UWM Holdings Corporation
- Open
- 2.04
- Day high
- 2.06
- Day low
- 2.02
- Prev close
- 2.05
- Volume
- 8.6M
- Mkt cap
- $685M
- P/E (TTM)
- 7.6
- EPS (TTM)
- $0.27
- P/B
- 3.0
- P/S
- 0.2
- Yield
- 9.90%
- Per share
- $0.20
- ▼Insiders net selling -$35.7M over the last 3 months (0 open-market buys, 10 sales)
- 🏛Institutions accumulating (13F)
UWM Holdings Corporation (UWMC) is a Financial Services company listed on NYSE. The stock is down 52% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 10 sales (SEC Form 4).
UWM Holdings Corporation (UWMC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
UWMC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.06 | $0.09 | +50.0% | $901M | +27.0% |
| Feb 25, 2026 | $0.09 | $0.06 | -28.9% | $1.7B | +135.1% |
| Nov 6, 2025 | $0.08 | $0.01 | -86.9% | $471M | -28.1% |
| Aug 7, 2025 | $0.06 | $0.16 | +166.7% | $785M | +19.6% |
| Feb 26, 2025 | $0.07 | $0.08 | +20.7% | $479M | -25.9% |
| Nov 7, 2024 | $0.08 | $0.01 | -87.4% | $459M | -21.3% |
| May 9, 2024 | $0.06 | $0.09 | +50.0% | $519M | +8.0% |
| Feb 28, 2024 | $-0.03 | $-0.23 | -654.1% | $-115M | -132.4% |
| Mar 1, 2023 | $-0.01 | $-0.03 | -237.1% | $256M | -10.7% |
| Nov 4, 2022 | $0.02 | $0.16 | +673.7% | $635M | +163.6% |
| Mar 1, 2022 | $0.13 | $0.11 | -15.4% | $464M | -24.5% |
| Aug 16, 2021 | $0.08 | $0.07 | -12.5% | $458M | -23.8% |
UWMC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 21, 2026 | Elezaj Alexdirector, officer: EVP, Chief Strategy Officer | Tax | 661,736 | $2.92 |
| May 21, 2026 | Wilner Melindadirector, officer: EVP, COO | Option | 1,608,794 | $2.92 |
| May 21, 2026 | Wilner Melindadirector, officer: EVP, COO | Tax | 662,059 | $2.92 |
| May 21, 2026 | Elezaj Alexdirector, officer: EVP, Chief Strategy Officer | Option | 1,608,794 | $2.92 |
| May 8, 2026 | Mat Ishbiadirector, 10 percent owner, officer: President and CEO | Sell | 1,003,333 | $3.39 |
| May 6, 2026 | Mat Ishbiadirector, 10 percent owner, officer: President and CEO | Sell | 1,003,333 | $3.45 |
| May 4, 2026 | Mat Ishbiadirector, 10 percent owner, officer: President and CEO | Sell | 1,003,333 | $3.57 |
| May 4, 2026 | Mat Ishbiadirector, 10 percent owner, officer: President and CEO | Sell | 934,061 | $3.53 |
| May 4, 2026 | Mat Ishbiadirector, 10 percent owner, officer: President and CEO | Sell | 1,001,024 | $3.62 |
| Apr 29, 2026 | Mat Ishbiadirector, 10 percent owner, officer: President and CEO | Sell | 1,000,574 | $3.50 |
| Apr 29, 2026 | Mat Ishbiadirector, 10 percent owner, officer: President and CEO | Sell | 986,644 | $3.66 |
| Apr 27, 2026 | Mat Ishbiadirector, 10 percent owner, officer: President and CEO | Sell | 1,000,574 | $3.65 |
| Apr 22, 2026 | Mat Ishbiadirector, 10 percent owner, officer: President and CEO | Sell | 1,000,574 | $3.82 |
| Apr 20, 2026 | Mat Ishbiadirector, 10 percent owner, officer: President and CEO | Sell | 1,000,574 | $3.76 |
| Apr 15, 2026 | Mat Ishbiadirector, 10 percent owner, officer: President and CEO | Sell | 1,000,574 | $3.71 |
Source: UWMC SEC Form 4 filings, latest May 21, 2026. For informational purposes only — not investment advice.
