UWM Holdings Corp (NYSE: UWMC)

UWM Holdings Corp operates as the publicly traded indirect parent of United Wholesale Mortgage LLC UWM is a leading residential mortgage lender in the United States, specializing in the wholesale channel. The company originates primarily conforming and government loans across all 50 states and the District of Columbia. Founded in 1986 and headquartered in Pontiac, Michigan, UWM has built a client-focused, team-oriented culture that emphasizes superior customer service, efficiency, and operational stability. The company completed its business combination with Gores Holdings IV Inc on January 21, 2021, and began trading on the New York Stock Exchange under the ticker symbol UWMC.

UWM generates revenue through the origination of residential mortgage loans, focusing on conventional, agency-eligible loans that can be sold to Fannie Mae, Freddie Mac, or transferred to Ginnie Mae pools for sale in the secondary market. The company also offers loans under the FHA program, the VA program, and the USDA program, which are guaranteed by governmental agencies and transferred to Ginnie Mae pools. Approximately 90% of the loans originated by UWM are sold to Fannie Mae or Freddie Mac, or transferred to Ginnie Mae pools in the secondary market. The remaining loans include non-agency jumbo loans, construction loans, and non-qualified mortgage products, including home equity lines of credit. UWM's primary customer base consists of Independent Mortgage Brokers, who work with potential borrowers to initiate the mortgage loan process.

• Loan Origination: UWM's core business segment involves the origination of residential mortgage loans. The company utilizes its proprietary system, Easiest Application System Ever (EASE), to automate the loan origination process. EASE generates necessary documents required by UWM and its clients for applications, automating the entire origination, underwriting, and preparation of closing documents. UWM's underwriting process is a key strategic advantage, producing a portfolio of high-quality loans with an industry-leading time from application to clear to close. The company's underwriting team reviews files and makes initial underwriting decisions, generating a conditions to close list based on the specifics of the borrower, the property, and the loan product. UWM also offers innovative services such as Title Review and Closing (TRAC+), which provides an efficient alternative to utilizing a traditional lender title policy and title company. This service streamlines the title review process and facilitates a faster and easier experience for the borrower.

• Capital Markets and Secondary Marketing: UWM's capital markets team is dedicated to maximizing loan sale profitability while minimizing operational, interest rate, and market risks. This team manages interest rate risk for the business and is responsible for interest rate lock management policies and procedures, hedging the pipeline, managing warehouse facilities and associated facility utilization, and managing risk and sales of Mortgage Servicing Rights (MSRs). The company aggregates its loan production into pools that are sold to Fannie Mae or Freddie Mac, securitized through the issuance of Fannie Mae or Freddie Mac bonds, transferred into Ginnie Mae pools and securitized by UWM into government-insured mortgage-backed securities, or sold outright or securitized to investors in the secondary mortgage market.

• Loan Servicing: In addition to loan origination, UWM derives revenue from MSRs related to its loan originations. After a loan is originated, loan servicers manage payments, delinquencies, and other administrative functions of mortgages for third-party investors. Servicers derive contractual revenue from servicing fees, generally based on the unpaid principal balance (UPB) of the loans in their servicing portfolio, as well as other ancillary income. UWM currently retains the majority of the MSRs associated with its production but has and intends to continue to opportunistically sell MSRs depending on business and liquidity considerations. The company is in the process of building an in-house servicing platform and expects to transition the servicing of substantially all of the loans in its servicing portfolio to this platform by the end of 2026.

UWM has been the largest wholesale lender in the U.S. since 2015, and through the first nine months of 2025, originated 42.5% of the loans closed through the wholesale channel and 8.4% of the first lien residential mortgages that closed during the first nine months of 2025 in all origination channels. The company's exclusive focus on the wholesale channel has resulted in relationships with over 13,000 independent broker businesses throughout the U.S., with over 57,000 associated loan officers. UWM's competitive advantages include its strategic decision to operate solely as a wholesale mortgage lender, avoiding conflict with its partners, the Independent Mortgage Brokers, and their direct relationship with borrowers. The company's focus on technology, including AI, and partnership tools designed to meet the needs of Independent Mortgage Brokers and their customers, has positioned it as a leader in the growing wholesale channel. UWM's highly scaled, efficient, and centralized mortgage lending processes, utilizing its proprietary system, EASE, and dedicated team members, focus on client service and loan quality throughout the entire loan origination, underwriting, and closing processes.

UWM's general customer base consists of Independent Mortgage Brokers, who work with potential borrowers to initiate the mortgage loan process. The company's relationships with over 13,000 independent broker businesses throughout the U.S., with over 57,000 associated loan officers, demonstrate its significant market presence and customer base. UWM's focus on technology and process improvements creates a more efficient origination system for both the company and its clients, resulting in strong client service scores and a significant competitive advantage.