UWM Holdings Corporation Announces

PONTIAC, MI, February 26, 2025 - UWM Holdings Corporation (NYSE: UWMC) (the "Company"), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), today announced its results for the fourth quarter and full year ended December 31, 2024. Total loan origination volume was $38.7 billion for the fourth quarter 2024 and $139.4 billion for the full year 2024. The Company reported 4Q24 net income of $40.6 million and full year 2024 net income of $329.4 million.

Mat Ishbia, Chairman and CEO of UWMC, said, "It's not by chance that UWM continues to perform at a high level - it's a result of relentless focus, innovation, and putting our mortgage broker partners first, every single day. Our dominance in the mortgage industry comes down to one simple truth: We never stop improving so we can be the best option for our partners and their borrowers. I am particularly proud of our team for delivering a record year of purchase production in 2024, which was the lowest year for existing home sales in the US since 1995. In addition we tripled our refinance volume in 2024 compared to 2023 despite the interest rate environment. We have also continued to invest in our people and technology such that we believe we can do double the volume without adding to our fixed costs. The broker channel is incredibly strong right now, as it continues to post a higher share of the industry. Together, our winning formula coupled with the momentum of the broker channel, will continue to be a championship combination in the future."

•Originations of $38.7 billion in 4Q24, compared to $39.5 billion in 3Q24 and $24.4 billion in 4Q23

•Purchase originations of $21.9 billion in 4Q24, compared to $26.2 billion in 3Q24 and $20.7 billion in 4Q23

•Total gain margin of 105 bps in 4Q24 compared to 118 bps in 3Q24 and 92 bps in 4Q23

•Net income of $40.6 million in 4Q24 compared to net income of $31.9 million in 3Q24 and net loss of $461.0 million in 4Q23

•Adjusted EBITDA of $118.2 million in 4Q24 compared to $107.2 million in 3Q24 and $99.6 million in 4Q23

•Total equity of $2.1 billion at December 31, 2024, compared to $2.2 billion at September 30, 2024, and $2.5 billion at December 31, 2023

•Unpaid principal balance of MSRs of $242.4 billion with a WAC of 4.76% at December 31, 2024, compared to $212.2 billion with a WAC of 4.56% at September 30, 2024, and $299.5 billion with a WAC of 4.43% at December 31, 2023

•Ended 4Q24 with approximately $2.5 billion of available liquidity, including $507.3 million of cash and available borrowing capacity under our secured and unsecured lines of credit

• Originations of $139.4 billion in 2024, compared to $108.3 billion in 2023

• Record purchase originations of $96.1 billion in 2024, compared to $93.9 billion in 2023

• Refinance originations of $43.4 billion in 2024, an increase of 201%, compared to $14.4 billion in 2023

• Net income of $329.4 million in 2024, as compared to a net loss of $69.8 million in 2023

• Gain margin of 110 bps in 2024, an increase of 19%, compared to 92 bps in 2023

Mat Ishbia, Chairman and CEO of UWMC, also said, "It's important for me to point out that while 2024 was certainly another challenging year for the industry, I am particularly proud of our team for delivering an almost 30% year-over-year increase in overall loan production and a nearly 20% increase in gain margin. I am excited to see what we can accomplish together in 2025." Production and Income Statement Highlights (dollars in thousands, except per share amounts)

Balance Sheet Highlights as of Period-end (dollars in thousands)

						Q4 2024						Q3 2024						Q4 2023
Cash and cash equivalents						$	507,339					$	636,327					$	497,468
Mortgage loans at fair value						9,516,537						10,141,683						5,449,884
Mortgage servicing rights						3,969,881						2,800,054						4,026,136
Total assets						15,671,116						15,119,798						11,871,854
Non-funding debt (1)						3,401,066						2,410,714						2,862,759
Total equity						2,053,848						2,180,527						2,474,671
Non-funding debt to equity (1)						1.66						1.11						1.16
(1) Non-GAAP metric (see discussion and reconciliations below).

Mortgage Servicing Rights (dollars in thousands)

						Q4 2024						Q3 2024						Q4 2023
Unpaid principal balance						$	242,405,767					$	212,218,975					$	299,456,189
Weighted average interest rate						4.76		%				4.56		%				4.43		%
Weighted average age (months)						24						25						21

•Introduced in select states to offer a low cost title option, potentially saving borrowers thousands of dollars per loan

•Significant enhancements help provide brokers with a faster, easier and more comprehensive loan experience. With these updates, ChatUWM has decreased the time it takes to calculate income from minutes to seconds, and provides brokers with personalized product recommendations for their borrowers in a matter of minutes

•Created to help homeowners take full advantage of today's record-high home equity by allowing borrowers access to up to 89.99% loan-to-value (LTV) on their homes without incurring mortgage insurance

•Achieved NPS of +82.5

•Delivered an average App to CTC of 17 business days

Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)

We anticipate first quarter production to be in the $28 to $35 billion range, with gain margin from 90 to 115 basis points.

