a lot for years, and now we are starting to see the harvesting or success of those investments—TrackPlus, free credit reports for brokers, and more. You will start seeing expenses level out. They went down. Our investments are paying off in a positive way. We did not have as great a quarter as where I want us to be, but compared to the industry we had a great quarter. Last year’s first quarter was about $32 billion, which is a great quarter; this year we did about $45 billion—significant. Our gain on sale was up, and volume is up year-over-year. Expenses are flat or down. We feel good about where we are from an expenses perspective. We think of them as investments, and they are paying off. Mikhail Goberman also asked: What are your thoughts on the new VantageScore rating system for borrower credit? Kudos to the leadership of FHFA for rolling out a new alternative. FICO scores and credit reports have gotten really expensive. Having competition creates better outcomes—just like wholesale works because brokers have options. With FICO and Vantage both competing, they are on top of their game. Very few companies were put on the pilot; we were one. It rolled out less than two weeks ago from FHFA, and with the support of Fannie Mae and Freddie Mac, four business days later we rolled it out. It has been an enormous success—not just saving, say, $50 per credit report, but because we have both FICO and VantageScore and can ensure borrowers get the best opportunity. Vantage looks at thin files differently, can add rent and other things, so more people can qualify, or qualify with a slightly higher score. With Vantage you take a 20-point haircut to compare to FICO. So if Vantage shows 744, the equivalent comparison is 724 in FICO terms. If a borrower’s actual FICO was 719, then we just got that borrower a better deal—lower LLPAs or a better opportunity. That is a win for consumers. In five business days we have received many emails about loans we helped brokers win and consumers who can qualify for a home or got a better rate and lower fees. We rolled it out with VA loans today; FHA will be soon. MI companies are coming on board. FICO is still great; it is not one or the other—both are great. Our IT team rolled this out in four business days and it works flawlessly. Nobody else has it live right now besides UWM Holdings Corporation because they cannot implement as quickly. Maybe others will have it in May or June. We are already saving loans and helping consumers get better deals because of Vantage. A couple of questions on the BILT partnership. Indications of the BILT card relationship, increased leads, partnership status, infrastructure. BILT and Ankur Jain, the CEO, are phenomenal. Their vision is great. UWM Holdings Corporation is a servicer. We brought servicing in-house; we are controlling everything. We chose a front-end platform that provides rewards points to consumers for making their mortgage payment via ACH—never been done in our industry. Rewards points for making your mortgage on time. Everyone loves points. You can link your credit card and get your Amex points and BILT points, and use them for flights and more. The servicing platform is slick; we built this with them for mortgage. It is great for consumers. Beyond that, BILT has over 6 million consumers; in a year, 8% to 10% of them buy houses. Those are curated leads that will want to stay on the BILT platform and work with a mortgage broker. That is a huge opportunity. We have piloted it. There is a concierge service that gives our consumers—our brokers’ consumers—an amazing platform to get things done and make their life easier. It is a cool neighborhood experience. Ankur will speak at UWM Holdings Corporation Live next week, so you can hear it firsthand. The key: UWM Holdings Corporation has servicing in-house. We have been the best originator; we are going to be the best servicer, because we are focused on it. It will help broker retention and make the consumer experience better, with ancillary benefits too. The partnership is launched, rolling, fully active, and getting better every day. We do not have all 700 thousand consumers on it yet; those are moving over. I have shadowed the servicing team; the process has been really great. You asked why we did not do this earlier; I have always said focus on originations, and we still do. But the servicing cost is better, and more importantly the retention and experience for consumers and brokers is even better. We are excited about that. Here is an interesting one that covers multiple questions: What do you see in the business for the next three to five years? Some asked for a 10-year horizon, some for five, some about expenses or volume over the next three years. High-level view over the next five years—call it 2027 to 2031—we expect to do over $1.3 trillion in mortgages in that five-year window. That is a big number; there might be one year with $400 billion, another with $150 to $200 billion. But $1.3 trillion is our north star over five years. While doing that, expenses basically stay the same. With our AI initiatives and technology, the expenses you see today—roughly $600 million in the quarter (about $590 million)—we expect expenses to be flat even as volume more than doubles. On top of that, I see another roughly 20% to almost 25% in other revenue coming into UWM Holdings Corporation from ancillary products that are picking up steam. Some of that is tied to originations but outside of just volume and gain-on-sale—some is in gain-on-sale and some is not—creating additional opportunities. To summarize: $1.3 trillion over five years; gain-on-sale margins in the current ranges, maybe slightly higher; expenses flat to down; and other revenue tied to AI initiatives beginning to contribute meaningfully. Kyle Joseph: How are you thinking about the Homebuyer Privacy Protection Act (trigger lead rule) and its potential impacts on the industry, competitive environment, and overall margins? The trigger lead rule (effective March 4) changed things. When a consumer used to pull credit, 50 people would call them. Now it is the servicer, original