United Wholesale Mortgage (UWM) delivered its strongest quarter since 2021, with loan production volume surging to $39.7 billion in Q2 2025 — an 18% increase year over year and up from $32.4 billion in Q1. Purchase originations made up $27.3 billion of that total, holding steady from the same quarter last year and showing meaningful 26% growth from Q1’s $21.7 billion.
"UWM has doubled down, proving that we can and will dominate the purchase market regardless of market cycles," contended UWM Chairman, President, and CEO Mat Ishbia on an earnings call this morning.
The nation’s largest wholesale mortgage lender also reported a gain-on-sale margin of 113 basis points, up from 106 bps in Q2 2024 a notable increase from 94 bps last quarter.
UWM’s net income for the quarter was $314.5 million, a major upturn from a $247 million net loss in Q1. Total revenue climbed to $758.7 million, with adjusted EBITDA reaching $195.7 million.
“The second quarter of 2025 was an outstanding quarter for UWM,” said Ishbia. “We made a series of significant strategic decisions and product launches that we believe are not only game-changing for mortgage brokers, but also will change the trajectory of our company and the wholesale channel.”
On that note, Ishbia pointed out that the broker share of direct lending has more than doubled since 2016, reaching about 30%. UWM's goal "is for brokers to be number one and, in my mind, that means 50.1% [share]. I don't know if that'll take five years or 15 years, but we're gonna grind it out and make sure it happens," he emphasized.
Loan Characteristics And Mix
- Conventional loans remained dominant across both purchase ($16.8 billion) and refinance ($5.1 billion) segments.
- Government loans showed robust refi activity at $5.7 billion — more than doubling from $2.6 billion a year earlier.
- Jumbo and Non-QM originations totaled $3.8 billion across both purchase and refi, including HELOCs and construction loans.
Unpaid principal balance of UWM’s mortgage servicing rights (MSRs) stood at $211.2 billion at quarter-end, with a weighted average coupon of 5.51%. That’s slightly down from Q1’s $214.6 billion balance, but up significantly from $189.5 billion in Q2 2024.
Strategic Tech Focus: AI In The Driver’s Seat
Ishbia credited the company’s AI-powered tools — Mia, a virtual assistant for brokers, and LEO, a competitive loan estimate (LE) analyzer — as pivotal to UWM’s growing value proposition for brokers. Mia handles inbound and outbound client calls, appointment scheduling, and other engagement tasks 24/7, while LEO is designed to help brokers analyze and beat competitors’ loan estimates in real time.
“We are now seeing measurable results in our business as a result of the investments we have made in artificial intelligence,” he said. "LEO helps brokers compete and win by showing exactly how they can beat a competitor's loan estimate. All they need to do is drag and drop the borrower's loan estimate into LEO, and they get a detailed analysis of tips of how to win this specific loan."
Mia, meanwhile, has "been a huge, huge success," Ishbia said, calling the technology "the ultimate loan officer."
"She works 24/ 7/ 365; she doesn't get days off," he said concerning Mia. "We rolled this out at UWM Live back in May, and the broker feedback was incredible. We've been using it every single day, and it's having so much success where it's scheduling meetings and helping brokers get more business."
Further, Ishbia noted a statistic that 97% of borrowers who work with a broker give a five-star review, but only 10% remember who their broker was when they go to refinance. Mia, he said, could change that.
"Until now, brokers haven't had great tools to stay in front of their business, in front of their past borrowers," he said. "Mia changes all that. She'll stay in front of them, and we think that 10% number could go to 30%, 40%, maybe even 50% of [borrowers] who know who their mortgage broker is, which just guarantees more business for brokers."
"We have products and services that are powered by AI that are actually impacting our business today and will impact our business even more when rates drop," Ishbia added.
UWM also recently rolled out an additional group of AI-driven tools for brokers, including:
- Lead Pipeline, which targets improvements in managing client relationships and gaining repeat business;
- Action IQ, which serves as a notification center for daily tasks, consolidating actions from Lead Pipeline, texts, and account settings that require a mortgage broker's attention;
- An Easy Qualifier redesign that aims to offer a faster, easier way for mortgage brokers to price new loans and manage existing scenarios;
- Loan Pipeline enhancements that include a customizable pipeline built to provide better flexibility to match individual workflows and preferences;
- Contacts Pipeline, which helps brokers access and manage contact information for all their past UWM clients, allowing them to add partners and clients that weren’t originated with UWM; and
- ChatUWM Assist, which gives brokers AI-generated responses with information and details specific to the page they are on.
Ishbia pointed to UWM's AI-driven underwriting system. "We can do two, three times or more [loans] per day than anyone else in the country," he said on the call. "Our loan quality is better because of this technology, and we'll continue to improve."
Outlook
UWM expects Q3 2025 originations to land between $33 billion and $40 billion, with gain margins anticipated in the 100-125 bps range. The company also declared its 19th consecutive quarterly dividend of $0.10 per share, payable in October.
"Our playbook won't change," Ishbia said. "Invest in our business, win, grow the broker channel, and repeat."
