UWM HOLDINGS CORP, 10-Q filed on 5/11/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
May 08, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-39189  
Entity Registrant Name UWM HOLDINGS CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 84-2124167  
Entity Address, Address Line One 585 South Boulevard E.  
Entity Address, City or Town Pontiac,  
Entity Address, State or Province MI  
Entity Address, Postal Zip Code 48341  
City Area Code (800)  
Local Phone Number 981-8898  
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share  
Trading Symbol UWMC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Entity Central Index Key 0001783398  
Current Fiscal Year End Date --12-31  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   339,225,520
Common Class D    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,261,862,603
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents (includes restricted cash of $21.0 million and $16.0 million, respectively) $ 423,996 $ 503,364
Mortgage loans at fair value 10,991,101 9,932,729
Derivative assets 124,490 37,567
Investment securities at fair value, pledged 98,491 100,512
Accounts receivable, net 1,271,014 526,694
Mortgage servicing rights 4,591,855 4,073,781
Premises and equipment, net 180,523 180,199
Operating lease right-of-use asset (includes $91.8 million and $93.4 million, respectively, with related parties) 92,616 94,310
Finance lease right-of-use asset, net (includes $20.2 million and $20.7 million, respectively, with related parties) 20,681 21,247
Loans eligible for repurchase from Ginnie Mae 1,124,020 1,133,359
Other assets 347,457 324,914
Total assets 19,266,244 16,928,676
Liabilities and equity    
Warehouse lines of credit 9,900,303 8,912,496
Derivative liabilities 337,817 26,574
Secured lines of credit 2,000,000 1,200,000
Borrowings against investment securities 86,724 87,497
Accounts payable, accrued expenses and other 949,788 707,790
Accrued distributions and dividends payable 161,773 161,292
Senior notes 2,983,152 2,981,975
Operating lease liability (includes $98.0 million and $99.7 million, respectively, with related parties) 98,811 100,596
Finance lease liability (includes $22.4 million and $22.9 million, respectively, with related parties) 22,955 23,468
Loans eligible for repurchase from Ginnie Mae 1,124,020 1,133,359
Total liabilities 17,665,343 15,335,047
Equity    
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2026 or December 31, 2025 0 0
Additional paid-in capital 12,593 9,910
Retained earnings 216,768 189,447
Non-controlling interest 1,371,380 1,394,112
Total equity 1,600,901 1,593,629
Total liabilities and equity 19,266,244 16,928,676
Common Class A    
Equity    
Common stock, $0.0001 par value 31 27
Common Class B    
Equity    
Common stock, $0.0001 par value 0 0
Common Class C    
Equity    
Common stock, $0.0001 par value 0 0
Common Class D    
Equity    
Common stock, $0.0001 par value $ 129 $ 133
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Restricted cash $ 21,000 $ 16,000
Operating lease right of use asset, related party 92,616 94,310
Finance lease right of use asset, related party 20,681 21,247
Operating lease liabilities, related party 98,811 100,596
Finance lease liabilities, related party $ 22,955 $ 23,468
Preferred stock, par value (in usd per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized 100,000,000 100,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Related Party    
Operating lease right of use asset, related party $ 91,800 $ 93,400
Finance lease right of use asset, related party 20,200 20,700
Operating lease liabilities, related party 98,000 99,700
Finance lease liabilities, related party $ 22,400 $ 22,900
Common Class A    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized 4,000,000,000 4,000,000,000
Common stock, shares, issued 312,883,751 268,415,480
Common stock, shares, outstanding 312,883,751 268,415,480
Common Class B    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized 1,700,000,000 1,700,000,000
Common stock, shares, issued 0 0
Common stock, shares, outstanding 0 0
Common Class C    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized 1,700,000,000 1,700,000,000
Common stock, shares, issued 0 0
Common stock, shares, outstanding 0 0
Common Class D    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized 1,700,000,000 1,700,000,000
Common stock, shares, issued 1,287,482,620 1,331,482,620
Common stock, shares, outstanding 1,287,482,620 1,331,482,620
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue    
Loan production income $ 554,572 $ 304,751
Loan servicing income 213,379 190,517
Interest income 133,476 118,102
Total revenue 901,427 613,370
Other gains (losses)    
Change in fair value of mortgage servicing rights (10,335) (388,585)
Loss on other interest rate derivatives (138,198) 0
Other gains (losses), net (148,533) (388,585)
Expenses    
Salaries, commissions and benefits 224,554 192,800
Direct loan production costs 60,505 43,127
Marketing, travel, and entertainment 30,878 22,190
Depreciation and amortization 14,385 11,340
General and administrative 59,034 68,148
Servicing costs 43,067 30,434
Interest expense 140,765 120,410
Other expense (income) 2,206 (2,848)
Total expenses 575,394 485,601
Earnings (loss) before income taxes 177,500 (260,816)
Provision (benefit) for income taxes 7,126 (13,788)
Net income (loss) 170,374 (247,028)
Net income (loss) attributable to non-controlling interest 145,073 (233,349)
Net income (loss) attributable to UWM Holdings Corporation $ 25,301 $ (13,679)
Earnings (loss) per share of Class A common stock (see Note 17):    
Basic (in usd per share) $ 0.09 $ (0.08)
Diluted (in usd per share) $ 0.09 $ (0.12)
Weighted average shares outstanding:    
Basic (in shares) 292,122,233 164,100,022
Diluted (in shares) 1,600,064,853 1,598,383,240
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Cumulative Effect, Remeasurement Due to Change in Parent Ownership and Other
Common Class A
Common Class D
Common Stock
Common Class A
Common Stock
Common Class A
Cumulative Effect, Remeasurement Due to Change in Parent Ownership and Other
Common Stock
Common Class D
Common Stock
Common Class D
Cumulative Effect, Remeasurement Due to Change in Parent Ownership and Other
Additional  Paid-in Capital
Additional  Paid-in Capital
Cumulative Effect, Remeasurement Due to Change in Parent Ownership and Other
Retained Earnings
Retained Earnings
Cumulative Effect, Remeasurement Due to Change in Parent Ownership and Other
Non-controlling Interest
Non-controlling Interest
Cumulative Effect, Remeasurement Due to Change in Parent Ownership and Other
Balance at beginning of period (in shares) at Dec. 31, 2024         157,940,987   1,440,332,098              
Balance at beginning of period at Dec. 31, 2024 $ 2,053,848       $ 16   $ 144   $ 3,523   $ 157,837   $ 1,892,328  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income (loss) (247,028)                   (13,679)   (233,349)  
Class A common stock dividends (18,775)                   (18,775)      
Member distributions to SFS Corp. (148,395)                       (148,395)  
Member contributions from SFS Corp. 0                          
Stock-based compensation (in shares)         291,194                  
Stock-based compensation 9,166               775   132   8,259  
Re-measurement of non-controlling interest due to change in parent ownership and other (in shares)           42,549,478   (42,549,478)            
Re-measurement of non-controlling interest due to change in parent ownership and other   $ (13,467)       $ 4   $ (4)       $ 34,892   $ (48,359)
Balance at end of period (in shares) at Mar. 31, 2025         200,781,659   1,397,782,620              
Balance at end of period at Mar. 31, 2025 1,635,349       $ 20   $ 140   4,298   160,407   1,470,484  
Balance at beginning of period (in shares) at Dec. 31, 2025     268,415,480 1,331,482,620 268,415,480   1,331,482,620              
Balance at beginning of period at Dec. 31, 2025 1,593,629       $ 27   $ 133   9,910   189,447   1,394,112  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income (loss) 170,374                   25,301   145,073  
Class A common stock dividends (31,364)                   (31,364)      
Member distributions to SFS Corp. (129,106)                       (129,106)  
Stock-based compensation (in shares)         468,271                  
Stock-based compensation 15,189               2,672       12,517  
Re-measurement of non-controlling interest due to change in parent ownership and other (in shares)           44,000,000   (44,000,000)            
Re-measurement of non-controlling interest due to change in parent ownership and other   $ (17,821)       $ 4   $ (4)   $ 11   $ 33,384   $ (51,216)
Balance at end of period (in shares) at Mar. 31, 2026     312,883,751 1,287,482,620 312,883,751   1,287,482,620              
Balance at end of period at Mar. 31, 2026 $ 1,600,901       $ 31   $ 129   $ 12,593   $ 216,768   $ 1,371,380  
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 170,374 $ (247,028)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Reserve for representations and warranties 5,575 10,376
Capitalization of mortgage servicing rights (1,101,017) (735,571)
Change in fair value of mortgage servicing rights 10,335 388,585
Depreciation & amortization 15,624 12,631
Stock-based compensation expense 13,162 8,310
Decrease (increase) in fair value of investment securities 303 (1,721)
Decrease in fair value of warrants liability 0 (685)
Decrease (increase) in:    
Mortgage loans at fair value (1,058,372) 1,114,326
Derivative assets (86,923) 56,006
Other assets (702,816) (10,164)
Increase (decrease) in:    
Derivative liabilities 311,242 (8,043)
Other liabilities 192,634 6,876
Net cash (used in) provided by operating activities (2,229,879) 593,898
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of premises and equipment, and capitalization of internal-use software (19,063) (17,764)
Net proceeds from sale of mortgage servicing rights 542,626 941,403
Proceeds from principal payments on investment securities 1,718 1,752
Margin calls on borrowings against investment securities (1,000) 3,000
Net cash provided by investing activities 524,281 928,391
CASH FLOWS FROM FINANCING ACTIVITIES    
Net borrowings (repayments) under warehouse lines of credit 987,807 (1,124,604)
Repayments of finance lease liabilities (513) (650)
Borrowings under secured lines of credit 2,050,000 225,000
Repayments under secured lines of credit (1,250,000) (475,000)
Borrowings against investment securities 86,724 88,775
Repayments of borrowings against investment securities (87,497) (90,646)
Dividends paid to Class A common stockholders (26,842) (15,794)
Member distributions paid to SFS Corp. (133,148) (151,347)
Other financing activities (301) (338)
Net cash provided by (used in) financing activities 1,626,230 (1,544,604)
DECREASE IN CASH AND CASH EQUIVALENTS (79,368) (22,315)
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 503,364 507,339
CASH AND CASH EQUIVALENTS, END OF THE PERIOD 423,996 485,024
SUPPLEMENTAL INFORMATION    
Cash paid for interest 145,972 84,784
Cash paid for taxes $ 39 $ 58
v3.26.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization, Basis of Presentation and Summary of Significant Accounting Policies ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
UWM Holdings Corporation ("UWMC"), a Delaware corporation, through its consolidated subsidiaries (collectively, the “Company”), engages in the origination, sale and servicing of residential mortgage loans throughout the U.S.
The Company is organized in an “Up-C” structure in which United Wholesale Mortgage, LLC (“UWM”), a Michigan limited liability company (the operating subsidiary) is 100% owned directly by UWM Holdings, LLC (“Holdings LLC”), a Delaware limited liability company which is in turn owned by SFS Holding Corp. (“SFS Corp.”), a Michigan corporation and by the Company. Holdings LLC has two classes of equity, Class B Common Units, which are held solely by SFS Corp., and Class A Common Units, which are held solely by the Company. The Company is the manager of Holdings LLC and its only material direct asset consists of the Class A Common Units in Holdings LLC.
The Company’s current capital structure authorizes four classes of common Stock, Class A common stock, Class B common stock, Class C common stock and Class D common stock. Each of the Class A Common Stock and Class B Common Stock have the same economic interest in the Company, with Class A Common Stock having one vote per share and the Class B Common Stock having 10 votes per share. The holders of Class C common stock and Class D common stock do not have any economic rights, but have one vote per share and 10 votes per share, respectively. Pursuant to our Certificate of Incorporation, only SFS Corp. and its shareholders can hold either Class B Common Stock or Class D Common Stock.
As part of our structure, SFS Corp. holds Holdings LLC Class B Common Units and an equal number of shares of Class D common stock (each, a “Paired Interest"). Each Paired Interest may be exchanged at any time by SFS Corp. into, at the option of the Company, either, (a) cash or (b) one share of the Company’s Class B common stock (an "Exchange Transaction"). Each share of Class B common stock is convertible into one share of Class A common stock upon the transfer or assignment of such share from SFS Corp. to a non-affiliated third-party. See Note 11 - Non-Controlling Interest for further information.
In addition to the Paired Interests that SFS Corp. received in connection with its 2021 acquisition, SFS Corp. was entitled to receive 22,690,421 additional Paired Interests to the extent that the volume weighted average per share price of the Company's Class A common stock over any 10 trading days within any 30 trading day period is greater than or equal to each of the following stock price targets prior to January 21, 2026: $13.00, $15.00, $17.00 and $19.00 per share (total of approximately 90.8 million additional Paired Interests). The Company accounted for the potential earn-out shares as a component of stockholders' equity in accordance with applicable U.S. GAAP. See Note 17 - Earnings Per Share for further information. The applicable stock price targets were not achieved during the earn-out period and, therefore, SFS Corp.'s contingent right to receive these additional Paired Interests expired on January 21, 2026.
Basis of Presentation and Consolidation
The condensed consolidated financial statements are unaudited and presented in U.S. dollars. They have been prepared in accordance with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, these condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair presentation of our results of operations, financial position and cash flows for the periods presented. However, our results of operations for any interim period are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Operating Segment
The Company operates in a single segment and is engaged in the origination, sale and servicing of residential mortgage loans, exclusively in the wholesale channel. The President and Chief Executive Officer is the Company's chief operating decision maker (“CODM”). The CODM uses consolidated net income and total assets in assessing the Company's operational
performance and in making resource allocation and strategic decisions. The CODM is regularly provided with only the consolidated expenses and assets as presented on the face of the accompanying financial statements, which are included in the measures of the Company's consolidated net income and total assets.
Loans Eligible for Repurchase from Ginnie Mae
For certain loans sold to Ginnie Mae, the Company as the servicer has the unilateral right to repurchase any individual loan in a Ginnie Mae pool if that loan meets defined criteria (generally loans that are more than 90 days past due). When the Company has the unilateral right to repurchase the delinquent loans, the previously sold assets are required to be re-recognized on the condensed consolidated balance sheets as assets and corresponding liabilities at the loan's unpaid principal balance, regardless of the Company’s intent to exercise its option to repurchase. The recognition of previously sold loans does not impact the accounting for the previously recognized mortgage servicing rights ("MSRs").
Income Taxes
The Company accounts for income taxes during interim periods by applying an estimated annual effective tax rate to year-to-date earnings (loss) before income taxes to compute the year-to-date tax expense (or benefit). At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year, adjusted for discrete items, if any, that arise during the period. In any period in which the Company acquires additional units of Holdings LLC by means of an Exchange Transaction, the Company records the related income tax effects as an adjustment to equity. See Note 15 – Income Taxes for further information.
Tax Receivable Agreement
The Company has entered into a Tax Receivable Agreement ("TRA") with SFS Corp. that obligates the Company to make payments to SFS Corp. of 85% of the amount of cash savings, if any, in federal, state and local income tax that the Company actually realizes as a result of (i) certain increases in tax basis resulting from Exchange Transactions; (ii) imputed interest deemed to be paid by the Company as a result of payments it makes under the TRA; (iii) certain increases in tax basis resulting from payments the Company makes under the TRA; and (iv) disproportionate allocations (if any) of tax benefits to the Company which arise from, among other things, the sale of certain assets as a result of taxable income allocation rules in the United States. The Company will retain the benefit of the remaining 15% of these tax savings.
The Company accounts for liabilities arising from the TRA as a loss contingency recorded within "Accounts payable, accrued expenses and other". Changes in the liability, other than those due to Exchange Transactions, are measured and recorded when estimated amounts due under the TRA are probable and can be reasonably estimated, and reported as part of "Other expense/(income)" in the condensed consolidated statements of operations. In any period in which the Company acquires additional units of Holdings LLC by means of an Exchange Transaction, the Company records the related adjustment to the TRA liability as an adjustment to equity. See Note 9 - Accounts Payable, Accrued Expenses and Other for further information.
Related Party Transactions
The Company enters into various transactions with related parties. See Note 14 – Related Party Transactions for further information.
Stock-Based Compensation
In 2021, the Company adopted the UWM Holdings Corporation 2020 Omnibus Incentive Plan (the “2020 Plan”). The 2020 Plan allows for the grant of stock options, restricted stock, restricted stock units (“RSUs”), and stock appreciation rights. Pursuant to the 2020 Plan, the Company reserved a total of 80,000,000 shares of common stock for issuance of stock-based compensation awards, and 38,033,281 shares remained available for issuance under the 2020 Plan as of March 31, 2026.
Stock-based compensation expense is recognized on a straight-line basis over the requisite service period based on the fair value of the award on the date of grant and is included in "Salaries, commissions and benefits" on the consolidated statements of operations. The Company made a policy election to recognize the effects of forfeitures as they occur. See Note 16 – Stock-based Compensation for further information.
Accounting Standards Issued but Not Yet Effective
