UWM HOLDINGS CORP, 10-K filed on 3/1/2023
Annual Report
v3.22.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2022
Feb. 24, 2023
Jun. 30, 2022
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
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    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Public Float     $ 326,829,162
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive proxy statement for use in connection with its 2023 Annual Meeting of Stockholders, which is to be filed no later than 120
days after December 31, 2022, are incorporated by reference into Part III of this Annual Report on Form 10-K. 		   
Entity Shell Company false    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Fiscal Year Focus 2022    
Entity Central Index Key 0001783398    
Common Class A      
Document Information [Line Items]      
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share    
Trading Symbol UWMC    
Security Exchange Name NYSE    
Entity Common Stock, Shares Outstanding   93,101,971  
Warrant      
Document Information [Line Items]      
Title of 12(b) Security Warrants, each warrant exercisable for one share of Class A Common Stock    
Trading Symbol UWMCWS    
Security Exchange Name NYSE    
Common Class D      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   1,502,069,787  
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Detroit, Michigan
Auditor Firm ID 34
v3.22.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Assets    
Cash and cash equivalents $ 704,898 $ 731,088
Mortgage loans at fair value 7,134,960 16,909,901
Derivative assets 82,869 67,356
Investment securities at fair value, pledged 113,290 152,263
Accounts receivable, net 383,147 415,691
Mortgage servicing rights 4,453,261 3,314,952
Premises and equipment, net 152,477 151,687
Operating lease right-of-use asset, net (includes $102,322 and $104,595 with related parties) 104,181 104,828
Finance lease right-of-use asset (includes $26,867 and $28,619 with related parties) 42,218 57,024
Loans eligible for repurchase from Ginnie Mae 345,490 563,423
Other assets 83,834 60,145
Total assets 13,600,625 22,528,358
Liabilities and equity    
Warehouse lines of credit 6,443,992 15,954,938
Derivative liabilities 49,748 36,741
Secured line of credit 750,000 0
Borrowings against investment securities 101,345 118,786
Accounts payable, accrued expenses and other 439,719 523,988
Accrued distributions and dividends payable 159,465 9,171
Senior notes 1,984,336 1,980,112
Operating lease liability (includes $109,473 and $111,999 with related parties) 111,332 112,231
Finance lease liability (includes $27,857 and $29,087 with related parties) 43,505 57,967
Loans eligible for repurchase from Ginnie Mae 345,490 563,423
Total liabilities 10,428,932 19,357,357
Equity    
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of December 31, 2022 or 2021 0 0
Additional paid-in capital 903 437
Retained earnings 142,500 141,805
Non-controlling interest 3,028,131 3,028,600
Total equity 3,171,693 3,171,001
Total liabilities and equity 13,600,625 22,528,358
Common Class A    
Equity    
Common stock, $0.0001 par value 9 9
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 $ 150 $ 150
v3.22.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Related party operating lease right-of-use asset $ 102,322 $ 104,595
Related party finance lease right-of-use asset 26,867 28,619
Related party operating lease liabilities 109,473 111,999
Related party finance lease liability $ 27,857 $ 29,087
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
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 92,575,974 91,612,305
Common stock, shares, outstanding 92,575,974 91,612,305
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 1,502,069,787 1,502,069,787
Common stock, shares, outstanding 1,502,069,787 1,502,069,787
v3.22.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenue      
Loan production income $ 981,988 $ 2,585,807 $ 4,551,415
Loan servicing income 792,072 638,738 288,304
Change in fair value of mortgage servicing rights (see Note 5) 284,104 (587,813) 0
Gain (loss) on sale of mortgage servicing rights 0 1,791 (62,285)
Interest income 314,462 331,770 161,160
