Pay vs Performance Disclosure, Table

PAY VERSUS PERFORMANCE

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of

Regulation S-K,

we are providing the following information about the relationship between executive “Compensation Actually Paid” (or “CAP”), as defined by SEC rules, and certain of our financial performance metrics. For further information concerning our variable

pay-for-

performance

philosophy and how we align executive compensation with our performance, refer to the “Compensation Discussion and Analysis” section of this proxy statement.



Year	Summary Compensation Table Total for PEO		Compensation Actually Paid to PEO		Average Summary Compensation Table Total for Non-PEO NEOs		Average Compensation Actually Paid to Non-PEOs		Value of Initial Fixed $100 Investment Based On:				Net Income (loss) (in thousands)			Adjusted EBITDA (in thousands)
Year	Summary Compensation Table Total for PEO		Compensation Actually Paid to PEO		Average Summary Compensation Table Total for Non-PEO NEOs		Average Compensation Actually Paid to Non-PEOs		Total Shareholder Return		Peer Group Total Shareholder Return		Net Income (loss) (in thousands)			Adjusted EBITDA (in thousands)
(a)	(b)		(c)		(d)		(e)		(f)		(g)		(h)			(i)

2025		$ 9,961,301		$ 9,385,055		$4,553,823		$4,443,844		$50.68		$165.38		$ 244,023			$ 697,336

2024		$13,150,935		$12,829,377		$5,797,761		$4,154,737		$62.51		$130.88		$ 329,375			$ 459,975

2023		$12,168,119		$12,923,834		$2,162,215		$2,272,428		$77.21		$121.92		$ (69,782	)		$ 478,270

2022		$ 6,989,522		$ 6,989,522		$2,552,653		$2,473,719		$33.43		$ 86.36		$ 931,858			$ 282,402

2021		$ 7,808,350		$ 7,808,350		$3,874,197		$3,787,729		$53.55		$108.23		$1,568,400			$1,418,337

Column (b)

. Reflects compensation amounts reported in the “Summary Compensation Table” or “SCT” for our Principal Executive Officer or “PEO,” Mat Ishbia, for the respective years shown.

Column (c)

. CAP for our CEO in each of 2025, 2024, 2023, 2022 and 2021 reflects the respective amounts set forth in column (b), as determined in accordance with SEC rules. The dollar amounts reflected in column (c) for 2022 do not reflect any adjustment amounts, as our CEO, Mr. Ishbia, did not have any outstanding stock awards prior to 2023. For information regarding decisions made by our Compensation Committee with respect to the CEO’s compensation for each of 2025, 2024, 2023, 2022 and 2021, please see the “Compensation Discussion and Analysis” section of this proxy statement and the proxy statement for the 2025 annual meeting of stockholders.

Column (d)

. The

non-CEO

named executive officers included in the average figures shown for 2025 were Andrew Hubacker, Rami Hasani, Melinda Wilner, Alex Elezaj and Laura Lawson. The

non-CEO

named executive officers included in the average figures shown for 2023 and 2024 were Andrew Hubacker, Melinda Wilner, Alex Elezaj and Laura Lawson. The

non-CEO

named executive officers included in the average figures shown for 2021 and 2022 were Tim Forrester, Melinda Wilner, Alex Elezaj and Laura Lawson. In June 2022, Mr. Forrester commenced a leave of absence for health reasons, at which time the Board designated Andrew Hubacker to serve as our interim principal financial officer. As such, Mr. Hubacker is also included in the average figures shown for 2022.

Column (e)

. Average CAP for our

non-CEO

NEOs in 2025, 2024, 2023, 2022 and 2021 reflects the respective amounts set forth in column (d), adjusted as set forth in the table below, as determined in accordance with SEC rules. Each of our

non-CEO

NEOs received an equity award in 2025, 2024 and 2023. However, in 2022, Mr. Hubacker was the only

non-CEO

NEO to receive an award of restricted stock units, which was granted following his designation as interim principal financial officer. The dollar amounts reflected in column (e) do not reflect the actual amount of compensation earned by or paid to our

non-CEO

NEOs during the applicable year. For information regarding the decisions made by our Compensation Committee with respect to the

non-CEO

NEOs’ compensation for each of 2025, 2024, 2023, 2022 and 2021, please see the “Compensation Discussion and Analysis” section of this proxy statement and the proxy statement for the 2025 annual meeting of stockholders.

Column (f)

. For the relevant fiscal year, the TSR of UWMC was determined based on the value of an initial fixed investment of $100, as of January 21, 2021, including the reinvestment of any dividends, through December 31st of each of 2021, 2022, 2023, 2024 and 2025, respectively.

Column (g)

. For the relevant fiscal year, the TSR of Dow Jones U.S. Mortgage Finance Index (the “Industry Index”) was determined based on the value of an initial fixed investment of $100, as of January 21, 2021, including the reinvestment of any dividends, through December 31st of each of 2021, 2022, 2023, 2024 and 2025, respectively.

Column (h)

. Reflects “Net Income” in our consolidated income statements included in our Annual Reports on

Form 10-K

for each of the years ended December 31, 2025, 2024, 2023, 2022 and 2021.

Column (i)

. Company-selected Measure is Adjusted EBITDA, which is described below.



