UWM Swings to $212.6 Million Profit as Q3 Mortgage Originations Fall

UWM Holdings Corporation posted $212.6 million in net income for Q3 2026, reversing a $451.9 million loss in Q2, while mortgage originations and revenue both declined from a year earlier.

UWM released the results Nov. 4 for the quarter ended Sept. 30. Loan originations totaled $33.4 billion. They were below the $39.7 billion recorded in Q2 2026 and the $41.7 billion in Q3 2025. That put origination volume lower both sequentially and year over year. Revenue was also down against both periods, at $811.1 million in Q3 compared with $888 million in Q2 and $843.3 million a year earlier.

The $212.6 million net income figure marked a sharp change from the prior quarter, when UWM recorded a $451.9 million net loss. For Q3 2025, net income was $12.1 million. The latest quarterly profit was higher than the results in either comparison period, while revenue and originations were below their year-earlier levels.

Adjusted EBITDA, a non-GAAP measure, was $178.3 million. That compared with $185.9 million in Q2 and $211.1 million in Q3 2025. Total gain margin was 124 basis points, down from 133 basis points in the prior quarter and 130 basis points a year earlier. Adjusted EBITDA and gain margin, like revenue and originations, were lower than in both comparison periods.

The final revenue, net income and adjusted EBITDA results each fell within the ranges UWM gave Oct. 23. The company’s preliminary Q3 estimates set revenue at $800 million to $825 million, net income at $205 million to $220 million, and adjusted EBITDA at $170 million to $190 million. The final results placed each measure inside its announced range.

“Our third quarter results show the strength of UWM and our ability to perform in any market,” UWM Chairman, CEO and President Mat Ishbia said.

UWM Holdings is publicly traded through its Class A shares, which trade as UWMC on the New York Stock Exchange. It is the indirect parent of United Wholesale Mortgage.