UWMC — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-11-06

• Three and Nine Months Ended September 30, 2026 and 2025 Summary

• For the three months ended September 30, 2026, we originated $33.4 billion in loans, which was a decrease of $8.3 billion, or 20.0%, from the $41.7 billion of originations during the three months ended September 30, 2025. We reported net income of $212.6 million for the three months ended September …

• In connection with the finalization of the Company’s quarter-end financial reporting processes, the Company corrected the adjusted tax provision that was used in the calculation of the non-GAAP metric "Adjusted net income available to Class A Common Shareholders" and "Adjusted diluted earnings per s…

• The following is the corrected reconciliation of these non-GAAP measures for the quarter ended September 30, 2026:

• Adjusted net income available to Class A Common ShareholdersQ3 2026

Text removed vs the prior filing · source: 10-Q · 2026-08-07

• For the three months ended June 30, 2026, we originated $39.7 billion in loans, which remained essentially flat with the $39.7 billion of originations during the three months ended June 30, 2025. We reported net loss of $451.9 million for the three months ended June 30, 2026, which was an decrease o…

• For the six months ended June 30, 2026, we originated $84.6 billion in loans, which was an increase of $12.6 billion, or 17.4%, from the $72.1 billion of originations during the six months ended June 30, 2025. We reported net loss of $281.5

• Results of Operations for the Three Months Ended June 30, 2026 and 2025

• For the three months ended June 30,For the six months ended June 30,

• The total of primary loss and capitalization of MSRs increased approximately $62.5 million for the three months ended June 30, 2026 as compared to the same period in 2025. This increase was primarily due to improved pricing and gain margin.

Text added vs the prior filing · source: 10-Q · 2026-11-06

• Our IRLCs and mortgage loans at fair value are exposed to interest rate volatility. During the origination, pooling, and delivery process, the value of our mortgage loan pipeline fluctuates with changes in interest rates. Because substantially all of our production is deliverable to Fannie Mae, Fred…

• Mae To Be Announced ("TBA") securities as our primary hedge instruments. The TBA market is a secondary market in which forward contracts for agency mortgage-backed securities are traded, which we use to mitigate the risk of changes in the value of our mortgage loan pipeline resulting from changes in…

• We assess our market risk based on changes in interest rates utilizing a sensitivity analysis. The sensitivity analysis measures the potential impact on fair values based on hypothetical changes (increases and decreases) in interest rates. Our total market risk is influenced by a wide variety of fac…

• We are subject to credit risk, which is the risk of default that results from a borrower’s inability or unwillingness to make contractually required mortgage payments. While our loans are generally sold into the secondary market without recourse, we remain subject to repurchase and indemnification o…

• We are subject to counterparty risk that arises from our financing facilities and interest rate risk hedging activities. These activities generally involve an exchange of obligations with unaffiliated banks or companies, referred to in such transactions as “counterparties." If a counterparty default…

Text removed vs the prior filing · source: 10-Q · 2026-08-07

• Our IRLCs and mortgage loans at fair value are exposed to interest rate volatility. During the origination, pooling, and delivery process, this pipeline value rises and falls with changes in interest rates. Because substantially all of our production is deliverable to Fannie Mae, Freddie Mac, and Gi…

• We assess our market risk based on changes in interest rates utilizing a sensitivity analysis. The sensitivity analysis measures the potential impact on fair values based on hypothetical changes (increases and decreases) in interest rates. Our total market risk is influenced by a wide variety of fac…

• We are subject to credit risk, which is the risk of default that results from a borrower’s inability or unwillingness to make contractually required mortgage payments. While our loans are sold into the secondary market without recourse, we do have repurchase and indemnification obligations to invest…

• We are subject to risk that arises from our financing facilities and interest rate risk hedging activities. These activities generally involve an exchange of obligations with unaffiliated banks or companies, referred to in such transactions as “counterparties." If a counterparty were to default, we …

• In accordance with the best practices outlined by The Treasury Market Practices Group, we execute Securities Industry and Financial Markets Association trading agreements with our trading partners. Each such agreement provides for an exchange of margin should either party’s exposure exceed a predete…

Text added vs the prior filing · source: 10-Q · 2026-11-06

• On April 28, 2025, a complaint was filed in the U.S. District Court for the Eastern District of Michigan against UWM, its 401(k) Committee and the Company’s Board of Directors alleging that UWM’s 401(k) plan (the “UWM Plan”) forfeitures should have been used to pay UWM Plan expenses instead of being…