See the full UWMC insider & 13F page →UWM Holdings Corporation company profile
Overview
UWM Holdings Corporation (NYSE:UWMC) is a residential mortgage lending company founded in 1986 and headquartered in Pontiac, Michigan. The company went public in May 2020 and has established itself as the largest wholesale mortgage lender in the United States. UWM operates exclusively through the wholesale channel, partnering with independent mortgage brokers to originate residential mortgages rather than dealing directly with consumers. The company has maintained its position as the #1 overall mortgage lender in America for multiple consecutive years, with a particular dominance in the purchase mortgage market.
Business
UWM Holdings operates in the residential mortgage lending industry, specifically focusing on the wholesale mortgage origination business. The mortgage industry serves as a critical intermediary between homebuyers seeking financing and investors who ultimately purchase and hold mortgage loans. Core Business Model: UWM originates mortgage loans exclusively through the wholesale channel, which means they work with independent mortgage brokers rather than directly with consumers. In this model, mortgage brokers act as intermediaries who help consumers find and apply for mortgages, then submit these applications to wholesale lenders like UWM for underwriting and funding. This differs from retail mortgage lending, where lenders work directly with consumers, and correspondent lending, where lenders purchase already-originated loans from other institutions. Product Offerings: The company primarily originates conforming loans (those that meet government-sponsored enterprise guidelines for purchase by Fannie Mae and Freddie Mac) and government-backed loans (FHA, VA, and USDA loans). UWM also offers jumbo loans for higher-value properties and has introduced specialized products like 1% down payment programs to support affordable homeownership. The company handles both purchase mortgages (for home buyers) and refinance mortgages (for existing homeowners looking to replace their current mortgage). Technology Platform: UWM has invested heavily in proprietary technology platforms including BOLT (underwriting system), Track Plus (integrated closing process), PA Plus (processor assist program), and various AI-powered tools. These technologies are designed to streamline the mortgage origination process and provide superior service to their broker partners. Mortgage Servicing Rights (MSR): The company also holds and manages mortgage servicing rights, which represent the right to collect monthly payments from borrowers and handle loan administration. UWM is planning to bring mortgage servicing in-house by 2026, which could provide additional cost savings and revenue opportunities.
Revenue model
UWM generates revenue primarily through gain on sale margins when it originates and immediately sells mortgage loans to investors, typically government-sponsored enterprises like Fannie Mae and Freddie Mac or private investors. The company earns a spread between what it charges borrowers and what investors pay for the loans, with recent gain margins ranging from 90-118 basis points (0.90% to 1.18% of loan value). Revenue Streams: The primary revenue source is loan origination fees and gain on sale income from mortgage production. In 2024, UWM originated $139.4 billion in mortgages, generating $2.16 billion in revenue. Secondary revenue comes from mortgage servicing rights, where the company earns ongoing fees for collecting payments and managing loans on behalf of investors. Customer Base: UWM's direct customers are independent mortgage brokers - approximately 16,000+ loan officers working through the broker channel. These brokers submit loan applications from homebuyers and refinancing homeowners to UWM for processing and funding. The company has been successful in attracting loan officers from the retail channel to the wholesale/broker channel. Margin Influencing Factors: Several factors impact UWM's profitability. Interest rate movements significantly affect both loan volume and margins - when rates drop, refinancing activity increases dramatically, potentially doubling business volume. The 10-year Treasury rate particularly influences gain on sale margins. Market competition affects pricing power, though UWM's technology investments and operational efficiency provide some competitive protection. The company's fixed cost structure means that higher volumes can drive significant operating leverage, while lower volumes can pressure margins. Regulatory changes and government-sponsored enterprise policies also impact the mortgage market dynamics and pricing.