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which requires additional disclosure of certain costs and expenses within the notes to the consolidated financial statements. The ASU may be applied either prospectively or retrospectively for annual periods beginning after December 15, 2026 and interim periods within annual periods beginning after December 15, 2027. Early
adoption is permitted. The Company is currently evaluating the potential impacts of the guidance in this ASU and will include the required disclosures in its consolidated financial statements once adopted.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other (Topic 350): Targeted Improvements to the Accounting for Internal-Use Software, which eliminates the consideration of project development stages and clarifies the threshold to begin capitalizing costs. The ASU may be applied either prospectively or retrospectively for annual and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impacts of the guidance in this ASU.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which improves the consistency of interim financial reporting requirements and introduces a new requirement to disclose material events occurring after the end of the most recent annual reporting period. The ASU may be applied either prospectively or retrospectively for interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impacts of the guidance in this ASU and will include the required disclosures in its interim consolidated financial statements once adopted.
v3.26.1
Mortgage Loans at Fair Value
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Mortgage Loans at Fair Value MORTGAGE LOANS AT FAIR VALUE
The table below includes the estimated fair value and unpaid principal balance (“UPB”) of mortgage loans that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option has been elected for mortgage loans, as this accounting treatment best reflects the economic consequences of the Company’s mortgage origination and related hedging and risk management activities. The difference between the UPB and estimated fair value is made up of the premiums paid on mortgage loans, as well as the fair value adjustment as of the balance sheet date. The change in fair value adjustment is recorded in the “Loan production income” line item of the condensed consolidated statements of operations.
(In thousands)March 31,
2026		December 31,
2025
Mortgage loans, unpaid principal balance$10,831,118 $9,735,186 
Premiums paid on mortgage loans122,551 121,140 
Fair value adjustment37,432 76,403 
Mortgage loans at fair value$10,991,101 $9,932,729 
v3.26.1
Derivatives
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives DERIVATIVES
The Company enters into interest rate lock commitments (“IRLCs”) to originate residential mortgage loans at specified interest rates and terms within a specified period of time with customers who have applied for a loan and may meet certain credit and underwriting criteria. To determine the fair value of the IRLCs, each contract is evaluated based upon its stage in the application, approval and origination process for its likelihood of consummating the transaction (or “pullthrough”). Pullthrough is estimated based on changes in market conditions, loan stage, and actual borrower behavior using a historical analysis of IRLC closing rates. Generally, the further into the process the more likely that the IRLC will convert to a loan. The blended average pullthrough rate was 81% and 78% as of March 31, 2026 and December 31, 2025, respectively. The Company primarily uses forward loan sale commitments (“FLSCs”) to economically hedge its pipeline of IRLCs and mortgage loans at fair value. From time to time, the Company enters into other interest rate derivatives as part of its overall interest rate risk mitigation strategy. These other derivative financial instruments are measured at estimated fair value with changes in fair value recorded in the condensed consolidated statements of operations within the "Gain (loss) on other interest rate derivatives" line item in the "Other gains (losses), net" section.
The notional amounts and fair values of derivative financial instruments not designated as hedging instruments were as follows (in thousands):
 March 31, 2026December 31, 2025 
Fair valueFair value
 Derivative
assets		Derivative
liabilities		Notional
Amount		Derivative
assets		Derivative
liabilities		Notional
Amount		 
IRLCs$16,456 $35,280 $11,530,889 (a) $27,780 $6,475 $12,221,203 (a) 
FLSCs108,034 14,442 19,680,278 9,787 20,099 16,964,025  
Other interest rate derivatives
— 288,095 27,500,000 — — — 
Total$124,490 $337,817 $37,567 $26,574 
(a)Notional amounts have been adjusted for pullthrough rates of 81% and 78% as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
Accounts Receivable, Net
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Accounts Receivable, Net ACCOUNTS RECEIVABLE, NET
The following summarizes accounts receivable, net (in thousands):
 March 31,
2026		December 31,
2025
Margin deposits
$670,793 $51,103 
Receivables from sales of servicing 159,487 128,223 
Servicing advances155,666 177,281 
Servicing fees132,091 136,780 
Derivative settlements receivable123,434 7,918 
Origination receivables30,535 28,079 
Other receivables3,481 2,018 
Provision for current expected credit losses(4,474)(4,708)
Total accounts receivable, net$1,271,014 $526,694 
The Company periodically evaluates the carrying value of accounts receivable balances with delinquent receivables being written-off based on specific credit evaluations and circumstances of the debtor.
v3.26.1
Mortgage Servicing Rights
 3 Months Ended
Mar. 31, 2026
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights MORTGAGE SERVICING RIGHTS
Mortgage servicing rights are recognized on the condensed consolidated balance sheets when loans are sold and the associated servicing rights are retained. The Company's MSRs are measured at fair value, which is determined using a valuation model that calculates the present value of estimated future net servicing cash flows. The model includes estimates of prepayment speeds, discount rates, costs to service, float earnings, contractual servicing fee income, and ancillary income and late fees, among others. These estimates are supported by market and economic data collected from various external sources.
The unpaid principal balance of mortgage loans serviced for others approximated $229.5 billion and $240.8 billion at March 31, 2026 and December 31, 2025, respectively. Conforming conventional loans serviced by the Company have previously been sold to Fannie Mae and Freddie Mac on a non-recourse basis, whereby credit losses are generally the responsibility of Fannie Mae and Freddie Mac, and not the Company. Loans serviced for Ginnie Mae are insured by the FHA, guaranteed by the VA, or insured by other applicable government programs. While the above guarantees and insurance are the responsibility of those parties, the Company is still subject to potential losses related to its servicing of these loans. Those estimated losses are incorporated into the valuation of MSRs.
The following table summarizes changes in the MSR assets for the three months ended March 31, 2026 and 2025 (in thousands):
For the three months ended March 31,
20262025
Fair value, beginning of period$4,073,781 $3,969,881 
Capitalization of MSRs1,101,017 735,571 
MSR and excess servicing sales
(604,323)(1,010,124)
Changes in fair value:
Due to changes in valuation inputs and assumptions
247,897 (250,821)
Due to collection/realization of cash flows and other
(226,517)(123,050)
Fair value, end of period$4,591,855 $3,321,457 
The following is a summary of the components of the total change in fair value of MSRs as reported in the condensed consolidated statements of operations (in thousands):
For the three months ended March 31,
20262025
Changes in fair value:
Due to changes in valuation inputs and assumptions, net
$247,897 $(250,821)
Due to collection/realization of cash flows and other(226,517)(123,050)
Net reserves and transaction costs on sales of servicing rights(31,715)(14,714)
Changes in fair value of mortgage servicing rights$(10,335)$(388,585)
During the three months ended March 31, 2026 and 2025, the Company sold MSRs on loans with an aggregate UPB of approximately $39.7 billion and $53.5 billion, respectively, for proceeds of approximately $604.0 million and $825.9 million, respectively. There were no excess servicing cash flow sales during the three months ended March 31, 2026. During the three months ended March 31, 2025, the Company sold excess servicing cash flows on certain agency loans with a total UPB of approximately $19.9 billion for proceeds of approximately $184.6 million. In connection with these sales, the Company recorded approximately $31.7 million and $14.7 million, respectively, for estimated reserves and transaction costs, which is reflected as part of the change in fair value of MSRs in the condensed consolidated statements of operations.
The following table summarizes the loan servicing income recognized during the three months ended March 31, 2026 and 2025 (in thousands):
For the three months ended March 31,
20262025
Contractual servicing fees$207,924 $186,232 
Late, ancillary and other fees5,455 4,285 
Loan servicing income$213,379 $190,517 
The key unobservable inputs used in determining the fair value of the Company’s MSRs were as follows at March 31, 2026 and 2025:
 March 31,
2026		December 31,
2025
RangeWeighted AverageRangeWeighted Average
Discount rates7.6 %—12.5 %9.1 %7.8 %—13.7 %9.4 %
Annual prepayment speeds6.6 %—17.6 %9.0 %5.4 %—22.1 %10.3 %
Cost of servicing$74 —$150 $86 $74 —$149 $87 
The hypothetical effect of adverse changes in these key assumptions would result in a decrease in fair values as follows at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Discount rate:
+ 10% adverse change – effect on value$(175,285)$(149,409)
+ 20% adverse change – effect on value(336,520)(286,410)
Prepayment speeds:
+ 10% adverse change – effect on value$(173,417)$(168,559)
+ 20% adverse change – effect on value(333,954)(323,246)
Cost of servicing:
+ 10% adverse change – effect on value$(26,047)$(25,173)
+ 20% adverse change – effect on value(51,415)(49,316)
These sensitivities are hypothetical and should be used with caution. As the table demonstrates, the Company’s methodology for estimating the fair value of MSRs is highly sensitive to changes in assumptions. For example, actual prepayment experience may differ, and any difference may have a material effect on MSR fair value. Changes in fair value resulting from changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in the table above, the effect of a variation in a particular assumption of the fair value of the MSRs is calculated without changing any other assumption; in reality, changes in one factor may be associated with changes in another (for example, decreases in market interest rates may indicate higher prepayments; however, this may be partially offset by lower prepayments due to other factors such as a borrower’s diminished opportunity to refinance, or lower discount rates as investors may accept lower returns in a lower interest rate environment), which may magnify or counteract the sensitivities. Thus, any measurement of MSR fair value is limited by the conditions existing and assumptions made as of a particular point in time. Those assumptions may not be appropriate if they are applied to a different point in time.
v3.26.1
Warehouse and Other Secured Lines of Credit
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Warehouse and Other Secured Lines of Credit WAREHOUSE AND OTHER SECURED LINES OF CREDIT
Warehouse Lines of Credit
The Company had the following warehouse lines of credit with financial institutions as of March 31, 2026 and December 31, 2025 (in thousands):
Warehouse Lines of Credit 1, 2
Date of Initial Agreement With Warehouse LenderCurrent Agreement Expiration DateTotal Advanced Against Line as of March 31,
2026		Total Advanced Against Line as of December 31,
2025
Master Repurchase Agreement ("MRA") Funding Limits as of March 31, 2026:
$500 Million
2/29/20125/15/2026$211,718 $396,734 
$500 Million
10/30/20206/26/2026123,377 123,379 
$2.0 Billion
7/24/20208/27/20261,233,511 1,319,244 
$2.0 Billion
7/10/20129/29/2026829,323 898,190 
$750 Million
4/23/202110/08/2026185,951 167,375 
$325 Million
2/26/201612/17/2026303,979 288,777 
$1.5 Billion
2/7/20252/5/2027970,121 827,941 
$1.0 Billion
2/9/20262/9/2027201,155 — 
$3.0 Billion
12/31/20142/17/20271,664,568 1,353,618 
$1.0 Billion
3/7/20192/19/2027608,503 709,683 
$3.5 Billion
5/9/201911/26/20273,402,576 2,807,107 
Early Funding:
$600 Million (ASAP + - see below)No expiration46,814 — 
$750 Million (EF - see below)No expiration118,707 20,448 
9,900,303 8,912,496 
All interest rates are variable based upon a spread to SOFR.
1 An aggregate of $900.0 million of these line amounts is committed as of March 31, 2026.
2 Interest rates under these funding facilities are based on SOFR plus a spread, which ranged from 1.00% to 1.75% for substantially all of our loan production volume as of March 31, 2026 and 1.15% to 1.75% as of December 31, 2025.
We are an approved lender for loan early funding facilities with Fannie Mae through its As Soon As Pooled Plus (“ASAP+”) program and Freddie Mac through its Early Funding (“EF”) program. As an approved lender for these early funding programs, we enter into an agreement to deliver closed and funded one-to-four family residential mortgage loans, each secured by related mortgages and deeds of trust, and receive funding in exchange for such mortgage loans in some cases before we have grouped them into pools to be securitized by Fannie Mae or Freddie Mac. All such mortgage loans must adhere to a set of eligibility criteria to be acceptable. As of March 31, 2026, $46.8 million was outstanding through the ASAP+ program and $118.7 million was outstanding through the EF program.
As of March 31, 2026, the Company had pledged mortgage loans at fair value as collateral under its warehouse lines of credit. The above agreements also contain covenants which include certain financial requirements, including maintenance of minimum tangible net worth, minimum liquidity, maximum debt to net worth ratio, and net income, as defined in the agreements. The Company was in compliance with all of these covenants as of March 31, 2026.
MSR Facilities
In 2022, the Company's consolidated subsidiary, UWM, entered into a Loan and Security Agreement with Citibank providing UWM with up to $1.5 billion of uncommitted borrowing capacity to finance the origination, acquisition or holding of certain mortgage servicing rights (the “Conventional MSR Facility”). The Conventional MSR Facility is collateralized by all of UWM's mortgage servicing rights that are appurtenant to mortgage loans pooled in securitization by Fannie Mae or Freddie Mac that meet certain criteria. Available borrowings under the Conventional MSR Facility are based on advance rates on the fair market value of the collateral. Borrowings under the Conventional MSR Facility bear interest based on SOFR plus an applicable margin. The Conventional MSR Facility contains covenants which include certain financial requirements, including
maintenance of minimum tangible net worth, minimum liquidity, maximum debt to net worth ratio, and net income as defined in the agreement.
On June 27, 2024, UWM and Citibank amended both the Loan and Security Agreement and the warehouse facility agreement between the parties. These amendments increased the combined total uncommitted borrowing capacity of the Conventional MSR Facility and the warehouse facility to $2.0 billion and extended the maturity dates to June 26, 2026. All other material terms of these agreements remained the same. As of March 31, 2026, the Company was in compliance with all applicable covenants under the Conventional MSR Facility. As of March 31, 2026, $1.4 billion was outstanding under the Conventional MSR Facility and as of December 31, 2025, $900.0 million was outstanding under the Conventional MSR Facility.
In 2023, the Company's consolidated subsidiary, UWM, entered into a Credit Agreement with Goldman Sachs Bank USA, providing UWM with up to $500.0 million of uncommitted borrowing capacity to finance the origination, acquisition or holding of certain mortgage servicing rights (the "Ginnie Mae MSR Facility"). The Ginnie Mae MSR Facility is collateralized by all of UWM's mortgage servicing rights that are appurtenant to mortgage loans pooled in securitization by Ginnie Mae that meet certain criteria. Available borrowings under the Ginnie Mae MSR Facility are based on advance rates on the fair market value of the collateral. Borrowings under the Ginnie Mae MSR Facility bear interest based on SOFR plus an applicable margin. The Ginnie Mae MSR Facility contains covenants which include certain financial requirements, including maintenance of minimum tangible net worth, minimum liquidity, maximum debt to net worth ratio, and net income as defined in the agreement. As of March 31, 2026, the Company was in compliance with all applicable covenants.
In March 2026, the Ginnie Mae MSR Facility was amended to increase the uncommitted borrowing capacity to $900.0 million. Pursuant to the amendment, the draw period for the Ginnie Mae MSR Facility was extended to March 20, 2028, and the facility maturity date was extended to March 20, 2029. As of March 31, 2026, $575.0 million was outstanding under the Ginnie Mae MSR Facility and as of December 31, 2025, $300.0 million was outstanding under the Ginnie Mae MSR Facility.
The weighted average interest rate charged for borrowings under our MSR facilities was 6.20% and 7.32% for the three months ended March 31, 2026 and 2025, respectively.
Outstanding borrowings under the MSR facilities are reported within the "Secured lines of credit" financial statement line item on the condensed consolidated balance sheets.
v3.26.1
Other Borrowings
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Other Borrowings OTHER BORROWINGS
Senior Notes
The following is a summary of the Company's outstanding senior notes (in thousands):
March 31, 2026December 31, 2025
Facility Type
Maturity
Date
Stated Interest
Rate
Carrying
Amount
Outstanding
Principal
Carrying
Amount
Outstanding
Principal
2027 Senior notes(1)
06/15/20275.750 %$498,953 $500,000 $498,736 $500,000 
2029 Senior notes(2)
04/15/20295.500 %697,339 700,000 697,120 700,000 
2030 Senior notes(3)
02/01/20306.625 %794,672 800,000 794,324 800,000 
2031 Senior notes(4)
03/15/20316.250 %992,188 1,000,000 991,795 1,000,000 
Total senior notes
$2,983,152 $3,000,000 $2,981,975 $3,000,000 
Weighted average effective interest rate6.25%6.25%
(1) Carrying amount includes $1.0 million and $1.3 million of unamortized debt issuance costs and discounts as of March 31, 2026 and December 31, 2025, respectively.
(2) Carrying amount includes $2.7 million and $2.9 million of unamortized debt issuance costs and discounts as of March 31, 2026 and December 31, 2025, respectively.
(3) Carrying amount includes $5.3 million and $5.7 million of unamortized debt issuance costs and discounts as of March 31, 2026 and December 31, 2025, respectively.
(4) Carrying amount includes $7.8 million and $8.2 million of unamortized debt issuance costs and discounts as of March 31, 2026 and December 31, 2025, respectively.
2027 Senior Notes
On November 22, 2021, the Company's consolidated subsidiary, UWM, issued $500.0 million in aggregate principal amount of senior unsecured notes due June 15, 2027 (the "2027 Senior Notes"). The 2027 Senior Notes accrue interest at a rate of 5.750% per annum. Interest on the 2027 Senior Notes is due semi-annually on June 15 and December 15 of each year. The Company may currently redeem the 2027 Senior Notes at any time before maturity at various fixed redemption prices that reduce over time to maturity plus accrued and unpaid interest.

2029 Senior Notes
On April 7, 2021, the Company's consolidated subsidiary, UWM, issued $700.0 million in aggregate principal amount of senior unsecured notes due April 15, 2029 (the “2029 Senior Notes”). The 2029 Senior Notes accrue interest at a rate of 5.500% per annum. Interest on the 2029 Senior Notes is due semi-annually on April 15 and October 15 of each year. The Company may currently redeem the 2029 Senior Notes at any time before maturity at various fixed redemption prices that reduce over time to maturity plus accrued and unpaid interest.

2030 Senior Notes

On December 10, 2024, the Company's consolidated subsidiary, Holdings LLC, issued $800.0 million in aggregate principal amount of senior unsecured notes due February 1, 2030, which are guaranteed by its wholly owned subsidiary, UWM (the "2030 Senior Notes"). The 2030 Senior Notes accrue interest at a rate of 6.625% per annum. Interest on the 2030 Senior Notes is due semi-annually on February 1 and August 1 of each year, commencing on August 1, 2025.

On or after February 1, 2027, the Company may, at its option, redeem the 2030 Senior Notes in whole or in part during the twelve-month period beginning on the following dates at the following redemption prices: February 1, 2027 at 103.313%; February 1, 2028 at 101.656%; or February 1, 2029 until maturity at 100%, of the principal amount of the 2030 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest. Prior to February 1, 2027, the Company may, at its option, redeem up to 40% of the aggregate principal amount of the 2030 Senior Notes originally issued at a redemption price of 106.625% of the principal amount of the 2030 Senior Notes redeemed on the redemption date plus accrued and unpaid interest, with net proceeds of certain equity offerings. In addition, the Company may, at its option, redeem some or all of the 2030
Senior Notes prior to February 1, 2027 at a price equal to 100% of the principal amount redeemed plus a "make-whole" premium, plus accrued and unpaid interest.

2031 Senior Notes

On September 9, 2025, the Company's consolidated subsidiary, Holdings LLC, issued $1.0 billion in aggregate principal amount of senior unsecured notes due March 15, 2031, which are guaranteed by its wholly owned subsidiary, UWM (the "2031 Senior Notes"). The 2031 Senior Notes accrue interest at a rate of 6.250% per annum. Interest on the 2031 Senior Notes is due semi-annually on March 15 and September 15 of each year, commencing on March 15, 2026.

On or after March 15, 2028, the Company may, at its option, redeem the 2031 Senior Notes in whole or in part during the twelve-month period beginning on the following dates at the following redemption prices: March 15, 2028 at 103.125%; March 15, 2029 at 101.563%; or March 15, 2030 until maturity at 100%, of the principal amount of the 2031 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest. Prior to March 15, 2028, the Company may, at its option, redeem up to 40% of the aggregate principal amount of the 2031 Senior Notes originally issued at a redemption price of 106.250% of the principal amount of the 2031 Senior Notes redeemed on the redemption date plus accrued and unpaid interest, with net proceeds of certain equity offerings. In addition, the Company may, at its option, redeem some or all of the 2031 Senior Notes prior to March 15, 2028 at a price equal to 100% of the principal amount redeemed plus a "make-whole" premium, plus accrued and unpaid interest.

The indentures governing the 2027, 2029, 2030, and 2031 Senior Notes contain operating covenants and restrictions, subject to a number of exceptions and qualifications. The Company was in compliance with the terms of the indentures as of March 31, 2026.
Revolving Credit Facility

In 2022, UWM entered into a Revolving Credit Agreement (the “Revolving Credit Agreement”) between UWM, as the borrower, and SFS Corp., as the lender. The Revolving Credit Agreement provides for, among other things, a $500.0 million unsecured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility had an initial one-year term and automatically renews for successive one-year periods unless terminated by either party. Amounts borrowed under the Revolving Credit Facility may be borrowed, repaid and reborrowed from time to time, and accrue interest at the Applicable Prime Rate (as defined in the Revolving Credit Agreement). UWM may utilize the Revolving Credit Facility in connection with: (i) operational and investment activities, including but not limited to funding and/or advances related to (a) servicing rights, (b) ‘scratch and dent’ loans, (c) margin requirements, and (d) equity in loans held for sale; and (ii) general corporate purposes.
In September 2025, UWM entered into Amendment No. 1 to the Revolving Credit Agreement with SFS Corp. which, among other things, subordinates amounts due under the Revolving Credit Agreement to amounts due under the outstanding senior notes including (i) restricting UWM from making any payment to SFS Corp, as lender, for amounts due under the Revolving Credit Agreement and (ii) restricting SFS Corp., as lender, from pursuing certain remedies, including acceleration, off-set or counterclaims, in each case upon the occurrence of an event of default under any of the indentures governing any of the senior notes outstanding and until such event of default is cured or waived. All other material terms of the Revolving Credit Agreement remain unchanged. The Revolving Credit Agreement contains certain financial and operating covenants and restrictions, subject to a number of exceptions and qualifications, and the availability of funds under the Revolving Credit Facility is subject to the Company's continued compliance with these covenants. The Company was in compliance with these covenants as of March 31, 2026. No amounts were outstanding under the Revolving Credit Facility as of March 31, 2026 or December 31, 2025.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Representations and Warranties Reserve
Loans sold to investors, which the Company believes met investor and agency underwriting guidelines at the time of sale, may be subject to repurchase by the Company in the event of specific default by the borrower or upon subsequent discovery that underwriting or documentation standards were not explicitly satisfied. The Company may, upon mutual agreement, indemnify the investor against future losses on such loans or be subject to other guaranty requirements and subject to loss. The Company initially records its exposure under such guarantees at estimated fair value upon the sale of the related loan, within "Accounts payable, accrued expenses, and other" as well as within "Loan production income" and continues to evaluate its on-going exposures in subsequent periods. The reserve is estimated based on the Company’s assessment of its obligations, including expected losses, expected frequency, the overall potential remaining exposure, as well as an estimate for
a market participant’s potential readiness to stand by to perform on such obligations. The Company repurchased $49.5 million and $40.9 million in UPB of loans during the three months ended March 31, 2026 and 2025, respectively, related to its representations and warranties obligations.
The activity of the representations and warranties reserve was as follows (in thousands):
 For the three months ended March 31,
 20262025
Balance, beginning of period$102,277 $87,647 
Additions5,575 10,376 
Loss realized, net of adjustments
544 (4,622)
Balance, end of period$108,396 $93,401 
Commitments to Originate Loans
As of March 31, 2026, the Company had agreed to extend credit to potential borrowers for approximately $20.9 billion. These contracts represent off-balance sheet credit risk where the Company may be required, subject to completion of underwriting, to extend credit to these borrowers based on the prevailing interest rates and prices at the time of execution. Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon.
Legal and Regulatory Matters
The Company operates in a heavily regulated industry that is highly sensitive to consumer protection, and is subject to numerous federal, state and local laws. The Company is routinely involved in consumer complaints, regulatory actions and legal proceedings in the ordinary course of our business. The Company also, from time to time, initiates legal proceedings against parties from which we believe we have a contractual or other recourse. The Company is also routinely involved in state regulatory audits and examinations, and is occasionally involved in other governmental proceedings arising in connection with its business activities. Based on the Company's assessment of the facts and circumstances associated with these matters, we do not believe any of the legal or regulatory matters with which the Company is currently involved, individually or in the aggregate, will have a material adverse effect on our financial position, results of operations, or cash flows. However, actual outcomes may differ from those expected and could have a material effect on our financial position, results of operations, or cash flows in a future period.
v3.26.1
Accounts Payable, Accrued Expenses and Other
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Accounts Payable, Accrued Expenses and Other ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER
The following summarizes accounts payable, accrued expenses and other (in thousands):

