UWM Holdings reported a net loss of $247 million in Q1 2025 due to a $388.6 million decline in the fair value of mortgage servicing rights, despite strong origination volumes.

Key Financials:
• Loan Originations: $32.4 billion (up 17% YoY)
• Purchase Originations: $21.7 billion (flat YoY)
• Gain Margin: 0.94% (vs. 1.08% in Q1 2024)
• Total Revenue: $613.4 million (up from $585.5 million in Q1 2024)
• Net Loss: $247.0 million (vs. $180.5 million net income in Q1 2024)
• Adjusted EBITDA: $57.8 million (down from $101.5 million in Q1 2024)
• Total Equity: $1.6 billion (down from $2.5 billion YoY)
• Liquidity: $2.4 billion including $485 million in cash

MSR Portfolio:
• Unpaid Principal Balance: $214.6 billion
• WAC: 5.44% (up from 4.58% YoY)
• Fair Value Drop: $388.6 million in Q1 2025

Outlook:
• Q2 2025 production guidance: $38–$45 billion
• Expected gain margin: 90–115 bps

Product & Business Developments:
• Sphere LOS: Free workflow platform for brokers
• TRAC Lite: Low-cost title solution expanded to 14 states
• Paid Search Accelerator: New tool to enhance loan officers’ visibility and leads

UWM Holdings Corporation announced its fourth quarter and full-year 2024 financial results. The company reported total loan origination volume of $38.7 billion in Q4 2024 and $139.4 billion for the full year. Net income for Q4 2024 was $40.6 million, while full-year net income reached $329.4 million.

Chairman and CEO Mat Ishbia highlighted the company’s ability to adapt to challenging market conditions, emphasizing record purchase production and a significant increase in refinance volume compared to 2023. The company's total gain margin for Q4 was 105 basis points, while the full-year gain margin improved to 110 basis points.

Other key financial highlights include an adjusted EBITDA of $118.2 million for Q4 and $459.9 million for the full year. UWM ended Q4 with approximately $2.5 billion in available liquidity. The company also announced a cash dividend of $0.10 per share, payable on April 10, 2025, to shareholders of record on March 20, 2025.

Looking ahead, UWM expects first-quarter 2025 production in the range of $28 to $35 billion, with a gain margin of 90 to 115 basis points. The company continues to focus on innovation, technology, and strengthening its mortgage broker partnerships.