UWM (UWMC) Q1 2026 earnings summary

Executive summary

• Transition to in-house servicing is progressing well, with all loans expected to be managed internally by October 2026, enhancing client service and operational control.

• Achieved $44.9 billion in loan origination volume in Q1 2026, up 39% year-over-year, marking the second-highest first quarter in company history.

• Gain on sale margins remained strong in Q1 and are expected to stay within current ranges, with potential upside if rates decline.

• Broker channel market share is approximately 44.7%-44.8%, with ongoing efforts to grow the broker channel and support broker success.

• AI initiatives, particularly Mia, have driven significant refinance activity and improved broker-consumer engagement.

Financial highlights

• Q1 2026 origination volume was $44.9B, up from $32.4B in Q1 2025 and $49.6B in Q4 2025.

• Total revenue was $901.4M in Q1 2026, with net income of $170.4M and adjusted EBITDA of $160.9M.

• Gain on sale margin was 123 basis points in Q1 2026, up from 94 bps in Q1 2025.

• Ended Q1 2026 with $1.3B in available liquidity, including $424M in cash.

• Expenses have leveled out or declined, reflecting the payoff from prior investments in technology and broker support.

Outlook and guidance

• Over the next five years, total mortgage volume is targeted at $1.3 trillion, with annual volumes potentially ranging from $150 billion to $400 billion.

• Management expects continued strong performance regardless of interest rate movements, citing resilience and scale.

• Expenses are expected to remain flat or decrease, even as volume grows, due to technology and AI efficiencies.

• Additional revenue streams from ancillary products and AI initiatives are anticipated to contribute up to 25% more revenue.

• Gain on sale margins are expected to remain stable or slightly higher.