Total revenue, net 2,372,626 2,970,293 4,938,594
Expenses      
Salaries, commissions and benefits 552,886 697,680 552,143
Direct loan production costs 90,369 72,952 54,459
Marketing, travel, and entertainment 74,168 62,472 20,367
Depreciation and amortization 45,235 35,098 16,820
General and administrative 179,549 133,334 98,856
Servicing costs 166,024 108,967 70,835
Amortization, impairment and pay-offs of mortgage servicing rights (see Note 5) 0 0 573,118
Interest expense 305,987 304,656 167,036
Other expense/(income) 23,739 (23,107) 0
Total expenses 1,437,957 1,392,052 1,553,634
Earnings before income taxes 934,669 1,578,241 3,384,960
Provision for income taxes 2,811 9,841 2,450
Net income 931,858 1,568,400 $ 3,382,510
Net income attributable to non-controlling interests 890,143 1,469,955  
Net income attributable to UWM Holdings Corporation $ 41,715 $ 98,445  
Earnings per share of class A common stock      
Basic (in usd per share) $ 0.45 $ 0.98  
Diluted (in usd per share) $ 0.45 $ 0.66  
Weighted average shares outstanding:      
Basic (in shares) 92,475,170 100,881,094  
Diluted (in shares) 92,475,170 1,603,157,640  
v3.22.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Cumulative Effect, Remeasurement Due to Change in Parent Ownership and Other
Cumulative Effect, Period of Adoption, Adjustment
Common Class A
Common Class D
Common Stock
Common Class A
Common Stock
Common Class D
Additional  Paid-in Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Remeasurement Due to Change in Parent Ownership and Other
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
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, 2019           0 0            
Balance at beginning of period at Dec. 31, 2019 $ 661,323         $ 0 $ 0 $ 24,839 $ 636,484     $ 0  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income 3,382,510               3,382,510        
Member contributions 300,000               300,000        
Member distributions (1,969,553)               (1,969,553)        
Balance at end of period (in shares) at Dec. 31, 2020           0 0            
Balance at end of period at Dec. 31, 2020 2,374,280         $ 0 $ 0 24,839 2,349,441     0  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Members equity, balance at beginning of period     $ 3,440               $ 3,440    
Net income 1,568,400                        
Balance at end of period (in shares) at Dec. 31, 2021       91,612,305 1,502,069,787 91,612,305 1,502,069,787            
Balance at end of period at Dec. 31, 2021 3,171,001         $ 9 $ 150 437 141,805     3,028,600  
Balance at beginning of period (in shares) at Jan. 21, 2021       103,104,205 1,502,069,787 103,104,205 1,502,069,787            
Balance at beginning of period at Jan. 21, 2021 0         $ 10 $ 150 (24,839) (2,164,975)     2,189,654  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income 1,384,644               98,445     1,286,199  
Opening net liabilities of Gores Holdings IV, Inc. acquired (75,380)               (75,380)        
Class A common stock dividends (39,805)               (39,805)        
Member distributions to SFS Corp. (368,832)                     (368,832)  
Stock-based compensation expense (in shares)           6,430              
Stock-based compensation expense 6,467             437       6,030  
Class A common stock repurchased (in shares)           (11,498,330)              
Class A common stock repurchased (81,627)         $ (1)     (5,065)     (76,561)  
Balance at end of period (in shares) at Dec. 31, 2021       91,612,305 1,502,069,787 91,612,305 1,502,069,787            
Balance at end of period at Dec. 31, 2021 3,171,001         $ 9 $ 150 437 141,805     3,028,600  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income 931,858               41,715     890,143  
Class A common stock dividends (37,023)               (37,023)        
Member distributions to SFS Corp. (901,242)                     (901,242)  
Stock-based compensation expense (in shares)           963,669              
Stock-based compensation expense 7,545             466       7,079  
Re-measurement of non-controlling interest due to change in parent ownership   $ (446)               $ (3,997)     $ 3,551
Balance at end of period (in shares) at Dec. 31, 2022       92,575,974 1,502,069,787 92,575,974 1,502,069,787            
Balance at end of period at Dec. 31, 2022 $ 3,171,693         $ 9 $ 150 $ 903 $ 142,500     $ 3,028,131  
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 931,858 $ 1,568,400 $ 3,382,510
Adjustments to reconcile net income to net cash provided by operating activities:      
Reserve for representations and warranties 57,415 45,301 36,510
Capitalization of mortgage servicing rights (2,213,572) (2,397,483) (1,896,638)
Amortization and pay-offs of mortgage servicing rights 0 0 553,534
Impairment of mortgage servicing rights, net 0 0 19,584
Change in fair value of mortgage servicing rights (284,104) 587,813 0
Depreciation & amortization     17,172
Depreciation & amortization 49,404 38,025  
Stock-based compensation expense 7,545 6,467 0
Retention of investment securities 0 (154,794) 0
Decrease in fair value of investment securities 28,227 1,061 0
Decrease in fair value of warrants liability (7,683) (36,105) 0
(Increase) decrease in:      
Mortgage loans at fair value 9,774,941 (9,444,476) (2,040,817)
Derivative assets (15,512) (6,284) (36,384)
Other assets 56,626 (166,250) (119,627)
Increase (decrease) in:      
Derivative liabilities 13,007 (29,496) 43,828
Other liabilities (129,970) 30,858 96,740
Net cash provided by (used in) operating activities 8,268,182 (9,956,963) 56,412
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of premises and equipment (26,615) (65,384) (57,288)
Net proceeds from sale of mortgage servicing rights 1,311,282 264,028 289,170
Proceeds from principal payments on investment securities 10,987 1,107 0
Margin calls on borrowings against investment securities (5,308) 0 0
Net cash provided by investing activities 1,290,346 199,751 231,882
CASH FLOWS FROM FINANCING ACTIVITIES      
Net (repayments) borrowings under warehouse lines of credit (9,510,946) 9,013,541 1,751,810
Repayments of finance lease liabilities (17,323) (13,704) (5,049)
Borrowings under equipment notes payable 0 1,078 2,165
Repayments under equipment notes payable (1,037) (25,560) (5,637)
Borrowings under lines of credit 1,250,000 79,700 412,295
Repayments under lines of credit (500,000) (400,000) (467,995)
Proceeds from issuance of senior notes 0 1,200,000 800,000
Discount and direct issuance costs on senior notes 0 (12,159) (11,030)
Borrowings against investment securities 101,345 118,786 0
Repayments of borrowings against investment securities (118,786) 0 0
Proceeds from business combination transaction 0 895,134 0
Costs incurred related to business combination transaction 0 (11,260) (4,745)
Dividends paid to Class A common stockholders (36,936) (30,634) 0
Member contributions from SFS Corp. 0 0 300,000
Member distributions paid to SFS Corp. (751,035) (1,468,832) (1,969,554)
Class A common stock repurchased 0 (81,627) 0
Net cash (used in) provided by financing activities (9,584,718) 9,264,463 802,260
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (26,190) (492,749) 1,090,554
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 731,088 1,223,837 133,283
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations, Ending Balance 704,898 731,088 1,223,837
SUPPLEMENTAL INFORMATION      
Cash paid for interest 241,732 287,295 161,803
Cash paid for taxes $ 0 $ 1,776 $ 0
v3.22.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2022
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, through its consolidated subsidiaries (collectively, the “Company”), engages in the origination, sale and servicing of residential mortgage loans. The Company is organized in Delaware but based in Michigan, and originates and services loans throughout the U.S. The Company is approved as a Title II, non-supervised direct endorsement mortgagee with the U.S. Department of Housing and Urban Development (or “HUD”). In addition, the Company is an approved issuer with the Government National Mortgage Association (or “Ginnie Mae”), as well as an approved seller and servicer with the Federal National Mortgage Association (or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (or “Freddie Mac”).
The Company (f/k/a Gores Holdings IV, Inc.) was incorporated in Delaware on June 12, 2019. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On September 22, 2020, the Company entered into a Business Combination Agreement (the “Business Combination Agreement”) by and among the Company, SFS Holding Corp., a Michigan corporation (“SFS Corp.”), United Wholesale Mortgage, LLC, a Michigan limited liability company (“UWM”), and UWM Holdings, LLC, a newly formed Delaware limited liability company (“Holdings LLC” and, together with UWM, the “UWM Entities”). The business combination with the UWM Entities closed on January 21, 2021.
Prior to the closing of the business combination with the UWM Entities, SFS Corp. was the sole member of UWM, which had one unit authorized, issued and outstanding. On January 21, 2021, SFS Corp. contributed its equity interest in UWM to Holdings LLC and adopted the Amended and Restated Operating Agreement to admit Holdings LLC as UWM's sole member and its manager. Upon completion of the business combination transaction, (i) Holdings LLC issued approximately 6% of its units (Class A Common Units) to the Company, (ii) SFS Corp. retained approximately 94% of the units (Class B Common Units) in Holdings LLC and accordingly retained approximately 94% of the economic ownership interest of the combined company and (iii) Holdings LLC became a consolidated subsidiary of the Company, as the Company is the sole managing member of Holdings LLC. The economic interest in Holdings LLC owned by SFS Corp. is presented as a non-controlling interest in these consolidated financial statements (see Note 12 - Non-Controlling Interests for further information).
Following the consummation of the transactions contemplated by the Business Combination Agreement, the Company is organized in an “Up-C” structure in which UWM (the operating subsidiary) is held directly by Holdings LLC, and the Company’s only material direct asset consists of Class A Common Units in Holdings LLC. The Company’s current capital structure authorizes Class A common stock, Class B common stock, Class C common stock and Class D common stock. The Class A common stock and Class C common stock each provide holders with one vote on all matters submitted to a vote of stockholders, and the Class B common stock and Class D common stock each provide holders with 10 votes on all matters submitted to a vote of stockholders. The holders of Class C common stock and Class D common stock do not have any of the economic rights (including rights to dividends and distributions upon liquidation) provided to holders of Class A common stock and Class B common stock. Immediately following the business combination transaction, there were 103,104,205 shares of Class A common stock outstanding, and 1,502,069,787 shares of non-economic Class D common stock outstanding (all of which were held by SFS Corp.), and no shares of Class B or Class C common stock outstanding. As of December 31, 2022, there were 92,575,974 shares of Class A common stock outstanding and 1,502,069,787 shares of Class D common stock outstanding. Each Holdings LLC Class B Common Unit held by SFS Corp. may be exchanged at the option of the Company, along with its stapled share of Class D common stock, for either, (a) cash or (b) one share of the Company’s Class B common stock. Each share of Class B Stock is convertible into one share of Class A Stock upon the transfer or assignment of such share from SFS Corp. to a non-affiliated third-party. See Note 12 - Non-Controlling Interests for further information. Pursuant to the Business Combination Agreement, SFS Corp. is entitled to receive an aggregate of up to 90,761,687 earn-out shares in the form of Class B Common Units in Holdings LLC and Class D common shares upon attainment of certain stock price targets prior to January 2026. There are four different triggering events that affect the number of earn-out shares that will be issued based upon the per share price of Class A common stock ranging from $13.00 to $19.00 per share. The Company accounts for the potential earn-out shares as a component of stockholders’ equity in accordance with the applicable guidance in U.S. GAAP. See Note 19 - Earnings Per Share for further information.
Basis of Presentation and Consolidation
The business combination transaction was accounted for as a reverse recapitalization in accordance with U.S. GAAP as UWM was determined to be the accounting acquirer, primarily due to the fact that SFS Corp. continues to control the Company through its ownership of the Class D common stock. Under this method of accounting, while the Company was the legal acquirer, it was treated as the acquired company for financial reporting purposes. Accordingly, the business combination transaction was treated as the equivalent of UWM issuing stock for the net assets of the Company, accompanied by a recapitalization, with the net assets of the Company stated at historical cost, with no goodwill or other intangible assets recorded. The net proceeds received from Gores Holdings IV, Inc. in the business combination transaction approximated $895.1 million, and the Company incurred approximately $16.0 million in costs related to the transaction which were charged to stockholders' equity upon the closing of the transaction. As part of the business combination transaction, the Company assumed the liability related to the Public and Private Warrants (described below) of $45.6 million. The Company’s financial statement presentation included in these consolidated financial statements include the consolidated financial statements of UWM and its subsidiaries for periods prior to the completion of the business combination transaction with the UWM Entities and of the Company for periods from and after the business combination transaction.
The Company's consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).
Use of Estimates
The preparation of 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 consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Dividend Policy
In connection with its decision to declare a dividend on its Class A common stock, the Company's Board of Directors (the "Board"), in its capacity as the Manager of Holdings LLC, under the Holdings LLC Second Amended and Restated Operating Agreement, can determine whether to (a) make distributions from Holdings LLC to only the Company, as the owner of the Class A Units of Holdings LLC with the proportional amount due to SFS Corp. as the owner of the Class B Units of Holdings LLC, being distributed upon the sooner to occur of (i) the Board making a determination to do so or (ii) the date on which Class B Units of Holdings LLC are converted into shares of Class B common stock of the Company or (b) make proportional and simultaneous distributions from Holdings LLC to both the Company, as the owner of the Class A Units of Holdings LLC and to SFS Corp. as the owner of the Class B Units of Holdings LLC.
Operating Segments

The Company operates as one segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (or “CODM”), which is the Company’s chief executive officer, in deciding how to allocate resources and assess performance. The Company’s CODM evaluates the Company’s financial information on a consolidated basis.

Cash and Cash Equivalents
The Company considers cash and temporary investments with original maturities of three months or less to be cash and cash equivalents. The Company typically maintains cash balances in financial institutions in excess of Federal Deposit Insurance Corporation limits. The Company evaluates the creditworthiness of these financial institutions in determining the risk associated with these balances.
Mortgage Loans at Fair Value and Revenue Recognition
Mortgage loans are recorded at estimated fair value. Fair value of mortgage loans are estimated using observable market information including pricing from current cash commitments from government sponsored enterprises, recent market commitment prices, or broker quotes, as if the loans were to be sold currently into the secondary market. See Note 2 - Mortgage Loans at Fair Value for further information.
Loans are considered to be sold when the Company surrenders control over the financial assets. Control is considered to have been surrendered when the transferred assets have been isolated from the Company, beyond the reach of the Company and its creditors; the purchaser obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets; and the Company does not maintain effective control over the transferred assets
through an agreement that entitles or obligates the Company to repurchase or redeem the transferred assets before their maturity. The Company typically considers the above criteria to have been met when transferring title to another party where no substantive repurchase rights or obligations exist.
The Company generates revenue from the following three components of the loan origination business: (i) loan production income, (ii) loan servicing income, and (iii) interest income. A majority of the revenues from mortgage loan originations are recognized when the loan is originated which is the primary revenue recognition event as the loans are recorded at fair value upon origination.

Loan production income. Loan production income includes all components related to the origination and sale of mortgage loans, including (1) primary gain, which represents the premium the Company receives in excess of the loan principal amount adjusted for previous fair value adjustments, and certain fees charged by investors upon sale of loans into the secondary market; when the mortgage loan is sold into the secondary market, any difference between the proceeds received and the current fair value of the loan is recognized in current period earnings; (2) loan origination fees the Company charges to originate a loan, which generally represent flat, per-loan fee amounts, which are recognized as revenue at the time loans are originated; (3) provision for representation and warranty obligations, which represent the reserves initially established for the Company's estimated liabilities associated with the potential repurchase or indemnity of purchasers of loans previously sold due to representation and warranty claims by investors; included within these reserves are amounts for estimated liabilities for requirements to repay a portion of any premium received from investors on the sale of certain loans if such loans are repaid in their entirety within a specified time period after the sale of the loans; (4) the change in fair value of interest rate lock commitments, forward loan sale commitments, and recorded loans on the balance sheet, due to changes in estimated fair value, driven primarily by interest rates but also influenced by other assumptions; and (5) capitalization of MSRs, representing the estimated fair value of newly originated MSRs when loans are sold and the associated servicing rights are retained. Compensation earned by the Company's Independent Mortgage Brokers is included in the cost of the loans the Company originates, and therefore netted within loan production income.