March 31, 2026December 31, 2025
TRA liability$248,959 $196,923 
Margin call payable
163,886 276 
Representations and warranties reserve
108,396 102,277 
Servicing fees payable
107,023 114,289 
Accrued compensation and benefits92,956 90,277 
Other accrued expenses
68,506 27,456 
Accrued interest and bank fees64,662 70,896 
Other accounts payable47,249 51,732 
Investor payables36,817 31,478 
Derivative settlements payable
5,994 17,106 
Deferred tax liability5,340 5,080 
Total accounts payable, accrued expenses and other
$949,788 $707,790 
v3.26.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities VARIABLE INTEREST ENTITIES
The Company is the managing member of Holdings LLC with 100% of the management and voting power. In its capacity as managing member, the Company has the sole authority to make decisions on behalf of Holdings LLC and bind Holdings LLC to signed agreements. Further, Holdings LLC maintains separate capital accounts for its investors as a mechanism for tracking earnings and subsequent distribution rights.
Management concluded that the Company is Holdings LLC’s primary beneficiary. As the primary beneficiary, the Company consolidates the results and operations of Holdings LLC for financial reporting purposes under the variable interest entity (“VIE”) consolidation model.
The Company's relationship with Holdings LLC results in no recourse to the general credit of the Company. The Company's ownership interest in Holdings LLC represents the Company's sole investment. The Company shares in the income and losses of Holdings LLC in direct proportion to the Company's ownership interest. Further, the Company has no contractual requirement to provide financial support to Holdings LLC.
The Company's financial position, performance and cash flows effectively represent those of Holdings LLC and its consolidated subsidiaries as of and for the three months ended March 31, 2026 and 2025.
Historically, UWM has sold some of the mortgage loans that it originates through UWM's private label securitization transactions. In executing these transactions, the Company sells mortgage loans to a securitization trust for cash and, in some cases, retained interests in the trust. The securitization entities are funded through the issuance of beneficial interests in the securitized assets. The beneficial interests take the form of trust certificates, some of which are sold to investors and some of which may be retained by the Company due to regulatory requirements. Retained beneficial interests consist of a 5% vertical interest in the assets of the securitization trusts, in order to comply with the risk retention requirements applicable to certain of the Company's securitization transactions. The Company has elected the fair value option for subsequently measuring the retained beneficial interests in the securitization trusts, and these investments are presented as “Investment securities at fair value, pledged” in the condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025. Changes in the fair value of these retained beneficial interests are reported as part of "Other expense (income)" in the condensed consolidated statements of operations. The Company also retains the servicing rights on the securitized mortgage loans. The Company has accounted for these transactions as sales of financial assets.
The securitization trusts that purchase the mortgage loans from the Company and securitize those mortgage loans are VIEs, and the Company holds variable interests in certain of these entities. Because the Company does not have the obligation to absorb the VIEs’ losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs, the Company is not the primary beneficiary of these securitization trusts and is not required to consolidate these VIEs. The Company separately enters into sale and repurchase agreements for a portion of the retained beneficial interests in the securitization trusts, which have been accounted for as borrowings against investment securities. As of March 31, 2026, $96.5 million of the $98.5 million of investment securities at fair value have been pledged as collateral for these borrowings against investment securities. The outstanding principal balance of these borrowings was approximately $86.7 million with remaining maturities ranging from approximately one to three months as of March 31, 2026, and interest rates based on SOFR plus a spread. The Company's maximum exposure to loss in these non-consolidated VIEs is limited to the retained beneficial interests in the securitization trusts.
v3.26.1
Non-controlling Interests
 3 Months Ended
Mar. 31, 2026
Noncontrolling Interest [Abstract]  
Non-controlling Interests NON-CONTROLLING INTEREST
The non-controlling interest balance represents the economic interest in Holdings LLC held by SFS Corp. The following table summarizes the ownership of units in Holdings LLC as of:

March 31, 2026December 31, 2025
Common UnitsOwnership PercentageCommon UnitsOwnership Percentage
UWM Holdings Corporation ownership of Class A Common Units 312,883,751 19.6 %268,415,480 16.8 %
SFS Corp. ownership of Class B Common Units1,287,482,620 80.4 %1,331,482,620 83.2 %
Balance at end of period1,600,366,371 100.0 %1,599,898,100 100.0 %
The non-controlling interest holder has the right to exchange its Paired Interests for, at the Company's option, (i) shares of the Company's Class B common stock or (ii) cash from a substantially concurrent public offering or private sale of the Company's Class A common stock (based on the price of the Company's Class A common stock in such offering). As such, future exchanges of Paired Interests by the non-controlling interest holder will result in a change in ownership and reduce or
increase the amount recorded as non-controlling interest and increase or decrease additional paid-in-capital or retained earnings when Holdings LLC has positive or negative net assets, respectively.
During the three months ended March 31, 2026, the Company issued 468,271 shares of Class A common stock, net of withholdings, which primarily related to the vesting of RSUs under its stock-based compensation plan. In addition, as a result of Exchange Transactions, the Company issued 44,000,000 shares of Class B common stock, all of which were immediately converted into shares of Class A common stock. These transactions resulted in an equivalent increase in the number of Class A Common Units of Holdings LLC held by the Company, and a re-measurement of the non-controlling interest in Holdings LLC due to the change in relative ownership of Holdings LLC with no change in control. The impact of the re-measurement of the non-controlling interest, including the related tax impacts, is reflected in the condensed consolidated statement of changes in equity. Refer to Note 15 - Income Taxes for further information on tax impact of the Exchange Transactions.
v3.26.1
Regulatory Net Worth Requirements
 3 Months Ended
Mar. 31, 2026
Mortgage Banking [Abstract]  
Regulatory Net Worth Requirements REGULATORY NET WORTH REQUIREMENTS
Certain secondary market agencies and state regulators require UWM to maintain minimum net worth, capital, and liquidity requirements to remain in good standing with the agencies. Noncompliance with an agency’s requirements can result in such agency taking various remedial actions up to and including terminating UWM’s ability to sell loans to and service loans on behalf of the respective agency.
UWM is required to maintain certain minimum net worth, liquidity, and capital and risk-based capital ratio requirements, including those established by USDA, HUD, Ginnie Mae, Freddie Mac and Fannie Mae. As of March 31, 2026, the most restrictive of these requirements require UWM to maintain a minimum net worth of $733.3 million, minimum liquidity of $345.0 million, and minimum capital and risk-based capital ratios of 6%. As of March 31, 2026, UWM was in compliance with these net worth, liquidity, and capital ratio requirements.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair value is defined under U.S. GAAP as the price that would be received if an asset were sold or the price that would be paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. Required disclosures include classification of fair value measurements within a three-level hierarchy (Level 1, Level 2 and Level 3). Classification of a fair value measurement within the hierarchy is dependent on the classification and significance of the inputs used to determine the fair value measurement. Observable inputs are those that are observed, implied from, or corroborated with externally available market information. Unobservable inputs represent the Company’s estimates of market participants’ assumptions.
Fair value measurements are classified in the following manner:
Level 1—Valuation is based on quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2—Valuation is based on either observable prices for identical assets or liabilities in inactive markets, observable prices for similar assets or liabilities, or other inputs that are derived directly from, or through correlation to, observable market data at the measurement date.
Level 3—Valuation is based on the Company’s or others’ models using significant unobservable assumptions at the measurement date that a market participant would use.
In determining fair value measurements, the Company uses observable inputs whenever possible. The level of a fair value measurement within the hierarchy is dependent on the lowest level of input that has a significant impact on the measurement as a whole. If quoted market prices are available at the measurement date or are available for similar instruments, such prices are used in the measurements. If observable market data is not available at the measurement date, judgment is required to measure fair value.
The following is a description of measurement techniques for items recorded at fair value on a recurring basis. There were no material items recorded at fair value on a nonrecurring basis as of March 31, 2026 or December 31, 2025.

Mortgage loans at fair value: The Company has elected the fair value option for mortgage loans. The fair values of mortgage loans are based on valuation models that use the market price for similar loans sold in the secondary market. As these prices are derived from market observable inputs, they are categorized as Level 2.

IRLCs: The Company's interest rate lock commitments are derivative instruments that are recorded at fair value based on valuation models that use the market price for similar loans sold in the secondary market. The IRLCs are then subject to an estimated loan funding probability, or “pullthrough rate.” Given the significant and unobservable nature of the pullthrough rate assumption, IRLC fair value measurements are classified as Level 3.
FLSCs: The Company enters into forward loan sales commitments to sell certain mortgage loans which are recorded at fair value based on valuation models. The Company’s expectation of the amount of its interest rate lock commitments that will ultimately close is a factor in determining the position. The valuation models utilize the fair value of related mortgage loans determined using observable market data, and therefore, the fair value measurements of these commitments are categorized as Level 2.

Other interest rate derivatives: The Company has entered into other interest rate derivatives as part of its overall interest rate risk mitigation strategy. These financial instruments are generally comprised of interest rate swap futures, treasury futures, and forward loan purchase commitments. The interest rate swap and treasury futures are valued based on quoted prices in an active market and are therefore categorized as Level 1. The forward loan purchase commitments are valued based on observable market data and therefore categorized as Level 2. None of these other financial instruments were outstanding as of December 31, 2025.

Investment securities at fair value, pledged: The Company has previously sold mortgage loans that it originates through its private label securitization transactions. In executing these securitizations, the Company sells mortgage loans to a securitization trust for cash and, in some cases, retained interests in the trust. The Company has elected the fair value option for subsequently measuring the retained beneficial interests in the securitization trusts. The fair value of these investment securities is primarily based on observable market data and therefore categorized as Level 2.

MSRs: The fair value of MSRs is determined using a valuation model that calculates the present value of estimated future net servicing cash flows. The model includes estimates of prepayment speeds, discount rates, cost to service, float earnings, contractual servicing fee income, and ancillary income and late fees, among others. These estimates are supported by market and economic data collected from various sources. These fair value measurements are classified as Level 3.
Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following are the major categories of financial assets and liabilities measured at fair value on a recurring basis (in thousands):
 March 31, 2026
DescriptionLevel 1Level 2Level 3Total
Assets:
Mortgage loans at fair value$— $10,991,101 $— $10,991,101 
IRLCs— — 16,456 16,456 
FLSCs— 108,034 — 108,034 
Investment securities at fair value, pledged— 98,491 — 98,491 
Mortgage servicing rights— — 4,591,855 4,591,855 
Total assets$— $11,197,626 $4,608,311 $15,805,937 
Liabilities:
IRLCs$— $— $35,280 $35,280 
FLSCs— 14,442 — 14,442 
Other interest rate derivatives
239,882 48,213 — 288,095 
Total liabilities$239,882 $62,655 $35,280 $337,817 
 December 31, 2025
DescriptionLevel 1Level 2Level 3Total
Assets:
Mortgage loans at fair value$— $9,932,729 $— $9,932,729 
IRLCs— — 27,780 27,780 
FLSCs— 9,787 — 9,787 
Investment securities at fair value, pledged— 100,512 — 100,512 
Mortgage servicing rights— — 4,073,781 4,073,781 
Total assets$— $10,043,028 $4,101,561 $14,144,589 
Liabilities:
IRLCs$— $— $6,475 $6,475 
FLSCs— 20,099 — 20,099 
Total liabilities$— $20,099 $6,475 $26,574 
The following table presents quantitative information about the inputs used in recurring Level 3 fair value financial instruments and the fair value measurements for IRLCs:
Unobservable Input - IRLCsMarch 31, 2026December 31, 2025
Pullthrough rate (weighted avg.)
81 %78 %

Refer to Note 5 - Mortgage Servicing Rights for further information on the unobservable inputs used in measuring the fair value of the Company’s MSRs and for the roll-forward of MSRs for the three months ended March 31, 2026.
Level 3 Issuances and Transfers
The Company enters into IRLCs which are considered derivatives. If the contract converts to a loan, the implied value, which is solely based upon interest rate changes, is incorporated in the basis of the fair value of the loan. If the IRLC does not convert to a loan, the basis is reduced to zero as the contract has no continuing value. The Company does not track the basis of the individual IRLCs that convert to a loan, as that amount has no relevance to the presented condensed consolidated financial statements.
Other Financial Instruments
The following table presents the carrying amounts and estimated fair value of the Company's financial liabilities that are not measured at fair value on a recurring or nonrecurring basis (in thousands):
March 31, 2026December 31, 2025
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
2027 Senior Notes, due 6/15/27$498,953 $493,355 $498,736 $502,120 
2029 Senior Notes, due 4/15/29697,339 656,502 697,120 695,205 
2030 Senior Notes, due 2/1/30
794,672 755,304 794,324 810,040 
2031 Senior Notes, due 3/15/31
992,188 912,760 991,795 998,580 
Total senior notes
$2,983,152 $2,817,921 $2,981,975 $3,005,945 
The fair value of the 2027, 2029, 2030, and 2031 Senior Notes was estimated using Level 2 inputs, including observable trading information from independent sources.
Due to their nature and respective terms (including the variable interest rates on warehouse and other lines of credit and borrowings against investment securities), the carrying value of cash and cash equivalents, receivables, payables, borrowings against investment securities and warehouse and other lines of credit approximate their fair values as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
In the normal course of business, the Company has entered into in the following significant related party transactions:
•The Company’s corporate campus is located in buildings and on land that are owned by entities controlled by a current member of the Board of Directors and the Company's CEO and leased by the Company from these entities, one of which is classified as a finance lease. The Company also makes leasehold improvements to these properties for the benefit of the Company, for which the Company is responsible pursuant to the terms of the lease agreements;
•Legal services are provided to the Company by a law firm in which one of the Company’s directors is a partner;
•The Company leases aircraft owned by entities controlled by the Company’s CEO to facilitate travel of Company executives for business purposes. The Company's executive officers (other than the CEO) may, from time to time, be authorized by the CEO to use the aircraft for personal trips;
•Employee lease agreements, pursuant to which the Company’s team members provide certain administrative services to entities controlled by the Company’s founder and its CEO in exchange for fees paid by these entities to the Company; and
•The Company entered into a ten year naming rights and sponsorship agreement for approximately $115 million with entities controlled by the Company’s CEO for stadium naming rights and various other marketing and promotional benefits associated with the Company's consumer facing brand, Mortgage Matchup. While the agreement has a ten year term, it is terminable by either party for any reason after two years.

