UWM Holdings Cuts 2026 Revenue Outlook After Volume Slide

The Tip Desk · October 24, 2026 · 3 min read

The company now sees full-year 2026 revenue of about $3.35 billion to $3.50 billion, after third-quarter origination volume of $33.4 billion.

UWM Holdings Corporation (UWMC), the publicly traded indirect parent of United Wholesale Mortgage, said it now expects full-year 2026 total revenue of approximately $3.35 billion to $3.50 billion, lower than it had expected earlier in the year because of weaker origination volume across the industry.

The wholesale mortgage lender also issued preliminary results for the quarter ended September 30, 2026, in advance of the measurement period used to set the subscription price under a rights offering that began October 5.

Loan origination volume was $33.4 billion, including $22.8 billion of purchase originations and $10.6 billion of refinance originations. That sequential decline continued from $39.7 billion in the second quarter and $44.9 billion in the first quarter. Purchase volume had risen from $18.7 billion in the first quarter to $23.8 billion in the second quarter before easing to $22.8 billion. Refinance volume had already fallen from $26.3 billion in the first quarter to $15.9 billion in the second quarter.

Total gain margin was approximately 124 basis points, down from 133 basis points in the second quarter. Total revenue was expected at $800 million to $825 million, after $888.0 million in the second quarter and $901.4 million in the first quarter. Loan production income was expected at $410 million to $420 million. Loan servicing income was expected at $240 million to $250 million. Operating expenses, defined as total expenses net of interest expense and servicing cost, were expected at $375 million to $385 million.

Net income was expected at $205 million to $220 million, after a $451.9 million net loss in the second quarter and $170.4 million of net income in the first quarter. Adjusted EBITDA was expected at $170 million to $190 million.

The mortgage servicing rights portfolio stood at approximately $270 billion of unpaid principal balance at September 30, with a weighted average coupon of about 5.97% and a weighted average servicing fee of about 40 basis points. Total preferred and common equity was approximately $2.8 billion, and net non-funding debt to that equity was 1.75 times to 1.80 times.

On August 5, the company closed a $1.65 billion Series A preferred equity investment from Oaktree and SFS Group, after announcing a $2.05 billion equity investment with the second-quarter results. A rights offering of about $400 million to Class A shareholders commenced October 5 and expires November 12. Oaktree has an option to backstop unsubscribed shares; SFS Group, controlled by Mat Ishbia, is obligated to purchase the remainder so that at least $400 million of gross proceeds is secured.

For the year ending December 31, 2026, the company said it expects to originate approximately 8% of total U.S. residential mortgage production and to end the year with an MSR portfolio of $210 billion to $230 billion in unpaid principal balance. It expects to sell $70 billion to $80 billion of MSRs in the fourth quarter with proceeds in excess of $1.8 billion. Those proceeds, together with the $400 million of gross proceeds from the rights offering, will be used to support the ongoing paydown of non-funding debt.

The company said the preliminary figures are unaudited, have not been reviewed by its independent registered accounting firm, and may change as it completes its financial close. It does not intend to update the information before filing its Form 10-Q for the quarter ended September 30, 2026, except as required by law.