Loan servicing income. Loan servicing income represents revenue earned for servicing loans for various investors. The loan servicing income is primarily based on a contractual percentage of the outstanding principal balance and servicing revenue is recognized as the related mortgage payments are received by the Company’s sub-servicer. Loan servicing expenses are charged to expense as incurred.

Interest income. Interest income on mortgage loans at fair value is accrued based upon the principal amount outstanding and contractual interest rates. Income recognition is discontinued when loans become 90 days delinquent or when, in management’s opinion, the collectability of principal and interest becomes doubtful and the specific loan is put on non-accrual status.
Mortgage Servicing Rights and Revenue Recognition
When a loan is sold the Company typically retains the MSRs. Specifically, the Company retains the right and obligation to service the loan and receives a fee for collecting payments and transmitting collected payments to the purchasers of the loan. At the date the loan is sold with servicing retained, the fair value of the MSR is capitalized and recognized within loan production income. MSRs are initially recorded at estimated fair value. To determine the fair value of the servicing right created, the Company uses third party estimates of fair value at the time of initial recognition.
On January 1, 2021, the Company adopted the fair value method to measure its servicing assets and liabilities for all current classes of servicing assets and liabilities subsequent to initial recognition. Management believes that the fair value method more directly reports the current expected benefits and obligations of the Company's servicing rights. The adoption of the fair value method for a particular class of servicing assets is irrevocable. Prior to January 1, 2021, the Company measured its servicing assets and liabilities after initial recognition using the amortized cost method. This change in accounting resulted in a $3.4 million increase to retained earnings and the MSR asset as of January 1, 2021. Subsequent to the adoption of the fair value method of accounting for MSRs, changes in fair value of MSRs are reported as a component of "Total revenue, net" within the consolidated statements of operations.
Prior to the adoption of the fair value method, MSRs were amortized in proportion to the estimated future net servicing revenue, and periodically evaluated for impairment. For this purpose, the Company stratified its MSRs based on the interest rate of the underlying loans. The Company recorded a valuation allowance when the fair value of the mortgage servicing asset strata was less than its amortized book value. Valuation allowances were recorded as a temporary impairment to the affected strata effectively reducing recorded MSRs and incurring a charge to operations. When a mortgage prepays, the Company permanently reduces the associated MSR in the period of prepayment with a charge to operations.
Under both the fair value and amortization accounting methods, the fair value of MSRs is estimated with the assistance of a third party broker based upon a valuation model that calculates the estimated present value of future cash flows. The valuation model incorporates market estimates of prepayment speeds, discount rates, cost to service, float value, ancillary income, inflation, and delinquency and default rates.
Sales of MSRs are recognized when the risk and rewards of ownership have been transferred to a buyer, and a substantive non-refundable down payment is received. Also, any risks retained by the Company must be reasonably quantifiable to be eligible for sale accounting. See Note 5 – Mortgage Servicing Rights, net for further information.
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 in the event of specific default by the borrower or 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, with subsequent changes in estimates recorded as part of general and administrative expenses. The reserve is estimated based on the Company’s assessment of its contingent and non-contingent 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. See Note 10 - Commitments and Contingencies for further information.