Year	2021			2022			2023			2024			2025

Non-CEO NEOs	See column (d) note

Average SCT Total Compensation ($)		3,874,197			2,552,653			2,162,215			5,797,761			4,553,823

Less: Stock Award Values Reported in SCT for the Covered Year ($)		(366,188	)		(10,800	)		(84,424	)		3,882,032			2,878,137

Plus: Fair Value for Stock Awards Granted in the Covered Year ($)		279,720			9,930			135,246			2,253,572			3,031,143

Change in Fair Value of Outstanding Unvested Stock Awards from Prior Years ($)		—			(48,474	)		44,832			(1,067	)		(248,994	)

Change in Fair Value of Stock Awards from Prior Years that Vested in the Covered Year ($)		—			(29,589	)		14,558			(13,497	)		(13,990	)

Compensation Actually Paid ($)		$3,787,729			$2,473,719			$2,272,428			$4,154,737			$4,443,844

Company Selected Measure Name

Adjusted EBITDA

Named Executive Officers, Footnote

The

non-CEO

named executive officers included in the average figures shown for 2025 were Andrew Hubacker, Rami Hasani, Melinda Wilner, Alex Elezaj and Laura Lawson. The

non-CEO

named executive officers included in the average figures shown for 2023 and 2024 were Andrew Hubacker, Melinda Wilner, Alex Elezaj and Laura Lawson. The

non-CEO

Peer Group Issuers, Footnote

For the relevant fiscal year, the TSR of Dow Jones U.S. Mortgage Finance Index (the “Industry Index”) was determined based on the value of an initial fixed investment of $100, as of January 21, 2021, including the reinvestment of any dividends, through December 31st of each of 2021, 2022, 2023, 2024 and 2025, respectively.

PEO Total Compensation Amount

$ 9,961,301

$ 13,150,935

$ 12,168,119

$ 6,989,522

$ 7,808,350

PEO Actually Paid Compensation Amount

9,385,055

12,829,377

12,923,834

6,989,522

7,808,350

Non-PEO NEO Average Total Compensation Amount

4,553,823

5,797,761

2,162,215

2,552,653

3,874,197

Non-PEO NEO Average Compensation Actually Paid Amount

$ 4,443,844

4,154,737

2,272,428

2,473,719

3,787,729

Adjustment to Non-PEO NEO Compensation Footnote



Year	2021			2022			2023			2024			2025

Non-CEO NEOs	See column (d) note

Average SCT Total Compensation ($)		3,874,197			2,552,653			2,162,215			5,797,761			4,553,823

Less: Stock Award Values Reported in SCT for the Covered Year ($)		(366,188	)		(10,800	)		(84,424	)		3,882,032			2,878,137

Plus: Fair Value for Stock Awards Granted in the Covered Year ($)		279,720			9,930			135,246			2,253,572			3,031,143

Change in Fair Value of Outstanding Unvested Stock Awards from Prior Years ($)		—			(48,474	)		44,832			(1,067	)		(248,994	)

Change in Fair Value of Stock Awards from Prior Years that Vested in the Covered Year ($)		—			(29,589	)		14,558			(13,497	)		(13,990	)

Compensation Actually Paid ($)		$3,787,729			$2,473,719			$2,272,428			$4,154,737			$4,443,844

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

Listed below are the financial and

non-financial

performance measures which in our assessment represent the most important performance measures we used for 2025 to link CAP to our named executive officers to our performance.



Measure	Nature	Explanation

Adjusted EBITDA	Financial measure	Non-GAAP financial measure calculated as earnings before interest expense on non-funding debt, provision for income taxes, depreciation and amortization, stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions, the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the change in the Tax Receivable Agreement liability, change in fair value of retained investment securities and acquisition-related expenses. We use Adjusted EBITDA to evaluate our operating performance, and it is one of the measures used by our management for planning and forecasting future periods.

Gain Margin	Financial Measure	Financial measure calculated as total loan production income divided by total loan origination volume for the applicable period.

Cost Per Loan	Financial Measure	Financial measure for per unit costs to originate calculated as total origination expense divided by closed loans for the applicable period.

Total Purchase Loan Production	Non-financial performance measure	Operational metric calculated as total purchase loan production volume.

Broker Channel Growth	Non-financial performance measure	Operational metric for growth in the number of new loan officers and unique real estate agents closing a loan with a broker.

Loan Defect Rate	Non-financial performance measure	Operational metric of percentage of loan defects discovered within total loans originated.

Net Promoter Score	Non-financial performance measure	Operational metric for measuring client satisfaction based on average monthly scores of regular surveys.

Total Shareholder Return Amount

$ 50.68

62.51

77.21

33.43

53.55

Peer Group Total Shareholder Return Amount

165.38

130.88

121.92

86.36

108.23

Net Income (Loss)

$ 244,023,000

$ 329,375,000

$ (69,782,000)

$ 931,858,000

$ 1,568,400,000

Company Selected Measure Amount

697,336,000

459,975,000

478,270,000

282,402,000

1,418,337,000

PEO Name

Mat Ishbia

Measure:: 1

Non-GAAP Measure Description

Adjusted EBITDA

Non-GAAP

financial measure calculated as earnings before interest expense on

non-funding

debt, provision for income taxes, depreciation and amortization, stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions, the impact of

non-cash

deferred compensation expense, the change in fair value of the Public and Private Warrants, the change in the Tax Receivable Agreement liability, change in fair value of retained investment securities and acquisition-related expenses. We use Adjusted EBITDA to evaluate our operating performance, and it is one of the measures used by our management for planning and forecasting future periods.

Measure:: 2

Gain Margin

Measure:: 3

Cost Per Loan

Measure:: 4

Total Purchase Loan Production

Measure:: 5

Broker Channel Growth

Measure:: 6

Loan Defect Rate

Measure:: 7

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Net Promoter Score

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

$ (2,878,137)

$ (3,882,032)

$ (84,424)

$ (10,800)

$ (366,188)

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

3,031,143

2,253,572

135,246

9,930

279,720

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

(248,994)

(1,067)

44,832

(48,474)