“We delivered our best quarter since 2021, and it wasn’t because of any market tailwinds,” chairman and CEO Mat Ishbia said in prepared remarks. “While others have pulled back, UWM has doubled down.”
UWM’s refinance volume doubled compared to Q2 2024 and rose 17% from the first quarter to $12.4 billion. UWM said it captured 11% of the industry’s total refi volume during the period. The day before its earnings release, it announced a 90 basis-point incentive for rate-and-term refis that’s available through mid-September.
The wholesale lender’s gain-on-sale margin improved to 113 basis points, up from 94 bps in Q1 2025 and 106 bps in Q2 2024.
Regarding its broker channel market share, UWM reached nearly 30% from April through June — its highest share since 2009 — although its goal is to exceed 50%.
According to Ishbia, 97% of consumers who work with a mortgage broker give a five-star review, but only 10% remember who their broker was when it’s time to refinance. To help brokers stay top of mind, UWM launched technologies like the Loan Estimate Optimizer (LEO) and Mia, an artificial intelligence-powered assistant for loan officers.
Financial performance
Overall, UWM posted net income of $314 million for the quarter, reversing a $247 million loss in Q1 2025 and considerably higher than its $76.2 million profit in Q2 2024. But documents filed with the Securities and Exchange Commission (SEC) show a non-GAAP net loss of $249 million for the quarter.
In its servicing portfolio, the company’s mortgage servicing rights totaled $211 billion in unpaid principal balance as of June 30, slightly down from $214 billion at the end of March.
“Most people think you need to have the client in your servicing book to refinance them. First, we don’t refinance any borrowers — our brokers do. But second, we only own about 2% of the industry servicing’s market,” Ishbia said. “So, for us, to do 11-plus percent [of the industry’s refinances] really disproves the age-old theory that you must have to own the service to do the refi.”
The lender has decided to bring its servicing in-house, a process that’s expected to be completed in Q1 2026. Ishbia said this move will have a positive financial impact and increase borrower loyalty to brokers.
“We recently partnered with a company called Bilt, which will help create an amazing front-end experience for consumers,” he added.
UWM ended the quarter with $2.2 billion in available liquidity, including $490 million in cash and borrowing capacity.
Looking ahead, the lender expects to originate between $33 billion and $40 billion in the third quarter, with a gain-on-sale margin projected between 100 and 125 bps.
Rami Hasani, UWM’s chief financial officer since April, said the company believes it is positioned to “handle twice our current production volume with minimal impact to fixed costs.” He also noted that UWM continues to assess and evaluate the opportunistic refinancing of $800 million in unsecured notes maturing in November 2025.
UWM shares were trading around $4.60 as of Thursday morning, up roughly 8% from the previous day’s close.