The Company made net payments to various companies related through common ownership as follows:
For the three months ended March 31,
(in thousands)
20262025
Rent and other occupancy related fees, net
$4,666 $4,889 
Legal fees
150 150 
Other expenses
162 79 
Total related party net payments
$4,978 $5,118 
The Company also made payments of $0.2 million and $0.2 million to unrelated third parties for pilots and ancillary services related to usage of the aircraft for the three months ended March 31, 2026 and 2025, respectively.
UWM entered into a $500.0 million unsecured Revolving Credit Facility with SFS Corp. as the lender during the third quarter of 2022. No amounts were outstanding under this facility as of March 31, 2026 or December 31, 2025. Refer to Note 7 - Other Borrowings for further details.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
For the three months ended March 31, 2026 and 2025, the Company’s effective tax rate was 4.01% and 5.29%, respectively. The variations between the Company’s effective tax rate and the U.S. statutory rate are primarily due to the portion of the Company’s earnings attributable to non-controlling interest.
The Company’s acquisition of additional units of Holdings LLC by means of an Exchange Transaction is expected to produce, and has produced, net favorable tax effects. Each Exchange Transaction results in the Company acquiring an incremental ownership percentage of the net assets of Holdings LLC along with the temporary differences that give rise to deferred tax assets and liabilities, as well as additional tax basis in such net assets arising from the income tax treatment of each Exchange Transaction. This additional tax basis may reduce the amounts that the Company would otherwise be required to pay to federal, state, or local tax authorities in the future. To the extent that the Company’s future tax obligations are reduced, the Company will be obligated to make payments under the TRA, as discussed in Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies. The amount of the TRA liability, as well as the timing of payments related to the TRA liability, is an estimate and is subject to significant assumptions regarding the amount and timing of future taxable income.
For the three months ended March 31, 2026, Exchange Transactions resulted in a net increase in the Company’s deferred tax asset related to its investment in Holdings LLC in the amount of $32.7 million (consisting of temporary differences subject to the TRA of $59.0 million, net of temporary differences that are not subject to the TRA of $26.3 million), and an increase in the TRA liability in the amount of $50.1 million. The offsetting amount was recorded as an adjustment to equity.
For the three months ended March 31, 2025, Exchange Transactions resulted in a net increase in the Company’s deferred tax asset related to its investment in Holdings LLC in the amount of $32.7 million (consisting of temporary differences subject to the TRA of $54.0 million, net of temporary differences that are not subject to the TRA of $21.3 million), and an increase in the TRA liability in the amount of $45.9 million. The offsetting amount was recorded as an adjustment to equity.
v3.26.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
The following is a summary of RSU activity for the three months ended March 31, 2026 and 2025:
For the three months ended March 31,
20262025
SharesWeighted Average Grant Date Fair ValueSharesWeighted Average Grant Date Fair Value
Unvested - beginning of period32,721,352 $5.46 19,997,692 $6.68 
Granted 1
3,699,158 3.43 2,145,576 5.30 
Vested(535,984)5.97 (344,957)6.75 
Forfeited(1,151,880)5.04 (448,619)6.31 
Unvested - end of period34,732,646 $5.25 21,349,692 $6.55 
1 The RSUs granted during the three months ended March 31, 2026 had vesting terms ranging from immediate to 6 years from the grant date.
Stock-based compensation expense recognized for the three months ended March 31, 2026 and 2025 was $13.2 million and $8.3 million, respectively. As of March 31, 2026, there was $114.8 million of unrecognized compensation expense related to unvested awards which is expected to be recognized over a weighted average period of 3.36 years.
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
The Company has two classes of economic shares authorized - Class A and Class B common stock. The Company applies the two-class method for calculating earnings per share for Class A common stock and Class B common stock. In applying the two-class method, the Company allocates undistributed earnings equally on a per share basis between Class A and Class B common stock. According to the Company’s certificate of incorporation, the holders of the Class A and Class B common stock are entitled to participate in earnings equally on a per-share basis, as if all shares of common stock were of a single class, and in such dividends as may be declared by the Board of Directors. RSUs awarded as part of the Company’s stock compensation plan are included in weighted-average Class A shares outstanding in the calculation of basic earnings per share once the RSUs are vested and shares are issued.
Basic earnings per share of Class A common stock and Class B common stock is computed by dividing net income attributable to UWM Holdings Corporation by the weighted-average number of shares of Class A common stock and Class B common stock outstanding during the period. Diluted earnings per share of Class A common stock and Class B common stock is computed by dividing net income by the weighted-average number of shares of Class A common stock and Class B common stock outstanding, adjusted to give effect to potentially dilutive securities. See Note 11, Non-Controlling Interest for a description of the Paired Interests. Refer to Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies - for additional information related to the Company's capital structure.
There was no Class B common stock outstanding as of March 31, 2026 or March 31, 2025.
The following table sets forth the calculation of basic and diluted earnings per share for the periods ended March 31, 2026 and 2025 (in thousands, except shares and per share amounts):
For the three months ended March 31,
20262025
Net income (loss)
$170,374 $(247,028)
Net income (loss) attributable to non-controlling interest
145,073 (233,349)
Net income (loss) attributable to UWMC
25,301 (13,679)
Numerator:
Net income (loss) attributable to Class A common shareholders
$25,301 $(13,679)
Net income (loss) attributable to Class A common shareholders - diluted
$137,154 $(195,300)
Denominator:
Weighted average shares of Class A common stock outstanding - basic292,122,233 164,100,022 
Weighted average shares of Class A common stock outstanding - diluted1,600,064,853 1,598,383,240 
Earnings (loss) per share of Class A common stock outstanding - basic
$0.09 $(0.08)
Earnings (loss) per share of Class A common stock outstanding - diluted
$0.09 $(0.12)
For purposes of calculating diluted earnings per share, it was assumed that the outstanding shares of Class D common stock were exchanged for Class B common stock and converted to Class A common stock under the if-converted method, and it was determined that the conversion would be dilutive for the three months ended March 31, 2026 and 2025. Under the if-converted method, all of the Company's net income for the applicable periods is attributable to Class A common shareholders. The net income of the Company under the if-converted method is calculated including an estimated income tax provision which is determined using a blended statutory effective tax rate.
The Public and Private Warrants were not in the money and the triggering events for the issuance of earn-out shares were not met during the three months ended March 31, 2026 (prior to expiration) and 2025. Therefore, these potentially dilutive securities were excluded from the computation of diluted earnings per share. The Public and Private Warrants, along with the contingent right to receive additional Paired Interests, expired on January 21, 2026. Unvested RSUs have been considered in the calculations of diluted earnings per share for the three months ended March 31, 2026 and 2025 using the treasury stock method and the impact was either anti-dilutive or immaterial.
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
Subsequent to March 31, 2026, the Board declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on July 9, 2026 to stockholders of record at the close of business on June 18, 2026. Additionally, the Board approved a proportional distribution to SFS Corp. which is payable on or around July 9, 2026.

As a result of Exchange Transactions implemented as part of SFS Corp.'s strategy to increase public float and trading liquidity, the Company has acquired from SFS Corp. approximately 136 million Class A common units in Holdings LLC for an equivalent number of shares of the Company’s Class B common stock, all of which were immediately converted into shares of Class A common stock. The Exchange Transactions and the subsequent sale of the Class A Common Stock by SFS Corp. were pursuant to SFS Corp.’s previously announced 10b5-1 plans, adopted by SFS Corp. on March 17, 2025 and September 16, 2025. All 10b5-1 plans have been terminated at this time with the most recent being terminated effective May 8, 2026.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement 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 all 10b5-1 trading arrangements have been terminated with the most recent being terminated effective May 8, 2026.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Mat Ishbia [Member]  
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
v3.26.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization
Organization
UWM Holdings Corporation ("UWMC"), a Delaware corporation, through its consolidated subsidiaries (collectively, the “Company”), engages in the origination, sale and servicing of residential mortgage loans throughout the U.S.
The Company is organized in an “Up-C” structure in which United Wholesale Mortgage, LLC (“UWM”), a Michigan limited liability company (the operating subsidiary) is 100% owned directly by UWM Holdings, LLC (“Holdings LLC”), a Delaware limited liability company which is in turn owned by SFS Holding Corp. (“SFS Corp.”), a Michigan corporation and by the Company. Holdings LLC has two classes of equity, Class B Common Units, which are held solely by SFS Corp., and Class A Common Units, which are held solely by the Company. The Company is the manager of Holdings LLC and its only material direct asset consists of the Class A Common Units in Holdings LLC.
The Company’s current capital structure authorizes four classes of common Stock, Class A common stock, Class B common stock, Class C common stock and Class D common stock. Each of the Class A Common Stock and Class B Common Stock have the same economic interest in the Company, with Class A Common Stock having one vote per share and the Class B Common Stock having 10 votes per share. The holders of Class C common stock and Class D common stock do not have any economic rights, but have one vote per share and 10 votes per share, respectively. Pursuant to our Certificate of Incorporation, only SFS Corp. and its shareholders can hold either Class B Common Stock or Class D Common Stock.
As part of our structure, SFS Corp. holds Holdings LLC Class B Common Units and an equal number of shares of Class D common stock (each, a “Paired Interest"). Each Paired Interest may be exchanged at any time by SFS Corp. into, at the option of the Company, either, (a) cash or (b) one share of the Company’s Class B common stock (an "Exchange Transaction"). Each share of Class B common stock is convertible into one share of Class A common stock upon the transfer or assignment of such share from SFS Corp. to a non-affiliated third-party. See Note 11 - Non-Controlling Interest for further information.
In addition to the Paired Interests that SFS Corp. received in connection with its 2021 acquisition, SFS Corp. was entitled to receive 22,690,421 additional Paired Interests to the extent that the volume weighted average per share price of the Company's Class A common stock over any 10 trading days within any 30 trading day period is greater than or equal to each of the following stock price targets prior to January 21, 2026: $13.00, $15.00, $17.00 and $19.00 per share (total of approximately 90.8 million additional Paired Interests). The Company accounted for the potential earn-out shares as a component of stockholders' equity in accordance with applicable U.S. GAAP. See Note 17 - Earnings Per Share for further information. The applicable stock price targets were not achieved during the earn-out period and, therefore, SFS Corp.'s contingent right to receive these additional Paired Interests expired on January 21, 2026.
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation
The condensed consolidated financial statements are unaudited and presented in U.S. dollars. They have been prepared in accordance with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, these condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair presentation of our results of operations, financial position and cash flows for the periods presented. However, our results of operations for any interim period are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period.
Use of Estimates
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Operating Segment
Operating Segment
The Company operates in a single segment and is engaged in the origination, sale and servicing of residential mortgage loans, exclusively in the wholesale channel. The President and Chief Executive Officer is the Company's chief operating decision maker (“CODM”). The CODM uses consolidated net income and total assets in assessing the Company's operational
performance and in making resource allocation and strategic decisions. The CODM is regularly provided with only the consolidated expenses and assets as presented on the face of the accompanying financial statements, which are included in the measures of the Company's consolidated net income and total assets.
Loans Eligible for Repurchase from Ginnie Mae
Loans Eligible for Repurchase from Ginnie Mae
For certain loans sold to Ginnie Mae, the Company as the servicer has the unilateral right to repurchase any individual loan in a Ginnie Mae pool if that loan meets defined criteria (generally loans that are more than 90 days past due). When the Company has the unilateral right to repurchase the delinquent loans, the previously sold assets are required to be re-recognized on the condensed consolidated balance sheets as assets and corresponding liabilities at the loan's unpaid principal balance, regardless of the Company’s intent to exercise its option to repurchase. The recognition of previously sold loans does not impact the accounting for the previously recognized mortgage servicing rights ("MSRs").
Income Taxes And Tax Receivable Agreement
Income Taxes
The Company accounts for income taxes during interim periods by applying an estimated annual effective tax rate to year-to-date earnings (loss) before income taxes to compute the year-to-date tax expense (or benefit). At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year, adjusted for discrete items, if any, that arise during the period. In any period in which the Company acquires additional units of Holdings LLC by means of an Exchange Transaction, the Company records the related income tax effects as an adjustment to equity. See Note 15 – Income Taxes for further information.
Tax Receivable Agreement
The Company has entered into a Tax Receivable Agreement ("TRA") with SFS Corp. that obligates the Company to make payments to SFS Corp. of 85% of the amount of cash savings, if any, in federal, state and local income tax that the Company actually realizes as a result of (i) certain increases in tax basis resulting from Exchange Transactions; (ii) imputed interest deemed to be paid by the Company as a result of payments it makes under the TRA; (iii) certain increases in tax basis resulting from payments the Company makes under the TRA; and (iv) disproportionate allocations (if any) of tax benefits to the Company which arise from, among other things, the sale of certain assets as a result of taxable income allocation rules in the United States. The Company will retain the benefit of the remaining 15% of these tax savings.
The Company accounts for liabilities arising from the TRA as a loss contingency recorded within "Accounts payable, accrued expenses and other". Changes in the liability, other than those due to Exchange Transactions, are measured and recorded when estimated amounts due under the TRA are probable and can be reasonably estimated, and reported as part of "Other expense/(income)" in the condensed consolidated statements of operations. In any period in which the Company acquires additional units of Holdings LLC by means of an Exchange Transaction, the Company records the related adjustment to the TRA liability as an adjustment to equity.
Related Party Transactions
Related Party Transactions
The Company enters into various transactions with related parties.
Stock-Based Compensation
Stock-Based Compensation
In 2021, the Company adopted the UWM Holdings Corporation 2020 Omnibus Incentive Plan (the “2020 Plan”). The 2020 Plan allows for the grant of stock options, restricted stock, restricted stock units (“RSUs”), and stock appreciation rights. Pursuant to the 2020 Plan, the Company reserved a total of 80,000,000 shares of common stock for issuance of stock-based compensation awards, and 38,033,281 shares remained available for issuance under the 2020 Plan as of March 31, 2026.
Stock-based compensation expense is recognized on a straight-line basis over the requisite service period based on the fair value of the award on the date of grant and is included in "Salaries, commissions and benefits" on the consolidated statements of operations. The Company made a policy election to recognize the effects of forfeitures as they occur.
Accounting Standards Issued but Not Yet Effective
Accounting Standards Issued but Not Yet Effective
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which requires additional disclosure of certain costs and expenses within the notes to the consolidated financial statements. The ASU may be applied either prospectively or retrospectively for annual periods beginning after December 15, 2026 and interim periods within annual periods beginning after December 15, 2027. Early
adoption is permitted. The Company is currently evaluating the potential impacts of the guidance in this ASU and will include the required disclosures in its consolidated financial statements once adopted.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other (Topic 350): Targeted Improvements to the Accounting for Internal-Use Software, which eliminates the consideration of project development stages and clarifies the threshold to begin capitalizing costs. The ASU may be applied either prospectively or retrospectively for annual and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impacts of the guidance in this ASU.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which improves the consistency of interim financial reporting requirements and introduces a new requirement to disclose material events occurring after the end of the most recent annual reporting period. The ASU may be applied either prospectively or retrospectively for interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impacts of the guidance in this ASU and will include the required disclosures in its interim consolidated financial statements once adopted.
Fair Value Measurements
Fair value is defined under U.S. GAAP as the price that would be received if an asset were sold or the price that would be paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. Required disclosures include classification of fair value measurements within a three-level hierarchy (Level 1, Level 2 and Level 3). Classification of a fair value measurement within the hierarchy is dependent on the classification and significance of the inputs used to determine the fair value measurement. Observable inputs are those that are observed, implied from, or corroborated with externally available market information. Unobservable inputs represent the Company’s estimates of market participants’ assumptions.
Fair value measurements are classified in the following manner:
Level 1—Valuation is based on quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2—Valuation is based on either observable prices for identical assets or liabilities in inactive markets, observable prices for similar assets or liabilities, or other inputs that are derived directly from, or through correlation to, observable market data at the measurement date.
Level 3—Valuation is based on the Company’s or others’ models using significant unobservable assumptions at the measurement date that a market participant would use.
In determining fair value measurements, the Company uses observable inputs whenever possible. The level of a fair value measurement within the hierarchy is dependent on the lowest level of input that has a significant impact on the measurement as a whole. If quoted market prices are available at the measurement date or are available for similar instruments, such prices are used in the measurements. If observable market data is not available at the measurement date, judgment is required to measure fair value.
The following is a description of measurement techniques for items recorded at fair value on a recurring basis. There were no material items recorded at fair value on a nonrecurring basis as of March 31, 2026 or December 31, 2025.

