secwatch.observer — SEC 8-K summary
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Issuer:     UWM Holdings Corp (UWMC)
CIK:        0001783398
Form:       8-K
Filed at:   2026-10-23T12:43:05+00:00
Accession:  0001783398-26-000128
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1783398/000178339826000128/0001783398-26-000128-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1783398/000178339826000128/xbrl-20261023.htm
  HTML page:      https://secwatch.observer/filing/0001783398-26-000128

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