Derivatives
Derivatives are recognized as assets or liabilities on the consolidated balance sheets and measured at fair value with changes in fair value recorded within the consolidated statements of operations in the period in which they occur. The Company enters into derivative instruments to reduce its risk exposure to fluctuations in interest rates. The Company accounts for derivative instruments as free-standing derivative instruments and does not designate any for hedge accounting. IRLCs on mortgage loans to be originated or purchased which are intended to be sold are considered to be derivatives with changes in fair value recorded in the consolidated statements of operations as part of loan production income. Fair value is estimated primarily based on relative changes in interest rates for the underlying mortgages to be originated or purchased. Fair value estimates also take into account the probability that loan commitments may not be exercised by customers. The Company uses forward mortgage backed security contracts, which are known as FLSCs, to economically hedge the IRLCs. See Note 3 – Derivatives for further information.
Loans Eligible for Repurchase from Ginnie Mae
When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the previously sold assets are required to be re-recognized on the 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 (or “MSRs”). As of December 31, 2022, the Company changed the balance sheet presentation of Ginnie Mae loans eligible for repurchase and the corresponding liabilities to report these assets and liabilities separately from "Mortgage loans at fair value" and "Accounts payable, accrued expenses, and other," where they were previously reported. Prior periods have been updated to conform with the current period presentation.
Leases
The Company enters into contracts to lease real estate (land and buildings), furniture and fixtures, and information technology equipment. Leases that meet one of the finance lease criteria are classified as finance leases, while all others are classified as operating leases. The Company determines if an arrangement is a lease at inception and has made an accounting policy election to capitalize leases with initial terms in excess of 12 months. At lease commencement, a lease liability and right-of-use asset are calculated and recognized for operating and finance leases. Lease liabilities represent the Company’s obligation to make lease payments arising from the lease and lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term. The lease term used in the calculation includes any options to extend that the Company is reasonably certain to exercise. The lease liability is equal to the present value of future lease payments. The right-of-use asset is equal to the lease liability, plus any initial direct costs and prepaid lease payments, less any lease incentives received. Operating and finance lease right-of-use assets and liabilities are recorded separately on the consolidated balance sheets. In determining the present value of future lease payments, the Company uses estimated incremental borrowing rates based on information available at the lease commencement date when an implicit rate is not readily determinable for a given lease. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an
amount equal to the lease payments in a similar economic environment. The Company uses an incremental borrowing rate estimated by referencing the Company’s collateralized borrowings.
The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. The Company’s lease agreements include both lease and non-lease components which are generally accounted for as a single component to the extent that the costs are fixed. If the non-lease components are not fixed, the costs are treated as variable lease costs. Subsequent to lease commencement, lease liabilities recorded for finance leases are measured using the effective interest method and the related right-of-use assets are amortized on a straight-line basis over the lease term. For finance leases, interest expense and amortization expense are recorded separately in the consolidated statements of operations as part of "Interest expense" and "Depreciation and amortization," respectively. For operating leases, total lease cost is comprised of lease expense and variable lease cost. Lease expense includes lease payments, which are recognized on a straight-line basis over the lease term. Variable lease cost includes common area maintenance charges, real estate taxes, insurance and other expenses, where applicable, which are expensed as incurred. Total lease cost for operating leases is recorded as part of "General and administrative" expense in the consolidated statements of operations. See Note 7 - Leases for further information.
Income Taxes
The Company follows the asset and liability method of accounting for income taxes under applicable U.S. GAAP. Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. We are subject to income taxes in the U.S. and various state and local jurisdictions. The tax laws are often complex and may be subject to different interpretations. To determine the financial statement impact of accounting for income taxes, the Company must make assumptions and judgements about how to interpret and apply complex tax laws to numerous transactions and business events, as well as make judgements regarding the timing of when certain items may affect taxable income.
Deferred income taxes arise from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. If based upon all available positive and negative evidence, it is more likely than not that the deferred tax assets will not be realized, a valuation allowance is established. The valuation allowance may be reversed in a subsequent reporting period if the Company determines that it is more likely than not that all or part of the deferred tax asset will become realizable.
