UWMC — what changed in the latest 10-Q
A section-by-section comparison of UWMC's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-07 vs the prior 10-Q · 2026-05-11
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +59 | −42 | ~25 | 97 |
| Market risk (Item 3) | Text added/removed | +3 | −3 | ~3 | 3 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | Text added/removed | +7 | −3 | 0 | 2 |
| Risk factors | Some risk factors updated | 0 | 0 | 0 | 1 |
| Other information | No paragraph-level changes | 0 | 0 | 0 | 2 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-07
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
million for the six months ended June 30, 2026, which was a decrease of $349.0 million, compared to net income of $67.5 million for the six months ended June 30, 2025. Adjusted EBITDA for the six months ended June 30, 2026 was $346.8 million as compared to $253.5 million for the six months ended Jun…
To provide investors with information in addition to our results as determined by U.S. GAAP, we disclose Adjusted EBITDA as a non-GAAP measure, which our management believes provides useful information on our performance to investors. This measure is not a measurement of our financial performance un…
For the three months ended June 30,For the six months ended June 30,
For the three months ended June 30,For the six months ended June 30,
Text removed vs the prior filing · source: 10-Q · 2026-05-11
To provide investors with information in addition to our results as determined by U.S. GAAP, we disclose Adjusted EBITDA as a non-GAAP measure, which our management believes provides useful information on our performance to
investors. This measure is not a measurement of our financial performance under U.S. GAAP, and it may not be comparable to a similarly titled measure reported by other companies. Adjusted EBITDA has limitations as an analytical tool, and it should not be considered in isolation or as an alternative …
Change in fair value of mortgage servicing rights(10,335)(388,585)
(1) Comprised of non-agency jumbo products, construction loans, and non-qualified mortgage products, including home equity lines of credit ("HELOCs") (which in many instances are second liens).
The total of primary loss and capitalization of MSRs increased approximately $197.6 million for the three months ended March 31, 2026 as compared to the same period in 2025. This increase was primarily due to an increase in loan production volume of $12.6 billion, or 38.9%, from $32.4 billion to $44…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-08-07
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…
counterparty. We incurred no losses due to nonperformance by any of our counterparties during the three or six months ended June 30, 2026 and 2025.
Text removed vs the prior filing · source: 10-Q · 2026-05-11
Announced ("TBA") securities as our primary hedge instrument. The TBA market is a secondary market where FLSCs or TBAs are sold by lenders seeking to hedge the risk that market interest rates may change and lock in a price for the mortgages they are in the process of originating.
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…
Legal proceedings
Text added 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 removed vs the prior filing · source: 10-Q · 2026-05-11
On December 2, 2025, a complaint was filed in the U.S. District Court for the Eastern District of Michigan against UWM by Andrew James McGonigle, et al. (collectively, the “McGonigle Plaintiffs”). The McGonigle Plaintiffs seek class certification, monetary damages, attorneys’ fees and declaratory an…
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 Plaintif…
On March 3, 2026, a complaint was filed in the U.S. District Court for the Eastern District of Michigan against UWM by William Mogck, et al. (collectively, the “Mogck Plaintiffs”). The Mogck Plaintiffs seek class certification, monetary damages and declaratory and injunctive relief. The Mogck Plaint…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice