Purchase
loans remained
the
largest
share
of
UWM’s
production
in
2025
at
$93.2
billion,
down
from
$96.1
billion
in
2024.
Refinancing
volume,
however,
jumped
to
$70.3
billion
—
up
from
$43.4
billion
in
prior
year
and
a
reflection
of

lower
rates. 

In
its
servicing
portfolio,
UWM
ended
the
year
with
$240.8
billion
in
unpaid
principal
balance
(UPB),
down
from
$242
billion
in
2024.
The
weighted
average
coupon
of
the
servicing
book
stood
at
5.65%
at
year’s
end.

During
an

earnings
call
Wednesday
morning,
Ishbia
said
the
Bilt
partnership
“is
going
to
allow
our
brokers
to
not
only
acquire
consumers
earlier
and
expand
the
volume
at
the
top
of
our
funnel
for
lead
flow,
but
also
keep
some
mortgage
brokers
top
of
mind
through
the
whole
process.” 

He
also
described
the
pending
Two
Harbors
acquisition
and
the
transition
to
bringing
servicing
fully
in
house
as
“strategic
inflection
points,
not
just
operational
improvements”
for
the
company.

“The
initiatives
position
us
to
expand
our
dominance,
deliver
high
quality
leads
to
our

brokers,
increase
the
recapture
rate,
while
lowering
cost
per
recaptured
loan
and
more,
data-driven
personalization
tools
for
our
brokers.
You
can
think
about
our
servicing
platform
as
both
a
growth
and
retention
engine,”
he
added. 

UWM
did
not
hold
a
live
Q&A
session
with
analysts
following
prepared
remarks.
Ishbia
said
that
format
does
not
necessarily
“do
justice”
to
explaining
the
complexity
of
its
business
and
instead
encouraged
analysts
to
review
its
SEC
filings
for
additional
details
on
strategy.

A
UWM
spokesperson
sent
a
statement
to

HousingWire
to
clarify
that
decision.

“We’ve
taken
questions
on
our
earnings
calls
in
the
past,
and
while
we
believe
we
have
the
industry’s
superior
business
model,
the
short-form
Q&A
on
these
calls
doesn’t
do
justice
to
the
strength
of
our
company,”
the
statement
read.

Fourth-quarter
surge
driven
by
refis

UWM
reported
total
fourth-quarter
production
of
$49.6
billion,
up
from
$41.7
billion
in
the
third
quarter.
As
rates
declined
further
in
the
fourth
quarter,
refinances
outpaced
purchase
originations.

Refi
volume
nearly
doubled
to
$30.7
billion
in
Q4
2025
compared
to
$16.5
billion
in
Q3,
while
purchase
production
fell
from
$25.2
billion
to
$18.9
billion
during
the
same
period.

Gain-on-sale
margin
compressed
to
122
basis
points
in
Q4,
down
from
130
bps
in
the
third
quarter.
Still,
net
income
rose
sharply
to
$164.5
million,
compared
to
$12.1
million
in
Q3.

Jefferies
analysts
noted
that
both
origination
and
servicing
results
exceeded
consensus
expectations.
They
also
highlighted
an
increase
in
the
nonfunding
debt-to-equity
ratio,
reflecting
secured
credit
lines
tied
to
the
pending
Two
Harbors
acquisition.

“Mix
shifted
modestly
toward
government
production
Y/Y
(gov’t
+8%,
conventional
-8%),
consistent
with
greater
refi
activity
and
rate
sensitivity
within
the
broker
channel
rather
than
share
loss,”
the
analysts
wrote.

UWM
ended
the
quarter
with
$1.8
billion
in
available
liquidity,
including
$503
million
in
cash
and
borrowing
capacity.

For
the
first
quarter
of
2026,
UWM
expects
total
revenue
between
$650
million
and
$850
million.

Ishbia
added
that
he
remains
optimistic
about
market
conditions,
noting
that
policymakers
are
seeking
ways
to

improve
affordability
and
lower
rates.
“UWM
will
be
the
clear
beneficiary
of
all
these
changes,”
he
said.