Competitive moat
UWM's competitive moat is moderately strong but not insurmountable, built primarily on operational excellence, technology leadership, and network effects within the broker channel rather than traditional economic moats. Technology and Operational Advantages: The company has invested heavily in proprietary technology platforms that provide faster processing times (12.7 days submission to close versus industry averages) and superior broker experience. Their BOLT underwriting system, AI-powered tools, and integrated broker platforms create switching costs for broker partners who become accustomed to UWM's workflow and technology. Network Effects: UWM benefits from network effects within the broker channel - as more brokers use their platform, they can invest more in technology and service improvements, attracting additional brokers. The company has grown broker channel market share from approximately 20% to 27-28%, with aspirations to reach over 50% market share. Scale and Cost Advantages: As the largest wholesale lender, UWM achieves economies of scale in technology development, operational infrastructure, and regulatory compliance. Management claims they can handle an additional $100 billion in volume without significantly increasing fixed costs. Competitive Vulnerabilities: The mortgage industry has relatively low barriers to entry for well-capitalized competitors. Large banks with retail operations could potentially expand into wholesale lending. Technology advantages can be replicated over time, and the broker channel itself could face disruption from direct-to-consumer digital platforms. Interest rate cycles create significant volume volatility that affects all mortgage lenders. The company's exclusive focus on the wholesale channel, while providing specialization benefits, also creates concentration risk if the broker channel loses market share to other distribution methods.
Risks & safety
Overall Assessment: UWM presents moderate financial risk with adequate liquidity but concerning debt levels and cyclical earnings volatility. Liquidity and Solvency: • Cash position: $485 million as of Q1 2025 • Total accessible liquidity: $2.4 billion including credit facilities • Current ratio: 0.18 (very low, indicating potential liquidity constraints) • Debt-to-equity ratio: 70.2 (high leverage) • Free cash flow: $576 million in Q1 2025 (positive but volatile) Valuation Metrics: • Price-to-book ratio: 5.43 (elevated) • Recent net loss of $247 million in Q1 2025 (including $388 million MSR fair value reduction) • EV/EBITDA: Negative due to recent losses • Historical P/E ratios ranging from 7-53x showing high volatility Other Considerations: • Mortgage servicing rights portfolio valued at $3.3 billion creates significant mark-to-market risk • Cyclical industry with substantial volume and margin volatility • Dividend maintained at $0.10 quarterly despite recent losses • Strong operational cash flow generation capability in favorable market conditions
Recent development
Over the past few years, UWM has executed several strategic initiatives focused on technology advancement, market share expansion, and operational efficiency. The company has made substantial investments in artificial intelligence and automation, developing proprietary platforms like BOLT underwriting system, Track Plus integrated closing process, and various AI-powered tools including Chat UWM AI. These technology investments are designed to improve processing speed and broker experience while preparing for potential market expansion. Market Share Strategy: UWM has aggressively pursued market share growth in the broker channel through its "Game On" strategy, successfully attracting over 16,000 loan officers from the retail channel to wholesale. The broker channel's overall market share has grown from approximately 20% to 27-28%, with UWM targeting over 50% market share within the channel. Servicing Strategy Shift: A significant strategic pivot involves bringing mortgage servicing in-house starting in early 2026. This move is expected to generate $40-100 million in annual cost savings while providing more control over the customer experience and creating additional revenue opportunities from servicing operations. Product Innovation: The company has expanded its product offerings to include specialized programs like 1% down payment mortgages for affordable homeownership and enhanced jumbo loan products. They've also developed marketing partnerships, including becoming the official mortgage partner of the NBA and WNBA through their Mortgage Matchup platform. Operational Scaling: Management has positioned the company to handle significant volume increases without proportional cost increases, claiming ability to process an additional $100 billion in originations without major fixed cost additions. This preparation is particularly important given the potential for refinancing booms when interest rates decline.
UWMC company profile · for informational purposes only — not investment advice.
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