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# UWM Posts $212.6 Million Profit After $451.9 Million Loss, Even As Originations Drop To $33.4 Billion
- URL: https://www.bullished.co/uwm-posts-212-6-million-profit-after-451-9-million-loss-even-as-originations-drop-to-33-4-eb9702ec/
- Published: 2026-11-04T14:16:45.000Z
- Updated: 2026-11-04T14:16:45.000Z
- Description: The mortgage lender's servicing book and a servicing-rights gain flipped the quarter, while refinance volume fell to $10.6 billion.
- Author: Matteo Parrino
- Tags: SEC Filings, UWMC, Industry: Financials

[UWM Holdings](https://www.bullished.co/tag/uwmc/), the parent of broker-only mortgage lender United Wholesale Mortgage, reported third-quarter [net income of $212.6 million](https://www.sec.gov/Archives/edgar/data/0001783398/000178339826000134/q32026ex-991pressrelease.htm?ref=bullished.co), reversing a $451.9 million loss in the second quarter. The turnaround came from the value of its servicing rights, while new lending shrank to $33.4 billion.

## Servicing rights drive the swing

The company booked a $470.3 million gain on the fair value of its mortgage servicing rights, the right to collect payments on loans it has sold. A quarter earlier that line was a $122.7 million loss. Losses on interest rate derivatives of $481.5 million offset nearly all of the gain, against $603.2 million of derivative losses in the second quarter.

Loan servicing income rose to $246.6 million from $220.5 million in the second quarter. The servicing portfolio's unpaid principal balance reached [$269.8 billion](https://www.businesswire.com/news/home/20261104182725/en/UWM-Holdings-Corporation-Announces-Third-Quarter-2026-Results?ref=bullished.co) at September 30, from $247.6 billion at June 30.

Revenue was [$811.1 million](https://www.businesswire.com/news/home/20261104182725/en/UWM-Holdings-Corporation-Announces-Third-Quarter-2026-Results?ref=bullished.co), down from $888.0 million in the second quarter and $843.3 million a year earlier. Diluted earnings per share were $0.09, against a loss of $0.24 in the second quarter.

## Refinancing falls hardest

Originations of [$33.4 billion](https://seekingalpha.com/news/4664780-uwm-holdings-reports-q3-results?ref=bullished.co) compare with $39.7 billion in the second quarter and $41.7 billion in the third quarter of 2025\. Refinance volume dropped to $10.6 billion from $15.9 billion in the second quarter, while purchase loans slipped to $22.8 billion from $23.8 billion.

Total gain margin, the loan production income earned per dollar originated, was 124 basis points (1.24%), versus 133 in the second quarter. Adjusted EBITDA, the company's own earnings measure, was $178.3 million, against $185.9 million in the second quarter and $211.1 million a year earlier.

## Balance sheet and the AI pitch

UWM, which lends only through independent mortgage brokers and mainly makes conforming and government-backed loans, ended the quarter with about $1.35 billion of available liquidity, including $394.8 million of unrestricted cash. Total equity was $1.3 billion, up from $1.0 billion at June 30, and it carried $1.5 billion of redeemable preferred stock.

CEO Mat Ishbia said investments in artificial intelligence and technology are "driving greater efficiencies across the business and helping lower expenses." Salaries, commissions and benefits fell to $197.7 million from $213.0 million in the second quarter.

Management holds its earnings call for analysts and investors at 11:00 a.m. ET on Wednesday.

Net debt not tied to loan funding stood at 1.77 times equity at September 30, compared with 5.65 times at June 30.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — UWM Holdings Corp (UWMC)](https://www.sec.gov/Archives/edgar/data/0001783398/000178339826000134/xbrl-20261104.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit q32026ex-991pressrelease.htm — UWM Holdings Corp 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001783398/000178339826000134/q32026ex-991pressrelease.htm?ref=bullished.co) — SEC EDGAR
- [UWM Holdings reports Q3 results | Seeking Alpha](https://seekingalpha.com/news/4664780-uwm-holdings-reports-q3-results?ref=bullished.co) — seekingalpha.com
- [UWM Holdings Corporation Announces Third Quarter 2026 Results](https://www.businesswire.com/news/home/20261104182725/en/UWM-Holdings-Corporation-Announces-Third-Quarter-2026-Results?ref=bullished.co) — businesswire.com

### More on UWM Holdings

- [UWM Cuts 2026 Revenue Estimate To $3.35 Billion–$3.50 Billion As Industry Volume Slows](https://www.bullished.co/uwm-cuts-2026-revenue-estimate-to-3-35-billion-3-50-billion-as-industry-volume-slows-ccc54cb4/)
- [UWM's Rights Offering Seeks $400 Million, But The $2.00 Floor Sits Above A $1.26 Stock](https://www.bullished.co/uwms-rights-offering-seeks-400-million-but-the-2-00-floor-sits-above-a-1-26-stock-1e0f4958/)
- [UWM Holdings Registers 330 Million Shares For Resale In Oaktree-Backed Deal](https://www.bullished.co/uwm-holdings-registers-330-million-shares-for-resale-in-oaktree-backed-deal-60ba6165/)

[All UWM Holdings (UWMC) coverage →](https://www.bullished.co/tag/uwmc/)