UWM Estimates Q3 Revenue Below Q2, Lowers 2026 Outlook

UWM Holdings Corporation set third-quarter revenue at $800 million to $825 million and lowered its 2026 revenue range, citing weaker mortgage origination activity across the industry. UWM is the publicly traded indirect parent of United Wholesale Mortgage.

The Q3 revenue estimate covers the quarter ended Sept. 30 and is below the $888 million UWM recorded in Q2. The company projected net income of $205 million to $220 million and adjusted EBITDA of $170 million to $190 million. Adjusted EBITDA is a non-GAAP measure.

UWM estimated Q3 loan originations at $33.4 billion, including $22.8 billion in purchase loans and $10.6 billion in refinances. The volume compares with $39.7 billion in Q2. The company put its estimated gain margin at about 124 basis points.

Other preliminary estimates included loan servicing income of $240 million to $250 million and loan production income of $410 million to $420 million. UWM estimated operating expenses at $375 million to $385 million, excluding interest expense and servicing costs.

As of Sept. 30, UWM estimated its mortgage servicing rights portfolio at about $270 billion in unpaid principal balance. The portfolio had a weighted average coupon of about 5.97% and a weighted average servicing fee of about 40 basis points.

For 2026, UWM set its revenue range at $3.35 billion to $3.50 billion. The company described the range as below its earlier expectations and linked the reduction to lower mortgage originations across the industry.

UWM expects to sell $70 billion to $80 billion in mortgage servicing rights during Q4, with proceeds above $1.8 billion. The company plans to use those proceeds, along with $400 million in gross proceeds from its rights offering, to help reduce debt. UWM issued the update ahead of the pricing measurement period for a previously announced rights offering to give investors updated financial information before that period.

The Q3 estimates are unaudited and had not been reviewed by UWM’s independent accounting firm. The company’s financial close and review were still pending. UWM said final numbers could depart materially from the preliminary figures.