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