Mortgage loans at fair value: The Company has elected the fair value option for mortgage loans. The fair values of mortgage loans are based on valuation models that use the market price for similar loans sold in the secondary market. As these prices are derived from market observable inputs, they are categorized as Level 2.

IRLCs: The Company's interest rate lock commitments are derivative instruments that are recorded at fair value based on valuation models that use the market price for similar loans sold in the secondary market. The IRLCs are then subject to an estimated loan funding probability, or “pullthrough rate.” Given the significant and unobservable nature of the pullthrough rate assumption, IRLC fair value measurements are classified as Level 3.
FLSCs: The Company enters into forward loan sales commitments to sell certain mortgage loans which are recorded at fair value based on valuation models. The Company’s expectation of the amount of its interest rate lock commitments that will ultimately close is a factor in determining the position. The valuation models utilize the fair value of related mortgage loans determined using observable market data, and therefore, the fair value measurements of these commitments are categorized as Level 2.

Other interest rate derivatives: The Company has entered into other interest rate derivatives as part of its overall interest rate risk mitigation strategy. These financial instruments are generally comprised of interest rate swap futures, treasury futures, and forward loan purchase commitments. The interest rate swap and treasury futures are valued based on quoted prices in an active market and are therefore categorized as Level 1. The forward loan purchase commitments are valued based on observable market data and therefore categorized as Level 2. None of these other financial instruments were outstanding as of December 31, 2025.

Investment securities at fair value, pledged: The Company has previously sold mortgage loans that it originates through its private label securitization transactions. In executing these securitizations, the Company sells mortgage loans to a securitization trust for cash and, in some cases, retained interests in the trust. The Company has elected the fair value option for subsequently measuring the retained beneficial interests in the securitization trusts. The fair value of these investment securities is primarily based on observable market data and therefore categorized as Level 2.

MSRs: The fair value of MSRs is determined using a valuation model that calculates the present value of estimated future net servicing cash flows. The model includes estimates of prepayment speeds, discount rates, cost to service, float earnings, contractual servicing fee income, and ancillary income and late fees, among others. These estimates are supported by market and economic data collected from various sources. These fair value measurements are classified as Level 3.
v3.26.1
Mortgage Loans at Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Summary of Reconciliation of Changes in Mortgage Loans at Fair Value The change in fair value adjustment is recorded in the “Loan production income” line item of the condensed consolidated statements of operations.
(In thousands)March 31,
2026		December 31,
2025
Mortgage loans, unpaid principal balance$10,831,118 $9,735,186 
Premiums paid on mortgage loans122,551 121,140 
Fair value adjustment37,432 76,403 
Mortgage loans at fair value$10,991,101 $9,932,729 
v3.26.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The notional amounts and fair values of derivative financial instruments not designated as hedging instruments were as follows (in thousands):
 March 31, 2026December 31, 2025 
Fair valueFair value
 Derivative
assets		Derivative
liabilities		Notional
Amount		Derivative
assets		Derivative
liabilities		Notional
Amount		 
IRLCs$16,456 $35,280 $11,530,889 (a) $27,780 $6,475 $12,221,203 (a) 
FLSCs108,034 14,442 19,680,278 9,787 20,099 16,964,025  
Other interest rate derivatives
— 288,095 27,500,000 — — — 
Total$124,490 $337,817 $37,567 $26,574 
(a)Notional amounts have been adjusted for pullthrough rates of 81% and 78% as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
Accounts Receivable, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Accounts Receivable
The following summarizes accounts receivable, net (in thousands):
 March 31,
2026		December 31,
2025
Margin deposits
$670,793 $51,103 
Receivables from sales of servicing 159,487 128,223 
Servicing advances155,666 177,281 
Servicing fees132,091 136,780 
Derivative settlements receivable123,434 7,918 
Origination receivables30,535 28,079 
Other receivables3,481 2,018 
Provision for current expected credit losses(4,474)(4,708)
Total accounts receivable, net$1,271,014 $526,694 
v3.26.1
Mortgage Servicing Rights (Tables)
 3 Months Ended
Mar. 31, 2026
Transfers and Servicing [Abstract]  
Summary of Mortgage Servicing Rights
The following table summarizes changes in the MSR assets for the three months ended March 31, 2026 and 2025 (in thousands):
For the three months ended March 31,
20262025
Fair value, beginning of period$4,073,781 $3,969,881 
Capitalization of MSRs1,101,017 735,571 
MSR and excess servicing sales
(604,323)(1,010,124)
Changes in fair value:
Due to changes in valuation inputs and assumptions
247,897 (250,821)
Due to collection/realization of cash flows and other
(226,517)(123,050)
Fair value, end of period$4,591,855 $3,321,457 
The following is a summary of the components of the total change in fair value of MSRs as reported in the condensed consolidated statements of operations (in thousands):
For the three months ended March 31,
20262025
Changes in fair value:
Due to changes in valuation inputs and assumptions, net
$247,897 $(250,821)
Due to collection/realization of cash flows and other(226,517)(123,050)
Net reserves and transaction costs on sales of servicing rights(31,715)(14,714)
Changes in fair value of mortgage servicing rights$(10,335)$(388,585)
Summary of Loan Servicing Income
The following table summarizes the loan servicing income recognized during the three months ended March 31, 2026 and 2025 (in thousands):
For the three months ended March 31,
20262025
Contractual servicing fees$207,924 $186,232 
Late, ancillary and other fees5,455 4,285 
Loan servicing income$213,379 $190,517 
Summary of Key Assumptions Used in Determining the Fair Value
The key unobservable inputs used in determining the fair value of the Company’s MSRs were as follows at March 31, 2026 and 2025:
 March 31,
2026		December 31,
2025
RangeWeighted AverageRangeWeighted Average
Discount rates7.6 %—12.5 %9.1 %7.8 %—13.7 %9.4 %
Annual prepayment speeds6.6 %—17.6 %9.0 %5.4 %—22.1 %10.3 %
Cost of servicing$74 —$150 $86 $74 —$149 $87 
Schedule of Analysis of Change in Fair Value
The hypothetical effect of adverse changes in these key assumptions would result in a decrease in fair values as follows at March 31, 2026 and December 31, 2025 (in thousands):
 March 31,
2026		December 31,
2025
Discount rate:
+ 10% adverse change – effect on value$(175,285)$(149,409)
+ 20% adverse change – effect on value(336,520)(286,410)
Prepayment speeds:
+ 10% adverse change – effect on value$(173,417)$(168,559)
+ 20% adverse change – effect on value(333,954)(323,246)
Cost of servicing:
+ 10% adverse change – effect on value$(26,047)$(25,173)
+ 20% adverse change – effect on value(51,415)(49,316)
v3.26.1
Warehouse and Other Secured Lines of Credit (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Lines of Credit
The Company had the following warehouse lines of credit with financial institutions as of March 31, 2026 and December 31, 2025 (in thousands):
Warehouse Lines of Credit 1, 2
Date of Initial Agreement With Warehouse LenderCurrent Agreement Expiration DateTotal Advanced Against Line as of March 31,
2026		Total Advanced Against Line as of December 31,
2025
Master Repurchase Agreement ("MRA") Funding Limits as of March 31, 2026:
$500 Million
2/29/20125/15/2026$211,718 $396,734 
$500 Million
10/30/20206/26/2026123,377 123,379 
$2.0 Billion
7/24/20208/27/20261,233,511 1,319,244 
$2.0 Billion
7/10/20129/29/2026829,323 898,190 
$750 Million
4/23/202110/08/2026185,951 167,375 
$325 Million
2/26/201612/17/2026303,979 288,777 
$1.5 Billion
2/7/20252/5/2027970,121 827,941 
$1.0 Billion
2/9/20262/9/2027201,155 — 
$3.0 Billion
12/31/20142/17/20271,664,568 1,353,618 
$1.0 Billion
3/7/20192/19/2027608,503 709,683 
$3.5 Billion
5/9/201911/26/20273,402,576 2,807,107 
Early Funding:
$600 Million (ASAP + - see below)No expiration46,814 — 
$750 Million (EF - see below)No expiration118,707 20,448 
9,900,303 8,912,496 
All interest rates are variable based upon a spread to SOFR.
1 An aggregate of $900.0 million of these line amounts is committed as of March 31, 2026.
2 Interest rates under these funding facilities are based on SOFR plus a spread, which ranged from 1.00% to 1.75% for substantially all of our loan production volume as of March 31, 2026 and 1.15% to 1.75% as of December 31, 2025.
v3.26.1
Other Borrowings (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Summary of Senior Unsecured Notes
The following is a summary of the Company's outstanding senior notes (in thousands):
March 31, 2026December 31, 2025
Facility Type
Maturity
Date
Stated Interest
Rate
Carrying
Amount
Outstanding
Principal
Carrying
Amount
Outstanding
Principal
2027 Senior notes(1)
06/15/20275.750 %$498,953 $500,000 $498,736 $500,000 
2029 Senior notes(2)
04/15/20295.500 %697,339 700,000 697,120 700,000 
2030 Senior notes(3)
02/01/20306.625 %794,672 800,000 794,324 800,000 
2031 Senior notes(4)
03/15/20316.250 %992,188 1,000,000 991,795 1,000,000 
Total senior notes
$2,983,152 $3,000,000 $2,981,975 $3,000,000 
Weighted average effective interest rate6.25%6.25%
(1) Carrying amount includes $1.0 million and $1.3 million of unamortized debt issuance costs and discounts as of March 31, 2026 and December 31, 2025, respectively.
(2) Carrying amount includes $2.7 million and $2.9 million of unamortized debt issuance costs and discounts as of March 31, 2026 and December 31, 2025, respectively.
(3) Carrying amount includes $5.3 million and $5.7 million of unamortized debt issuance costs and discounts as of March 31, 2026 and December 31, 2025, respectively.
(4) Carrying amount includes $7.8 million and $8.2 million of unamortized debt issuance costs and discounts as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
Commitment and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Activity of Representation and Warranties Reserve
The activity of the representations and warranties reserve was as follows (in thousands):
 For the three months ended March 31,
 20262025
Balance, beginning of period$102,277 $87,647 
Additions5,575 10,376 
Loss realized, net of adjustments
544 (4,622)
Balance, end of period$108,396 $93,401 
v3.26.1
Accounts Payable, Accrued Expenses and Other (Tables)
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Schedule of Accounts Payable, Accrued Expenses and Other
The following summarizes accounts payable, accrued expenses and other (in thousands):

