UWM Cuts 2026 Revenue Estimate To $3.35 Billion–$3.50 Billion As Industry Volume Slows
The wholesale mortgage lender previewed third-quarter net income of $205 million to $220 million and plans a Q4 servicing-rights sale.
UWM Holdings, the parent of the wholesale mortgage lender United Wholesale Mortgage, lowered its full-year 2026 revenue estimate to about $3.35 billion to $3.50 billion, citing weaker origination volume across the industry. In an 8-K filed Friday, it also previewed preliminary, unaudited third-quarter net income of $205 million to $220 million.
A profitable quarter, a lower year
For the third quarter, UWM expects total revenue of $800 million to $825 million and adjusted EBITDA of $170 million to $190 million. Loan production income should land at $410 million to $420 million, and loan servicing income at $240 million to $250 million.
Originations came to $33.4 billion: $22.8 billion of purchase loans and $10.6 billion of refinancings. The gain margin was about 124 basis points, or roughly 1.24 percentage points.
The full-year revenue estimate is lower than the company expected earlier in 2026, which it blamed on lower origination volume throughout the industry. UWM still expects to write about 8% of all U.S. residential mortgage production this year.
The figures are preliminary and may change as the company finishes its quarterly close. Final results will come in its Form 10-Q.
Selling servicing rights to cut debt
UWM, which lends only through independent mortgage brokers, plans to sell $70 billion to $80 billion of mortgage servicing rights in the fourth quarter. It anticipates proceeds above $1.8 billion. Those proceeds and $400 million from the rights offering are earmarked to pay down non-funding debt.
The servicing portfolio stood at about $270 billion of unpaid principal at September 30, and the company expects to end the year between $210 billion and $230 billion. Net non-funding debt was 1.75 to 1.80 times total preferred and common equity of about $2.8 billion.
The deck notes that the company closed a $1.65 billion preferred equity investment from Oaktree and SFS Group on August 5. For the second quarter it shows a net loss of $451.9 million, including a $603.2 million loss on interest rate derivatives.
Rights offering leans on backstop
UWM began a roughly $400 million rights offering on October 5, expiring November 12. Holders as of October 2 can buy 0.57 shares per right at the greater of $2.00 or 85% of the 10-day average share price ending three trading days before expiration. The company said that, at the current share price, material subscription from outside investors appears unlikely.
If the offering falls short, Oaktree has the option to buy the remainder, and SFS Group and CEO Mat Ishbia are obligated to cover whatever is left, so gross proceeds reach at least $400 million. Ishbia controls the entity holding 75% of SFS Group. Backstop buyers can take common stock or junior perpetual preferred stock with warrants equal to 20% of its initial liquidation preference.
The rights offering expires November 12, and the company said it will not update the preliminary figures before its 10-Q.
Sources
- 8-K Filing — UWM Holdings Corp (UWMC) — SEC EDGAR
- Exhibit q32026ex-991prelimpressrel.htm — UWM Holdings Corp 8-K exhibit — SEC EDGAR
- Exhibit uwm_3q26xfinalexhibit.htm — UWM Holdings Corp 8-K exhibit — SEC EDGAR
