UWM prelim Q3 2026: $33.4B originations, revenue $800-825M, net income $205-220M; FY26 revenue outlook lowered

UWM Holdings Corp

Loan origination volume $33.4B, including $22.8B purchase and $10.6B refinance; gain margin approximately 124 basis points; total revenue $800-825M.
Net income $205-220M; adjusted EBITDA $170-190M; loan production income $410-420M; loan servicing income $240-250M; operating expenses $375-385M.
MSR portfolio ~$270B UPB at ~5.97% weighted average coupon and ~40 bps servicing fee; total equity ~$2.8B; net non-funding debt/equity 1.75-1.80x.
FY2026 revenue now estimated at $3.35-3.50B, lower than expected earlier in 2026 on weaker industry origination volume; ~8% US residential production share expected.
Plans to sell $70-80B of MSRs in Q4 2026 for proceeds over $1.8B, plus $400M rights offering, to pay down non-funding debt; outside subscription seen as unlikely.

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