March 31, 2026December 31, 2025
TRA liability$248,959 $196,923 
Margin call payable
163,886 276 
Representations and warranties reserve
108,396 102,277 
Servicing fees payable
107,023 114,289 
Accrued compensation and benefits92,956 90,277 
Other accrued expenses
68,506 27,456 
Accrued interest and bank fees64,662 70,896 
Other accounts payable47,249 51,732 
Investor payables36,817 31,478 
Derivative settlements payable
5,994 17,106 
Deferred tax liability5,340 5,080 
Total accounts payable, accrued expenses and other
$949,788 $707,790 
v3.26.1
Non-controlling Interests (Tables)
 3 Months Ended
Mar. 31, 2026
Noncontrolling Interest [Abstract]  
Summary of Ownership of Units The following table summarizes the ownership of units in Holdings LLC as of:
March 31, 2026December 31, 2025
Common UnitsOwnership PercentageCommon UnitsOwnership Percentage
UWM Holdings Corporation ownership of Class A Common Units 312,883,751 19.6 %268,415,480 16.8 %
SFS Corp. ownership of Class B Common Units1,287,482,620 80.4 %1,331,482,620 83.2 %
Balance at end of period1,600,366,371 100.0 %1,599,898,100 100.0 %
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following are the major categories of financial assets and liabilities measured at fair value on a recurring basis (in thousands):
 March 31, 2026
DescriptionLevel 1Level 2Level 3Total
Assets:
Mortgage loans at fair value$— $10,991,101 $— $10,991,101 
IRLCs— — 16,456 16,456 
FLSCs— 108,034 — 108,034 
Investment securities at fair value, pledged— 98,491 — 98,491 
Mortgage servicing rights— — 4,591,855 4,591,855 
Total assets$— $11,197,626 $4,608,311 $15,805,937 
Liabilities:
IRLCs$— $— $35,280 $35,280 
FLSCs— 14,442 — 14,442 
Other interest rate derivatives
239,882 48,213 — 288,095 
Total liabilities$239,882 $62,655 $35,280 $337,817 
 December 31, 2025
DescriptionLevel 1Level 2Level 3Total
Assets:
Mortgage loans at fair value$— $9,932,729 $— $9,932,729 
IRLCs— — 27,780 27,780 
FLSCs— 9,787 — 9,787 
Investment securities at fair value, pledged— 100,512 — 100,512 
Mortgage servicing rights— — 4,073,781 4,073,781 
Total assets$— $10,043,028 $4,101,561 $14,144,589 
Liabilities:
IRLCs$— $— $6,475 $6,475 
FLSCs— 20,099 — 20,099 
Total liabilities$— $20,099 $6,475 $26,574 
Quantitative Information on Recurring Level 3 Fair Value Financial Instruments
The following table presents quantitative information about the inputs used in recurring Level 3 fair value financial instruments and the fair value measurements for IRLCs:
Unobservable Input - IRLCsMarch 31, 2026December 31, 2025
Pullthrough rate (weighted avg.)
81 %78 %
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis
The following table presents the carrying amounts and estimated fair value of the Company's financial liabilities that are not measured at fair value on a recurring or nonrecurring basis (in thousands):
March 31, 2026December 31, 2025
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
2027 Senior Notes, due 6/15/27$498,953 $493,355 $498,736 $502,120 
2029 Senior Notes, due 4/15/29697,339 656,502 697,120 695,205 
2030 Senior Notes, due 2/1/30
794,672 755,304 794,324 810,040 
2031 Senior Notes, due 3/15/31
992,188 912,760 991,795 998,580 
Total senior notes
$2,983,152 $2,817,921 $2,981,975 $3,005,945 
v3.26.1
Related Party Disclosures (Tables)
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Schedule of Net Payments to Various Companies
The Company made net payments to various companies related through common ownership as follows:
For the three months ended March 31,
(in thousands)
20262025
Rent and other occupancy related fees, net
$4,666 $4,889 
Legal fees
150 150 
Other expenses
162 79 
Total related party net payments
$4,978 $5,118 
v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of RSU Activity
The following is a summary of RSU activity for the three months ended March 31, 2026 and 2025:
For the three months ended March 31,
20262025
SharesWeighted Average Grant Date Fair ValueSharesWeighted Average Grant Date Fair Value
Unvested - beginning of period32,721,352 $5.46 19,997,692 $6.68 
Granted 1
3,699,158 3.43 2,145,576 5.30 
Vested(535,984)5.97 (344,957)6.75 
Forfeited(1,151,880)5.04 (448,619)6.31 
Unvested - end of period34,732,646 $5.25 21,349,692 $6.55 
1 The RSUs granted during the three months ended March 31, 2026 had vesting terms ranging from immediate to 6 years from the grant date.
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Calculation of Basic and Diluted Earnings per Share
The following table sets forth the calculation of basic and diluted earnings per share for the periods ended March 31, 2026 and 2025 (in thousands, except shares and per share amounts):
For the three months ended March 31,
20262025
Net income (loss)
$170,374 $(247,028)
Net income (loss) attributable to non-controlling interest
145,073 (233,349)
Net income (loss) attributable to UWMC
25,301 (13,679)
Numerator:
Net income (loss) attributable to Class A common shareholders
$25,301 $(13,679)
Net income (loss) attributable to Class A common shareholders - diluted
$137,154 $(195,300)
Denominator:
Weighted average shares of Class A common stock outstanding - basic292,122,233 164,100,022 
Weighted average shares of Class A common stock outstanding - diluted1,600,064,853 1,598,383,240 
Earnings (loss) per share of Class A common stock outstanding - basic
$0.09 $(0.08)
Earnings (loss) per share of Class A common stock outstanding - diluted
$0.09 $(0.12)
v3.26.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Organization (Details)
 3 Months Ended
Mar. 31, 2026
vote
equity
stock
Jan. 21, 2021
tradingDay
$ / shares
shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Number of classes of equity | equity 2  
Number of classes of stock | stock 4  
Paired interests (in shares)   90,800,000
Minimum    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Business combination trading day period | tradingDay   10
Maximum    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Business combination trading day period | tradingDay   30
Triggering Event 1    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Paired interests (in shares)   22,690,421
Triggering Event 2    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Paired interests (in shares)   22,690,421
Triggering Event 3    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Paired interests (in shares)   22,690,421
Triggering Event 4    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Paired interests (in shares)   22,690,421
Common Class A    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Number of votes | vote 1  
Common Class A | Triggering Event 1    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Share price (in usd per share) | $ / shares   $ 13.00
Common Class A | Triggering Event 2    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Share price (in usd per share) | $ / shares   15.00
Common Class A | Triggering Event 3    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Share price (in usd per share) | $ / shares   17.00
Common Class A | Triggering Event 4    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Share price (in usd per share) | $ / shares   $ 19.00
Common Class B    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Number of votes | vote 10  
Common Class C    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Number of votes | vote 1  
Common Class D    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Number of votes | vote 10  
UWM Holdings Corporation    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Ownership percent 100.00%  
v3.26.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Tax Receivable Agreement (Details)
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Required payment of cash savings 0.85
Cash savings 0.15
v3.26.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Stock-Based Compensation (Details) - 2020 Plan
Mar. 31, 2026
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares authorized for issuance (in shares) 80,000,000
Number of share available for issuance (in shares) 38,033,281
v3.26.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Operating Segments (Details)
 3 Months Ended
Mar. 31, 2026
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.26.1
Mortgage Loans at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Receivables [Abstract]    
Mortgage loans, unpaid principal balance $ 10,831,118 $ 9,735,186
Premiums paid on mortgage loans 122,551 121,140
Fair value adjustment 37,432 76,403
Mortgage loans at fair value $ 10,991,101 $ 9,932,729
v3.26.1
Derivatives - Additional Information (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Derivative blended weighted average pullthrough rate 81.00% 78.00%
v3.26.1
Derivatives - Schedule of Derivative Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Derivative [Line Items]    
Derivative assets $ 124,490 $ 37,567
Derivative liabilities $ 337,817 $ 26,574
Derivative blended weighted average pullthrough rate 81.00% 78.00%
Not Designated as Hedging Instrument    
Derivative [Line Items]    
Derivative assets $ 124,490 $ 37,567
Derivative liabilities 337,817 26,574
Not Designated as Hedging Instrument | IRLCs    
Derivative [Line Items]    
Derivative assets 16,456 27,780
Derivative liabilities 35,280 6,475
Notional Amount 11,530,889 12,221,203
Not Designated as Hedging Instrument | FLSCs    
Derivative [Line Items]    
Derivative assets 108,034 9,787
Derivative liabilities 14,442 20,099
Notional Amount 19,680,278 16,964,025
Not Designated as Hedging Instrument | Other interest rate derivatives    
Derivative [Line Items]    
Derivative assets 0 0
Derivative liabilities 288,095 0
Notional Amount $ 27,500,000 $ 0
v3.26.1
Accounts Receivable, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Receivables [Abstract]    
Margin deposits $ 670,793 $ 51,103
Receivables from sales of servicing 159,487 128,223
Servicing advances 155,666 177,281
Servicing fees 132,091 136,780
Derivative settlements receivable 123,434 7,918
Origination receivables 30,535 28,079
Other receivables 3,481 2,018
Provision for current expected credit losses (4,474) (4,708)
Total accounts receivable, net $ 1,271,014 $ 526,694
v3.26.1
Mortgage Servicing Rights - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Mortgage Servicing Rights [Line Items]      
Mortgage servicing rights $ 4,591,855   $ 4,073,781
Net proceeds from sale of mortgage servicing rights 542,626 $ 941,403  
MSR      
Mortgage Servicing Rights [Line Items]      
Mortgage servicing rights 229,500,000   $ 240,800,000
MSRs sold 39,700,000 53,500,000  
Net proceeds from sale of mortgage servicing rights 604,000 825,900  
Net reserves and transaction costs on sales of servicing rights 31,715 14,714  
Excess Servicing Cash Flows      
Mortgage Servicing Rights [Line Items]      
MSRs sold $ 0 19,900,000  
Net proceeds from sale of mortgage servicing rights   $ 184,600  
v3.26.1
Mortgage Servicing Rights - Summary of Mortgage Servicing Rights Activity (Details) - MSR - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Servicing Asset at Fair Value, Amount [Roll Forward]    
Fair value, beginning of period $ 4,073,781 $ 3,969,881
Capitalization of MSRs 1,101,017 735,571
MSR and excess servicing sales (604,323) (1,010,124)
Due to changes in valuation inputs and assumptions 247,897 (250,821)
Due to collection/realization of cash flows and other (226,517) (123,050)
Fair value, end of period 4,591,855 3,321,457
Changes in fair value:    
Due to changes in valuation inputs and assumptions, net 247,897 (250,821)
Due to collection/realization of cash flows and other (226,517) (123,050)
Net reserves and transaction costs on sales of servicing rights (31,715) (14,714)
Changes in fair value of mortgage servicing rights $ (10,335) $ (388,585)
v3.26.1
Mortgage Servicing Rights - Summary of Loan Servicing Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Transfers and Servicing [Abstract]    
Contractual servicing fees $ 207,924 $ 186,232
Late, ancillary and other fees 5,455 4,285
Loan servicing income $ 213,379 $ 190,517
v3.26.1
Mortgage Servicing Rights - Summary of Key Unobservable Inputs Used in Determining the Fair Value (Details) - MSR - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Minimum    
Servicing Assets at Fair Value [Line Items]    
Discount rates (as a percent) 7.60% 7.80%
Annual prepayment speeds (as a percent) 6.60% 5.40%
Cost of servicing $ 74 $ 74
Maximum    
Servicing Assets at Fair Value [Line Items]    
Discount rates (as a percent) 12.50% 13.70%
Annual prepayment speeds (as a percent) 17.60% 22.10%
Cost of servicing $ 150 $ 149
Weighted Average    
Servicing Assets at Fair Value [Line Items]    
Discount rates (as a percent) 9.10% 9.40%
Annual prepayment speeds (as a percent) 9.00% 10.30%
Cost of servicing $ 86 $ 87
v3.26.1
Mortgage Servicing Rights - Schedule of Analysis of Change in Fair Value (Details) - MSR - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
+ 10% adverse change – effect on value, discount rate $ (175,285) $ (149,409)
+ 20% adverse change – effect on value, discount rate (336,520) (286,410)
+ 10% adverse change – effect on value, prepayment speeds (173,417) (168,559)
+ 20% adverse change – effect on value, prepayment speeds (333,954) (323,246)
+ 10% adverse change – effect on value, cost of servicing (26,047) (25,173)
+ 20% adverse change – effect on value, cost of servicing $ (51,415) $ (49,316)
v3.26.1
Warehouse and Other Secured Lines of Credit - Summary of Line of Credit (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Line of Credit Facility [Line Items]    
Outstanding amount $ 2,000,000,000 $ 1,200,000,000
Warehouse Line of Credit    
Line of Credit Facility [Line Items]    
Outstanding amount 9,900,303,000 $ 8,912,496,000
Current aggregate committed amount $ 900,000,000.0  
Warehouse Line of Credit | Minimum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate 1.00% 1.15%
Warehouse Line of Credit | Maximum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate 1.75% 1.75%
Warehouse Line of Credit | Line Of Credit Due May 15, 2026    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 500,000,000  
Outstanding amount 211,718,000 $ 396,734,000
Warehouse Line of Credit | Line Of Credit Due June 26, 2026    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 500,000,000  
Outstanding amount 123,377,000 123,379,000
Warehouse Line of Credit | Line Of Credit Due August 27, 2026    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 2,000,000,000.0  
Outstanding amount 1,233,511,000 1,319,244,000
Warehouse Line of Credit | Line of Credit Due September 29, 2026    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 2,000,000,000.0  
Outstanding amount 829,323,000 898,190,000
Warehouse Line of Credit | Line Of Credit Due October 8, 2026    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 750,000,000  
Outstanding amount 185,951,000 167,375,000
Warehouse Line of Credit | Line Of Credit Due December 17, 2026    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 325,000,000  
Outstanding amount 303,979,000 288,777,000
Warehouse Line of Credit | Line Of Credit Due February 5, 2027    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 1,500,000,000  
Outstanding amount 970,121,000 827,941,000
Warehouse Line of Credit | Line Of Credit Due February 9, 2027    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 1,000,000,000.0  
Outstanding amount 201,155,000 0
Warehouse Line of Credit | Line Of Credit Due February 17, 2027    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 3,000,000,000.0  
Outstanding amount 1,664,568,000 1,353,618,000
Warehouse Line of Credit | Line Of Credit Due February 19, 2027    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 1,000,000,000.0  
Outstanding amount 608,503,000 709,683,000
Warehouse Line of Credit | Line Of Credit Due November 26, 2027    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 3,500,000,000  
Outstanding amount 3,402,576,000 2,807,107,000
Warehouse Line of Credit | Line of Credit, ASAP program    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 600,000,000  
Outstanding amount 46,814,000 0
Warehouse Line of Credit | Line of Credit, EF    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 750,000,000  
Outstanding amount $ 118,707,000 $ 20,448,000
v3.26.1
Warehouse and Other Secured Lines of Credit - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Jun. 27, 2024
Dec. 31, 2023
Dec. 31, 2022
Line of Credit Facility [Line Items]            
Outstanding amount $ 2,000,000,000   $ 1,200,000,000      
Warehouse Line of Credit            
Line of Credit Facility [Line Items]            
Outstanding amount 9,900,303,000   8,912,496,000      
Warehouse Line of Credit | Line of Credit, ASAP program            
Line of Credit Facility [Line Items]            
Outstanding amount 46,814,000   0      
Maximum borrowing capacity 600,000,000          
Warehouse Line of Credit | Line of Credit, EF            
Line of Credit Facility [Line Items]            
Outstanding amount 118,707,000   20,448,000      
Maximum borrowing capacity 750,000,000          
Revolving Credit Facility | MSR Facility | Line of Credit            
Line of Credit Facility [Line Items]            
Outstanding amount 1,400,000,000   900,000,000.0      
Maximum borrowing capacity       $ 2,000,000,000.0   $ 1,500,000,000
Revolving Credit Facility | GNMA MSR Facility | Line of Credit            
Line of Credit Facility [Line Items]            
Outstanding amount 575,000,000.0   $ 300,000,000.0      
Maximum borrowing capacity         $ 500,000,000.0  
Uncommitted borrowing capacity $ 900,000,000.0          
Weighted average interest rate 6.20% 7.32%        
v3.26.1
Other Borrowings - Summary of Senior Unsecured Notes (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Sep. 09, 2025
Dec. 10, 2024
Nov. 22, 2021
Apr. 07, 2021
Debt Instrument [Line Items]            
Carrying amount $ 2,983,152 $ 2,981,975        
