In a quarter highlighted by the Fed slashing rates and mortgage rates falling to the near 6%-mark, UWM Holdings Corporation, parent company of United Wholesale Mortgage (UWM), announced that its third quarter 2025 total loan origination volume was $41.7 billion, with $843.3 million reported in total revenue, and a net income of $12.1 million.
"The third quarter was a fantastic opportunity to show off the results of three years of disciplined preparation, strategic decisions and an unwavering focus on innovation and execution,” said UWM Chairman, Chief Executive Officer and President Mat Ishbia. “Even without the tailwinds of a full refinance market, we briefly experienced a rate rally and seized the opportunity.”
On September 17, after five consecutive meetings where the federal funds rate was held steady at 4.25%-4.50%, the Federal Open Market Committee (FOMC) made its first rate cut of the year, lowering the target range for the federal funds rate by 0.25 percentage points to 4% to 4.25%. This highly anticipated move set off a ripple effect on mortgage rates, sending the 30-year fixed rate mortgage spiraling downward to 6.30% to close out the quarter, according to Freddie Mac.
Third Quarter 2025 Highlights
For Q3 2025, UWM reported:
- Originations of $41.7 billion, compared to $39.7 billion in 2Q 2025, and $39.5 billion in 3Q 2024
- Purchase originations of $25.2 billion, compared to $27.3 billion in 2Q 2025, and $26.2 billion in 3Q 2024
- Refinance originations of $16.5 billion, compared to $12.4 billion in 2Q 2025, and $13.3 billion in 3Q 2024
- Total gain margin of 130 bps, compared to 113 bps in 2Q 2025, and 118 bps in 3Q 2024
- Total revenue of $843.3 million, compared to $758.7 million in 2Q 2025 and $745.6 million in 3Q 2024
- Net income of $1,2.1 million, compared to net income of $314.5 million in 2Q 2025, and net income of $31.9 million in 3Q 2024
- An adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $211.1 million, compared to $195.7 million in 2Q 2025, and $107.2 million in 3Q 2024
- Total equity of $1.6 billion at September 30, 2025, compared to $1.7 billion at June 30, 2025, and $2.2 billion at September 30, 2024
- Ended 3Q 2025 with approximately $3.0 billion of available liquidity, including $870.7 million of cash and available borrowing capacity under our secured and unsecured lines of credit
Looking Ahead to 2026
To kick off Q4, UWM announced a partnership with housing loyalty platform Bilt, where UWM customers can earn Bilt Points with each on-time payment, while accessing exclusive benefits. Bilt, which started by letting renters earn points on rent payments without transaction fees, announced in July 2025 its expansion into the entire housing payment journey, including mortgage servicing and originations.
Through this partnership, UWM is allowing its customers to earn rewards on their mortgage payments and enabling customers to:
- Earn Bilt Points with every on-time mortgage payment through Bilt's reward program.
- Access exclusive neighborhood benefits, including special offers from more than 40,000 local merchants nationwide.
- Earn Bilt Points during origination, as Bilt's five million-plus members can earn points on their monthly payments when working with UWM brokers.
“We set a company record in September for rate locks in a single day and saw a significant ramp in our daily loan submission intake, all while maintaining our high-performance standards,” added Ishbia. “We are also on track to bring servicing in-house in January, and will deliver the best consumer servicing experience in the industry through our strategic collaboration with BILT. Finally, while others in the industry are still using AI as a buzzword, we’ve already generated over 14,000 loans for our brokers with Mia, our AI Loan Officer Assistant. The best part is, we are just getting started – we’re excited to continue building on this momentum in the quarters ahead."
UWM also celebrated National Mortgage Broker Day at the New York Stock Exchange (NYSE) on July 18 by ringing the closing bell alongside 100 of mortgage broker partners from across the country. The event is held to recognize and celebrate the independent mortgage broker community for their work in helping consumers with home loans. UWM previously marked National Mortgage Brokers Day at the NYSE in July 2024, July 2023, and July 2021.
UWM is forecasting fourth quarter 2025 production to be in the $43 to $50 billion range, with gain margins ranging from 105 to 130 basis points.