• On May 14, 2026, Rocket Mortgage, LLC (“Rocket”), as successor to Nationstar Mortgage LLC, filed suit against UWM in the Supreme Court of the State of New York – Commercial Division alleging breach of contract with respect to certain mortgage servicing rights sales between Nationstar Mortgage LLC an…

• On June 26, 2026, a complaint was filed in the U.S. District Court for the District of Colorado against UWM by Jennifer Fox, et al. (collectively, the “Fox Plaintiffs”). The Fox Plaintiffs seek class certification, monetary damages, attorneys’ fees, and declaratory and injunctive relief. The Fox Pla…

• On August 10, 2026, the Company and UWM Acquisitions 1 LLC sued Two Harbors Investment Corp. (“TWO”) in the United States District Court for the District of Maryland alleging TWO breached its $1.3 billion merger agreement with the Company and committed fraud while steering TWO toward a competing tra…

• On August 13, 2026, a complaint was filed in the U.S. District Court for the Eastern District of Michigan against the Company, Mathew Ishbia and Rami Hasani by Doug Bond, et al. (collectively, the “Bond Plaintiffs”) alleging certain violations of the Securities Exchange Act of 1934. The Bond Plainti…

Text removed vs the prior filing · source: 10-Q · 2026-08-07

• On April 2, 2024, a complaint was filed in the U.S. District Court for the Eastern District of Michigan against UWM, the Company, SFS Corp., and Mat Ishbia, individually (collectively, the “UWM Defendants”) by Therisa D. Escue, Billy R. Escue, Jr., Kim Schelble, Brian P. Weatherill, et al. (collecti…

• On December 16, 2025, a complaint was filed by Andrew Arnold, et al. (“Arnold Plaintiffs”) in the 17th Judicial Circuit for Broward County, Florida against UWM, Appraisal Nation, LLC and AMC Links, LLC alleging that the appraisal fee

• charged to the Arnold Plaintiffs was unlawful, unfair and deceptive under Florida law. The Arnold Plaintiffs sought class certification, monetary damages, attorneys’ fees, and injunctive relief. On February 11, 2026, UWM filed its motion to dismiss and motion to sever in this case. On May 8, 2026, a…

• On February 4, 2026, a complaint was filed in the U.S. District Court for the District of Colorado against UWM by Bridget A. Warne, et al. (collectively, the “Warne Plaintiffs”). The Warne Plaintiffs seek class certification, monetary damages, and declaratory and injunctive relief. The Warne Plainti…

• On May 14, 2026, Rocket Mortgage, LLC (“Rocket”), as successor to Nationstar Mortgage LLC, filed suit against UWM in the Supreme Court of the State of New York – Commercial Division alleging breach of contract with respect to certain mortgage servicing rights sales between Nationstar Mortgage LLC an…

Text added vs the prior filing · source: 10-Q · 2026-11-06

• Since December 31, 2025, there have been no material changes to the Company’s Risk Factors, except as noted below:

• Our ability to take certain actions may be limited by the terms of the Series A-1 Preferred Stock.

• The terms of the Series A-1 Preferred Stock restrict our ability to take certain actions without the consent of the holders of the Series A-1 Preferred Stock or the satisfaction of specified conditions. For example, we are restricted from creating or issuing securities ranking senior to or on parity…

• These restrictions could limit our flexibility in managing our capital structure and conducting our business and could prevent us from pursuing transactions or taking other actions that we may otherwise believe would be in our best interests. In addition, any requirement to obtain the consent of hol…

• For so long as Oaktree beneficially owns at least 25% of the number of shares of Series A-1 Preferred Stock issued to them on August 5, 2026, Oaktree will have the exclusive right to nominate and elect two directors to our Board (each a “Series A-1 Investor Board Member”). In addition, upon the earl…

Text removed vs the prior filing · source: 10-Q · 2026-08-07

• Except as set forth in Company’s Form 10-K for the year ended December 31, 2025, there have been no material changes to the Company’s Risk Factors.

Text added vs the prior filing · source: 10-Q · 2026-11-06

• No director or officer of the Company adopted or terminated a Rule 10b5‑1 trading arrangement or non‑Rule 10b5‑1 trading arrangement during the fiscal quarter.

Text removed vs the prior filing · source: 10-Q · 2026-08-07

• SFS Corp., an entity controlled by our CEO and director Mat Ishbia, had previously announced entering into 10b5-1 trading arrangements, adopted on March 17, 2025 and September 16, 2025, as part of its strategy to increase public float and trading liquidity. On May 11, 2026, SFS Corp. announced that …

• No other director or officer of the Company adopted or terminated a Rule 10b5‑1 trading arrangement or non‑Rule 10b5‑1 trading arrangement during the fiscal quarter.