Outstanding principal $ 3,000,000 $ 3,000,000        
Weighted average effective interest rate 6.25% 6.25%        
Senior Notes | 2027 Senior Notes, due 6/15/27            
Debt Instrument [Line Items]            
Stated Interest Rate 5.75%       5.75%  
Carrying amount $ 498,953 $ 498,736        
Outstanding principal 500,000 500,000        
Unamortized debt issuance costs and discounts $ 1,000 1,300        
Senior Notes | 2029 Senior Notes, due 4/15/29            
Debt Instrument [Line Items]            
Stated Interest Rate 5.50%         5.50%
Carrying amount $ 697,339 697,120        
Outstanding principal 700,000 700,000        
Unamortized debt issuance costs and discounts $ 2,700 2,900        
Senior Notes | 2030 Senior Notes, due 2/1/30            
Debt Instrument [Line Items]            
Stated Interest Rate 6.625%     6.625%    
Carrying amount $ 794,672 794,324        
Outstanding principal 800,000 800,000        
Unamortized debt issuance costs and discounts $ 5,300 5,700        
Senior Notes | 2031 Senior Notes, due 3/15/31            
Debt Instrument [Line Items]            
Stated Interest Rate 6.25%   6.25%      
Carrying amount $ 992,188 991,795        
Outstanding principal 1,000,000 1,000,000        
Unamortized debt issuance costs and discounts $ 7,800 $ 8,200        
v3.26.1
Other Borrowings - Additional Information (Details) - USD ($)
 26 Months Ended 30 Months Ended
Mar. 15, 2029
Mar. 15, 2028
Feb. 01, 2028
Feb. 01, 2027
Feb. 01, 2027
Mar. 15, 2028
Mar. 31, 2026
Dec. 31, 2025
Sep. 09, 2025
Dec. 10, 2024
Dec. 31, 2022
Sep. 30, 2022
Nov. 22, 2021
Apr. 07, 2021
Debt Instrument [Line Items]                            
Carrying amount             $ 2,983,152,000 $ 2,981,975,000            
Senior Notes | 2029 Senior Notes, due 4/15/29                            
Debt Instrument [Line Items]                            
Face amount                           $ 700,000,000.0
Interest rate             5.50%             5.50%
Carrying amount             $ 697,339,000 697,120,000            
Senior Notes | 2027 Senior Notes, due 6/15/27                            
Debt Instrument [Line Items]                            
Face amount                         $ 500,000,000.0  
Interest rate             5.75%           5.75%  
Carrying amount             $ 498,953,000 498,736,000            
Senior Notes | 2030 Senior Notes, due 2/1/30                            
Debt Instrument [Line Items]                            
Face amount                   $ 800,000,000.0        
Interest rate             6.625%     6.625%        
Carrying amount             $ 794,672,000 794,324,000            
Senior Notes | 2030 Senior Notes, due 2/1/30 | Forecast                            
Debt Instrument [Line Items]                            
Debt redemption price, percent of principal amount redeemed       100.00%                    
Debt redemption price (in percent)         106.625%                  
Senior Notes | 2030 Senior Notes, due 2/1/30 | Forecast | Maximum                            
Debt Instrument [Line Items]                            
Debt redemption price, percent of principal amount redeemed         40.00%                  
Senior Notes | 2030 Senior Notes, due 2/1/30 | Forecast | Debt Instrument, Redemption, Period One                            
Debt Instrument [Line Items]                            
Debt redemption price (in percent)       103.313%                    
Senior Notes | 2030 Senior Notes, due 2/1/30 | Forecast | Debt Instrument, Redemption, Period Two                            
Debt Instrument [Line Items]                            
Debt redemption price (in percent)     101.656%                      
Senior Notes | 2030 Senior Notes, due 2/1/30 | Forecast | Debt Instrument, Redemption, Period Three                            
Debt Instrument [Line Items]                            
Debt redemption price (in percent)         100.00%                  
Senior Notes | 2031 Senior Notes, due 3/15/31                            
Debt Instrument [Line Items]                            
Face amount                 $ 1,000,000,000.0          
Interest rate             6.25%   6.25%          
Carrying amount             $ 992,188,000 991,795,000            
Senior Notes | 2031 Senior Notes, due 3/15/31 | Forecast                            
Debt Instrument [Line Items]                            
Debt redemption price, percent of principal amount redeemed   100.00%                        
Debt redemption price (in percent)           106.25%                
Senior Notes | 2031 Senior Notes, due 3/15/31 | Forecast | Maximum                            
Debt Instrument [Line Items]                            
Debt redemption price, percent of principal amount redeemed           40.00%                
Senior Notes | 2031 Senior Notes, due 3/15/31 | Forecast | Debt Instrument, Redemption, Period One                            
Debt Instrument [Line Items]                            
Debt redemption price (in percent)   103.125%                        
Senior Notes | 2031 Senior Notes, due 3/15/31 | Forecast | Debt Instrument, Redemption, Period Two                            
Debt Instrument [Line Items]                            
Debt redemption price (in percent) 101.563%                          
Senior Notes | 2031 Senior Notes, due 3/15/31 | Forecast | Debt Instrument, Redemption, Period Three                            
Debt Instrument [Line Items]                            
Debt redemption price (in percent)           100.00%                
Line of Credit | Revolving Credit Agreement | Revolving Credit Facility                            
Debt Instrument [Line Items]                            
Carrying amount             $ 0 $ 0            
Line of Credit | Revolving Credit Agreement | Revolving Credit Facility | Related Party | SFS Corp                            
Debt Instrument [Line Items]                            
Maximum borrowing capacity                       $ 500,000,000.0    
Initial term                     1 year      
Renewal term                     1 year      
v3.26.1
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]    
Loans repurchased $ 49.5 $ 40.9
Commitments to extend credit to potential borrowers $ 20,900.0  
v3.26.1
Commitments and Contingencies - Activity of Representation and Warranties Reserve (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Representation And Warranty Reserve [Roll Forward]        
Balance, beginning of period $ 108,396 $ 93,401 $ 102,277 $ 87,647
Additions 5,575 10,376    
Loss realized, net of adjustments 544 (4,622)    
Balance, end of period $ 108,396 $ 93,401    
v3.26.1
Accounts Payable, Accrued Expenses and Other (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Payables and Accruals [Abstract]    
TRA liability $ 248,959 $ 196,923
Margin call payable 163,886 276
Representations and warranties reserve 108,396 102,277
Servicing fees payable 107,023 114,289
Accrued compensation and benefits 92,956 90,277
Other accrued expenses 68,506 27,456
Accrued interest and bank fees 64,662 70,896
Other accounts payable 47,249 51,732
Investor payables 36,817 31,478
Derivative settlements payable 5,994 17,106
Deferred tax liability 5,340 5,080
Total accounts payable, accrued expenses and other $ 949,788 $ 707,790
v3.26.1
Variable Interest Entities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Variable Interest Entity [Line Items]    
Percentage of beneficial interests in securitized assets (in percent) 5.00%  
Fair value of investment securities pledged $ 96,500  
Investment securities at fair value, pledged 98,500  
Borrowings against investment securities $ 86,724 $ 87,497
Minimum | Secured Debt    
Variable Interest Entity [Line Items]    
Maturity period (in months) 1 month  
Maximum | Secured Debt    
Variable Interest Entity [Line Items]    
Maturity period (in months) 3 months  
Holdings, LLC    
Variable Interest Entity [Line Items]    
Ownership percentage (in percent) 100.00%  
v3.26.1
Non-controlling Interests (Details) - Holdings, LLC - shares
Mar. 31, 2026
Dec. 31, 2025
Noncontrolling Interest [Line Items]    
Common units (in shares) 1,600,366,371 1,599,898,100
Ownership Percentage (in percent) 100.00% 100.00%
Common Class A    
Noncontrolling Interest [Line Items]    
Common units (in shares) 312,883,751 268,415,480
Ownership Percentage by Noncontrolling Owners (in percent) 19.60% 16.80%
Common Class B | SFS Corp    
Noncontrolling Interest [Line Items]    
Common units (in shares) 1,287,482,620 1,331,482,620
Ownership Percentage by Parent (in percent) 80.40% 83.20%
v3.26.1
Non-controlling Interests - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
shares
Common Class B  
Noncontrolling Interest [Line Items]  
Shares acquired (in shares) 44,000,000
RSU  
Noncontrolling Interest [Line Items]  
Vested (in shares) 468,271
v3.26.1
Regulatory Net Worth Requirements - Additional Details (Details) - Ginnie Mae, Freddie Mac and Fannie Mae
$ in Millions
Mar. 31, 2026
USD ($)
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]  
Minimum net worth requirement $ 733.3
Minimum liquidity requirement $ 345.0
Minimum capital ratio 6.00%
v3.26.1
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Mortgage loans at fair value $ 10,991,101 $ 9,932,729    
Investment securities at fair value, pledged 98,491 100,512    
Total assets 15,805,937 14,144,589    
Total liabilities 337,817 26,574    
IRLCs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative asset 16,456 27,780    
Derivative liability 35,280 6,475    
FLSCs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative asset 108,034 9,787    
Derivative liability 14,442 20,099    
Mortgage servicing rights        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Mortgage servicing rights 4,591,855 4,073,781 $ 3,321,457 $ 3,969,881
Other interest rate derivatives        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative liability 288,095      
Level 1        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Mortgage loans at fair value 0 0    
Investment securities at fair value, pledged 0 0    
Total assets 0 0    
Total liabilities 239,882 0    
Level 1 | IRLCs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative asset 0 0    
Derivative liability 0 0    
Level 1 | FLSCs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative asset 0 0    
Derivative liability 0 0    
Level 1 | Mortgage servicing rights        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Mortgage servicing rights 0 0    
Level 1 | Other interest rate derivatives        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative liability 239,882      
Level 2        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Mortgage loans at fair value 10,991,101 9,932,729    
Investment securities at fair value, pledged 98,491 100,512    
Total assets 11,197,626 10,043,028    
Total liabilities 62,655 20,099    
Level 2 | IRLCs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative asset 0 0    
Derivative liability 0 0    
Level 2 | FLSCs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative asset 108,034 9,787    
Derivative liability 14,442 20,099    
Level 2 | Mortgage servicing rights        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Mortgage servicing rights 0 0    
Level 2 | Other interest rate derivatives        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative liability 48,213      
Level 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Mortgage loans at fair value 0 0    
Investment securities at fair value, pledged 0 0    
Total assets 4,608,311 4,101,561    
Total liabilities 35,280 6,475    
Level 3 | IRLCs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative asset 16,456 27,780    
Derivative liability 35,280 6,475    
Level 3 | FLSCs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative asset 0 0    
Derivative liability 0 0    
Level 3 | Mortgage servicing rights        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Mortgage servicing rights 4,591,855 $ 4,073,781    
Level 3 | Other interest rate derivatives        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative liability $ 0      
v3.26.1
Fair Value Measurements - Quantitative Information (Details)
Mar. 31, 2026
Dec. 31, 2025
IRLCs | Pullthrough rate (weighted avg.) | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Pullthrough rate (weighted avg.) 0.81 0.78
v3.26.1
Fair Value Measurements - Other Financial Instruments (Details) - Senior Notes - Level 2 - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Carrying Amount    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value $ 2,983,152 $ 2,981,975
Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 2,817,921 3,005,945
2027 Senior Notes, due 6/15/27 | Carrying Amount    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 498,953 498,736
2027 Senior Notes, due 6/15/27 | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 493,355 502,120
2029 Senior Notes, due 4/15/29 | Carrying Amount    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 697,339 697,120
2029 Senior Notes, due 4/15/29 | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 656,502 695,205
2030 Senior Notes, due 2/1/30 | Carrying Amount    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 794,672 794,324
2030 Senior Notes, due 2/1/30 | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 755,304 810,040
2031 Senior Notes, due 3/15/31 | Carrying Amount    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 992,188 991,795
2031 Senior Notes, due 3/15/31 | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value $ 912,760 $ 998,580
v3.26.1
Related Party Disclosures - Schedule of Net Payments to Various Companies (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Related Party Transaction [Line Items]    
Other expenses $ 59,034 $ 68,148
Related Party    
Related Party Transaction [Line Items]    
Rent and other occupancy related fees, net 4,666 4,889
Legal fees 150 150
Other expenses 162 79
Total related party net payments $ 4,978 $ 5,118
v3.26.1
Related Party Transactions (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Sep. 30, 2022
Related Party Transaction [Line Items]        
Carrying amount $ 2,983,152,000   $ 2,981,975,000  
Revolving Credit Facility | Revolving Credit Agreement | Line of Credit        
Related Party Transaction [Line Items]        
Carrying amount 0   $ 0  
Related Party | Naming Rights And Sponsorship Agreement        
Related Party Transaction [Line Items]        
Naming rights and sponsorship agreement expense $ 115,000,000      
Naming rights agreement period 10 years      
Naming rights agreement, terminable period 2 years      
Related Party | Revolving Credit Facility | Revolving Credit Agreement | Line of Credit | SFS Corp        
Related Party Transaction [Line Items]        
Maximum borrowing capacity       $ 500,000,000.0
Nonrelated Party        
Related Party Transaction [Line Items]        
Payments for aircraft rental fees $ 200,000 $ 200,000    
v3.26.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Effective tax rate 4.01% 5.29%
Increase in deferred tax asset $ 32.7 $ 32.7
Increase in TRA asset 59.0 54.0
Differences not subject to TRA 26.3 21.3
Increase in TRA liability $ 50.1 $ 45.9
v3.26.1
Stock-Based Compensation - Summary of RSU Activity (Details) - RSU - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Shares    
Unvested - beginning of period (in shares) 32,721,352 19,997,692
Granted (in shares) 3,699,158 2,145,576
Vested (in shares) (535,984) (344,957)
Forfeited (in shares) (1,151,880) (448,619)
Unvested - end of period (in shares) 34,732,646 21,349,692
Weighted Average Grant Date Fair Value    
Unvested - beginning of period (in usd per share) $ 5.46 $ 6.68
Granted (in usd per share) 3.43 5.30
Vested (in usd per share) 5.97 6.75
Forfeited (in usd per share) 5.04 6.31
Unvested - end of period (in usd per share) $ 5.25 $ 6.55
Maximum    
Weighted Average Grant Date Fair Value    
Award vesting period (in years) 6 years  
v3.26.1
Stock-Based Compensation - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 13.2 $ 8.3
RSU    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation related to unvested awards $ 114.8  
Unvested awards, period for recognition (in years) 3 years 4 months 9 days  
Granted (in shares) 3,699,158 2,145,576
Granted fair value (in usd per share) $ 3.43 $ 5.30
v3.26.1
Earnings Per Share - Additional Information (Details)
Mar. 31, 2026
equity
shares
Dec. 31, 2025
shares
Mar. 31, 2025
shares
Class of Stock [Line Items]      
Number of classes of economic shares authorized | equity 2    
Common Class B      
Class of Stock [Line Items]      
Common stock outstanding (in shares) | shares 0 0 0
v3.26.1
Earnings Per Share - Calculation of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Net income (loss) $ 170,374 $ (247,028)
Net income (loss) attributable to non-controlling interest 145,073 (233,349)
Net income (loss) attributable to UWM Holdings Corporation 25,301 (13,679)
Numerator:    
Net income (loss) attributable to Class A common shareholders 25,301 (13,679)
Net income (loss) attributable to Class A common shareholders - diluted $ 137,154 $ (195,300)
Weighted average shares outstanding:    
Weighted average shares of Class A common stock outstanding - basic (in shares) 292,122,233 164,100,022
Weighted average shares of Class A common stock outstanding - diluted (in shares) 1,600,064,853 1,598,383,240
Earnings (loss) per share of Class A common stock outstanding - basic (in usd per share) $ 0.09 $ (0.08)
Earnings (loss) per share of Class A common stock outstanding - diluted (in usd per share) $ 0.09 $ (0.12)
v3.26.1
Subsequent Events (Details) - Subsequent Event - Common Class A
shares in Millions
 1 Months Ended
May 06, 2026
$ / shares
shares
Subsequent Event [Line Items]  
Dividends declared (in usd per share) | $ / shares $ 0.10
Shares acquired (in shares) | shares 136.0