lender, original broker, maybe their bank—three or four. This improves experience for consumers. On the flip side, consumers may not get as many options; they might accept a higher rate and higher fees if nobody else calls. So I could argue it might increase margins a bit because there is less extreme low-balling to win a loan when 19 people are not calling. It has been good overall. It is still early—about 60 days in. Brokers who used trigger leads are finding other data sources; it is still competitive, just less noisy. That is changing the competitive environment and could be modestly supportive of margins. A couple asked about debt ratios. Why did secured debt go up relative to other aspects of the balance sheet, and how do we look at the debt ratio? We look at them every day. A couple years ago the ratios were really good while business volume was not as good. Now business is really good and the ratios are not as good as we would like, but some of that is an anomaly tied to trades we have to balance the MSR book. That can cause end-of-quarter moves. It has already come down a bit since quarter-end. Those fluctuations can throw ratios off. They are better than they may appear. The key is earnings. We had a good earnings quarter in the first quarter. There will be quarters with much bigger earnings. We monitor and manage closely. We believe in delivering value to shareholders via dividends (which we have been doing) and possibly buybacks or other actions. Overall, we feel really good about our leverage and debt ratios. There are many levers we can pull to make those ratios better while doing more business and having higher earnings. You will see some of those in the second quarter and beyond. Jason Stewart, Compass Point: During periods of heightened volatility at the start of the year, how do you manage lock duration and pricing cadence? Do you increase frequency of rate sheet updates? How much volatility is absorbed? And impact of programs like Purchase Boost 50 and pricing initiatives? On volatility and pricing: the market has been very volatile. We have an extremely experienced capital markets team. Sometimes you will see two, three, even four rate sheets in a day. If rates improve, we put improvements out so brokers can be competitive and win loans. If rates worsen, we adjust pricing accordingly. Markets move all day; we have thresholds for when we move pricing up or down. There are days with four or five updates, and days with one 10 AM rate sheet and no changes if moves are not material—we balance competitiveness with consistency for clients. That is why you saw strong margins in the fourth quarter and first quarter, and you will see strong margins in the second quarter as well. On BILT Rewards: it does not tie to gain-on-sale or pricing; it is a servicing and consumer-experience benefit. On Purchase Boost 50 and pricing initiatives: these are designed to help brokers succeed and win. Lowest price alone does not win. Many of our price incentives are strategic—they incent brokers to use a tool that improves consumer experience and long-term retention. For example, we offered roughly 40–45 basis points for using hybrid or virtual closings, because that makes the consumer experience better, which increases the likelihood they will return to “John Smith at Smith Mortgage” to refinance later. We track borrower happiness scores on every loan. These are investments, and they are reflected in gain-on-sale. Even with those investments in 4Q and 1Q, margins were much higher than last year’s 1Q—about 123 bps in 1Q and about 122 bps in 4Q. We track and manage this daily. We give a very competitive price, add significant value to help brokers win more loans, provide the best service in the industry, roll out AI tools and technology, and invest in free credit reports for brokers to help them compete and help more consumers. Many decisions are strategic to help brokers win. Sometimes brokers have never done a virtual closing; getting an extra 45 bps gets them to try it, and then they do it on all loans even without the incentive because it is best for the consumer and helps them grow. If brokers win, UWM Holdings Corporation wins. When consumers realize the fastest, easiest, cheapest way to get a mortgage is through brokers, UWM Holdings Corporation wins. Real estate agents win. We are all one team focused on what is best for consumers. When a consumer goes to a random commercial lender or their local bank, they usually pay higher rates. When a consumer goes to mortgagematchup.com, they will find a broker who gets them a better rate, better fees, and a better experience. Anything I can do to drive more business there is what I will do. UWM Holdings Corporation Live is next week. It is the biggest mortgage event of the year. I will be there all day, meeting with investors and analysts. We have some great speakers. It is really cool to see the broker community. We have covered a lot of questions—about 40 minutes. Let me know how you like the format. Maybe next time I can see you too and we can have more interaction. Hopefully this was valuable. If I did not answer your specific question, please reach out to our investor relations team—Blake and the whole team—who will answer all your questions. We appreciate you. Thanks for being partners of UWM Holdings Corporation—shareholders, investors, analysts. We will keep winning together with our brokers. UWM Holdings Corporation will continue to grow with my amazing team members here. Thank you for your time. I am excited about the future here at UWM Holdings Corporation. The second quarter is going to be great as well. We will do the same format again unless we get a lot of feedback that you did not like it. I hope you did and it was valuable to spend this time with me. Have a great day. Unknown Speaker: The video is not, but we can hear you. They can hear you. Okay. Before you buy stock in UWM Holdings, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and UWM Holdings wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. UWM Holdings (UWMC) Q1 2026 Earnings Transcript was originally published by The Motley Fool