Subsequent to December 31, 2024, for the seventeenth consecutive quarter, the Company's Board of Directors declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on April 10, 2025, to stockholders of record at the close of business on March 20, 2025. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around April 10, 2025.

As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, February 26, 2025, at 11:00 AM ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting:    

https://registrations.events/direct/Q4I329117

Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and a transcript and supporting materials will be available on the Company's investor relations website at https://investors.uwm.com/.

“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.

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, 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, and the change in fair value of retained investment securities. We exclude the non-cash income/expense impact of the change in the Tax Receivable Agreement liability, the change in fair value of the Public and Private Warrants, the change in fair value of retained investment securities, and the change in fair value of MSRs due to valuation inputs or assumptions as these represent non-cash, non-realized adjustments to our earnings, which is 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.

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):

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) our position amongst our competitors and ability to capture market share; (2) our investment in our people, products and technology, and the benefits of our results; (3) our beliefs regarding opportunities in 2025 for our business and the broker channel; (4) our beliefs regarding operational profitability; (5) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (6) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (7) the benefits and liquidity of our MSR portfolio; (8) our beliefs related to the amount and timing of our dividend; (9) our expectations for future market environments, including interest rates, levels of refinance activity and the timing of such market changes; (10) our expectations related to production and margin in the first quarter of 2025; (11) the benefits of our business model, strategies and initiatives, and their impact on our results and the industry; (12) our performance in shifting market conditions and the comparison of such performance against our competitors; (13) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (14) our position and ability to capitalize on market opportunities and the impacts to our results; (15) our investments in technology and the impact to our operations, ability to scale and financial results and (16) our purchase production and product portfolio. 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 dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by changes in Presidential Administration that affect interest rates and inflation; (ii) 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; (iii) UWM’s ability to sell loans in the secondary market; (iv) UWM’s dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (v) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vi) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (vii) 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; (viii) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (ix) UWM’s ability to continue to attract and retain its broker relationships; (x) UWM’s ability to implement technological innovation, such as AI in our operations; (xi) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xii) the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xiii) 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 (xiv) 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.

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 nine 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.

This addendum includes the Company's Consolidated Balance Sheets as of December 31, 2024, and the preceding four quarters and Statements of Operations for the quarter ended December 31, 2024, and the preceding four quarters for purposes of providing historical quarterly trending information to investors.

			For the three months ended
			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Revenue
Loan production income			$	407,229		$	465,548		$	357,109		$	298,954		$	225,436
Loan servicing income			173,300			134,753			143,910			184,702			206,498
Change in fair value of mortgage servicing rights			309,149			(446,100)			(142,485)			(15,563)			(634,418)
Gain (loss) on other interest rate derivatives			(469,538)			226,936			27,166			—			—
Interest income			140,067			145,297			121,394			101,863			87,901
Total revenue, net			560,207			526,434			507,094			569,956			(114,583)
Expenses
Salaries, commissions and benefits			193,155			181,453			160,311			154,241			142,515
Direct loan production costs			54,958			58,398			45,485			31,436			27,977
Marketing, travel, and entertainment			30,771			22,462			24,438			19,111			25,600
Depreciation and amortization			11,094			11,636			11,404			11,340			11,472
General and administrative			60,314			53,664			55,051			40,809			38,209
Servicing costs			29,866			25,009			25,787			30,324			29,632
Interest expense			142,342			141,102			108,651			98,668			80,811
Other expense (income)			(4,625)			421			(1,105)			(237)			(2,391)
Total expenses			517,875			494,145			430,022			385,692			353,825
Earnings (loss) before income taxes			42,332			32,289			77,072			184,264			(468,408)
Provision (benefit) for income taxes			1,719			344			786			3,733			(7,452)
Net income (loss)			40,613			31,945			76,286			180,531			(460,956)
Net income (loss) attributable to non-controlling interest			31,694			38,240			73,236			171,801			(433,878)
Net income (loss) attributable to UWMC			$	8,919		$	(6,295)		$	3,050		$	8,730		$	(27,078)
Earnings (loss) per share of Class A common stock:
Basic			$	0.06		$	(0.06)		$	0.03		$	0.09		$	(0.29)
Diluted			$	0.02		$	(0.06)		$	0.03		$	0.09		$	(0.29)
Weighted average shares outstanding:
Basic			155,584,329			99,801,301			95,387,609			94,365,991			93,654,269
Diluted			1,598,241,235			99,801,301			95,387,609			1,598,647,205			93,654,269