third quarter 2026
Filed Oct 23, 2026UWM Holdings announced preliminary third quarter 2026 results, including expected loan origination volume of $33.4 billion and Total Revenue between $800 to $825 million, while updating full-year 2026 revenue expectations to approximately $3.35 billion to $3.50 billion.
The preliminary quarter indicates positive expected net income and Adjusted EBITDA, but the Company said full-year revenue will be lower than expected earlier in 2026 because of lower origination volume throughout the industry.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Loan origination volumeother | $33.4B | – | – |
| Purchase originationsother | $22.8B | – | – |
| Refinance originationsother | $10.6B | – | – |
| Gain marginother | approximately 124 basis points | – | – |
| Mortgage servicing rights portfolio unpaid principal balanceother | approximately $270 billion | – | – |
| Mortgage servicing rights portfolio weighted average couponother | approximately 5.97% | – | – |
| Mortgage servicing rights portfolio weighted average servicing feeother | approximately 40 basis points | – | – |
| Total RevenueGAAP | between $800 to $825 million | – | – |
| Loan servicing incomeother | between $240 to $250 million | – | – |
| Loan production incomeother | between $410 to $420 million | – | – |
| Operating expenses (Total Expenses net of Interest Expense and Servicing Cost)other | between $375 to $385 million | – | – |
| Net IncomeGAAP | between $205 to $220 million | – | – |
| Adjusted EBITDAnon-GAAP | between $170 to $190 million | – | – |
| Total Preferred and Common Equitynon-GAAP | approximately $2.8 billion | – | – |
| Total redeemable preferred stocknon-GAAP | $1.5B | – | – |
| Total equitynon-GAAP | $1.3B | – | – |
| Net non-funding debt to Total Preferred and Common Equitynon-GAAP | between 1.75x to 1.80x | – | – |
full year 2026 outlook
- Revenueapproximately $3.35 billion to $3.50 billion
- NoteThe Company will originate approximately 8% of total residential mortgage production in the United States during 2026
- NoteThe Company will end the year with an MSR portfolio between $210 billion and $230 billion in UPB
- NoteThe Company will sell between $70 and $80 billion of MSRs in Q4 2026 with anticipated proceeds in excess of $1.8 billion
- Note$400 million of gross proceeds from the rights offering
What drove it
- Expected third-quarter loan origination volume includes $22.8 billion of purchase originations and $10.6 billion of refinance originations.
- The Company expects loan servicing income between $240 to $250 million and loan production income between $410 to $420 million.
- The Company said full-year 2026 revenue will be lower than expected earlier in 2026 as a result of lower origination volume throughout the industry.
- The Company expects to originate approximately 8% of total residential mortgage production in the United States during 2026.
Concerns
- All third-quarter financial and operational amounts are preliminary, estimated, unaudited and may change, including materially, as the Company completes its financial closing procedures and its independent auditors complete their review.
- The Company said full-year 2026 revenue will be lower than expected earlier in 2026 because of lower origination volume throughout the industry.
- The Company identified risks related to U.S. residential real estate market conditions, monetary policy, warehouse and MSR facilities, mortgage loan sales in the secondary market, and the completion of the rights offering.
- The Company has not provided reconciliations of preliminary Adjusted EBITDA to net income/(loss) because it said the necessary information is not available without unreasonable effort.
What to watch
- Final third-quarter 2026 results and any changes from the preliminary estimates when the Company files its Form 10-Q for the quarter ended September 30, 2026.
- Whether the Company completes sales of between $70 and $80 billion of MSRs in Q4 2026 and receives anticipated proceeds in excess of $1.8 billion.
- The use of anticipated MSR-sale proceeds and $400 million of gross rights-offering proceeds to support ongoing paydown of non-funding debt.
- The year-end MSR portfolio balance, which the Company expects to be between $210 billion and $230 billion in UPB.
- The final net non-funding debt to Total Preferred and Common Equity ratio.
Balance sheet and cash flow
- Total Preferred and Common Equity of approximately $2.8 billion at September 30, 2026
- Total redeemable preferred stock was $1.5 billion as of September 30, 2026
- Total equity was $1.3 billion as of September 30, 2026
- The Company will sell between $70 and $80 billion of MSRs in Q4 2026 with anticipated proceeds in excess of $1.8 billion
- $400 million of gross proceeds from the rights offering will be used to support the ongoing paydown of non-funding debt
Analysis
UWM released preliminary, unaudited third-quarter 2026 estimates rather than finalized earnings. The Company expects loan origination volume of $33.4 billion, including $22.8 billion of purchase originations and $10.6 billion of refinance originations. It expects a gain margin of approximately 124 basis points and Total Revenue between $800 to $825 million. The release provides no prior-year or prior-quarter values for these measures.
The expected revenue mix includes loan servicing income between $240 to $250 million and loan production income between $410 to $420 million. The mortgage servicing rights portfolio is expected to have unpaid principal balance of approximately $270 billion, a weighted average coupon of approximately 5.97%, and a weighted average servicing fee of approximately 40 basis points. Operating expenses, defined as Total Expenses net of Interest Expense and Servicing Cost, are expected to be between $375 to $385 million.
Profitability expectations are positive, with Net Income between $205 to $220 million and Adjusted EBITDA between $170 to $190 million. Adjusted EBITDA is a non-GAAP measure, and the Company did not provide a reconciliation to net income/(loss) for the preliminary period. The Company expects Total Preferred and Common Equity of approximately $2.8 billion at September 30, 2026 and net non-funding debt to Total Preferred and Common Equity between 1.75x to 1.80x.
The full-year update is tempered by an expected reduction in revenue versus what the Company expected earlier in 2026, which management attributed to lower industrywide origination volume. The Company now expects full-year revenue of approximately $3.35 billion to $3.50 billion and expects to end the year with an MSR portfolio between $210 billion and $230 billion in UPB. Its planned sale of between $70 and $80 billion of MSRs in Q4 2026, with anticipated proceeds in excess of $1.8 billion, plus $400 million of gross rights-offering proceeds, is intended to support continuing non-funding-debt paydown.
The central issue is execution against preliminary figures and the year-end balance-sheet plan. The Company explicitly stated that its preliminary quarter-end estimates may differ materially from final results after closing procedures, accounting analyses, valuations, adjustments and auditor review. Final results, the MSR-sale execution, rights-offering completion, and progress in reducing non-funding debt are therefore the principal disclosed items to monitor.
Not in the filing
stated, not guessed- Final third-quarter 2026 financial results
- Prior-year and prior-quarter comparisons for all reported third-quarter metrics
- GAAP gross margin
- GAAP operating income
- GAAP diluted EPS
- Non-GAAP EPS
- Operating cash flow
- Free cash flow
- Unrestricted cash balance
- Total debt balance
- Net non-funding debt amount
- Share repurchases
- Dividend declaration or payment
- Segment revenue disclosure
- Reconciliation of preliminary Adjusted EBITDA to net income/(loss)
- Prior outlook information for comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.