Originations hit $44.9 billion as the wholesale giant credits AI tools and broker partnerships
United Wholesale Mortgage posted its second-strongest first quarter in company history, originating $44.9 billion in loans — a 39% jump year-over-year — despite mortgage rates hovering well above historic lows.
The Pontiac, Michigan-based lender reported total revenue of $901.4 million for the quarter ended March 31, 2026.
Net income came in at $170.4 million, a sharp turnaround from the $247.0 million net loss recorded in the same period last year.
Rates high, results higher
Chairman, CEO and President Mat Ishbia credited the scale and adaptability of UWM's business model for the performance.
"The last time we delivered results of this magnitude, interest rates were nearly 50% lower, which underscores the strength, scale and resilience of our business," Ishbia said.
"Our team and broker partners executed at the highest level, using UWM's proprietary technology and AI-powered tools like Mia to win more loans, more efficiently, every day."
Refinance originations drove much of the volume growth, rising to $26.3 billion from $10.6 billion a year earlier.
Purchase originations dipped slightly to $18.7 billion, down from $21.7 billion in Q1 2025 and roughly flat compared to Q4 2025.
Margins hold, servicing buildout continues
Total gain margin came in at 123 basis points, up from 94 bps in Q1 2025 and broadly stable against the prior quarter.
Adjusted EBITDA of $160.9 million, however, fell from $232.8 million in Q4 2025, a sequential decline the company did not address directly in its release.
UWM ended the quarter with approximately $1.3 billion in available liquidity and total equity of $1.60 billion.
The company's mortgage servicing rights portfolio carried an unpaid principal balance of $229.5 billion, with a weighted average coupon of 5.90%.
Ishbia said UWM is ahead of schedule on bringing servicing in-house, a strategic shift that would reduce reliance on third-party subservicers and could bolster recurring revenue.
The Two Harbors battle
The earnings results arrive at a pivotal moment for UWM's M&A ambitions.
In December 2025, UWM agreed to acquire Two Harbors Investment Corp. — the MSR-focused REIT that owns RoundPoint Mortgage Servicing — in a $1.3 billion all-stock deal that would have nearly doubled its servicing portfolio to approximately $400 billion.
That deal unraveled in late March. Two Harbors terminated its merger agreement with UWM and instead agreed to be acquired by CrossCountry Mortgage in an all-cash deal at $10.80 per share, with CrossCountry paying the $25.4 million termination fee tied to the prior UWM agreement.
UWM did not go quietly. In late April, UWM submitted a revised unsolicited offer of $12.00 per share — payable in cash or stock at the shareholder's discretion — prompting Two Harbors' board to amend its CrossCountry deal upward to $11.30 per share.
Two Harbors then formally rejected UWM's revised bid, citing financing, closing, and credibility risks, while reiterating its support for the CrossCountry transaction ahead of a shareholder vote set for May 19.
Two Harbors Investment Corp. has doubled down on its support for a sale to CrossCountry Mortgage, rejecting a sweetened takeover proposal from UWM Holdings and urging shareholders to back the all-cash CrossCountry Mortgage (CCM) deal.https://t.co/gmgLF9hslc
— Mortgage Professional America Magazine (@MPAMagazineUS) May 4, 2026
CrossCountry, meanwhile, said it already holds approximately half of the 53 required regulatory approvals and is targeting an August close, while arguing UWM would need to start that process from scratch.
UWM pushed back, saying, "The TWO Board's interpretation of the numbers don't reflect the underlying math. UWMC's fully financed $12.00 per share offer is clearly superior to $11.30 and provides a stock option on top of it."
Servicing strategy intact
Whether the Two Harbors deal succeeds or not, Ishbia signaled UWM's in-house servicing buildout is proceeding regardless. He said the company is "ahead of schedule" and that servicing expansion represents a "strategic inflection point, not just an operational improvement."
"Regardless of whether rates stay higher or move lower, we are positioned to keep winning as we are built to perform through all cycles," Ishbia said.
"This quarter is a clear proof point of that."
UWM has held the title of largest wholesale mortgage lender for eleven consecutive years and is also the nation's largest purchase lender.
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