Our interpretations of tax laws are subject to review and examination by various taxing authorities and jurisdictions where the Company operates, and disputes may occur regarding our view on a tax position. These disputes over interpretations with the various tax authorities may be settled by audit, administrative appeals or adjudication in the court systems of the tax jurisdictions in which the Company operates. We regularly review whether we may be assessed additional income taxes as a result of the resolution of these matters, and the Company records additional reserves as appropriate. In addition, the Company may revise its estimate of income taxes due to changes in income tax laws, legal interpretations, and business strategies. We recognize the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. We record interest and penalties related to uncertain tax positions as a component of the income tax provision. See Note 17 – Income Taxes for further information.
Tax Receivable Agreement
In connection with the Business Combination Agreement, the Company entered into a Tax Receivable Agreement with SFS Corp. that will obligate the Company to make payments to SFS Corp. of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that the Company actually realizes as a result of (i) certain increases in tax basis resulting from exchanges of Holdings LLC Common Units; (ii) imputed interest deemed to be paid by the Company as a result of payments it makes under the tax receivable agreement; (iii) certain increases in tax basis resulting from payments the Company makes under the tax receivable agreement; 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 section 704(c) of the Internal Revenue Code of 1986. The Company will retain the benefit of the remaining 15% of these tax savings. The Company recognized a liability of approximately $1.9 million for estimated amounts due under the Tax Receivable Agreement in connection with the business combination transaction. Subsequently, the liability is accounted for as a loss contingency, with changes in the liability measured and recorded when estimated amounts due under the Tax Receivable Agreement are probable and can be reasonably estimated, and reported as part of other expense/(income) in the consolidated statements of operations. During the year ended
December 31, 2022, the Company recorded an additional liability of $3.2 million. As of December 31, 2022, the total liability recorded for the Tax Receivable Agreement was approximately $17.1 million.
Related Party Transactions
The Company enters into various transactions with related parties. See Note 16 – Related Party Transactions for further information.
Public and Private Warrants
As part of Gores Holdings IV, Inc.'s initial public offering ("IPO") in January 2020, Gores Holdings IV, Inc. issued to third party investors 42.5 million units, consisting of one share of Class A common stock of Gores Holdings IV, Inc. and one-fourth of one warrant, at a price of $10.00 per unit. Each whole warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share (the “Public Warrants”). Simultaneously with the closing of the IPO, Gores Holdings IV, Inc. completed the private sale of 5.25 million warrants to Gores Holdings IV, Inc.'s sponsor at a purchase price of $2.00 per warrant (the “Private Warrants”). Each Private Warrant allows the sponsor to purchase one share of Class A common stock at $11.50 per share. Upon the closing of the business combination transaction, the Company had 10,624,987 Public Warrants and 5,250,000 Private Warrants outstanding.
The Private Warrants and the shares of common stock issuable upon the exercise of the Private Warrants were not transferable, assignable or salable until after the completion of the business combination, subject to certain limited exceptions. Additionally, the Private Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
The Company evaluated the Public and Private Warrants under applicable U.S. GAAP and concluded that they do not meet the criteria to be classified in stockholders’ equity due to certain terms of the warrants. Since the Public and Private Warrants meet the definition of derivatives, the Company recorded these warrants as liabilities on the balance sheet at fair value upon the closing of the business combination transaction and subsequently (recorded within "Accounts payable, accrued expenses and other"), with the change in their respective fair values recognized in the consolidated statement of operations (recorded within "Other expense/(income)"). During the years ended December 31, 2022 and 2021, the Company recognized $7.7 million and $23.1 million, respectively, of other income related to the change in fair value of warrants.
Stock-Based Compensation
Effective upon the closing of the business combination transaction, the Company adopted the UWM Holdings Corporation 2020 Omnibus Incentive Plan (the “2020 Plan”) which was approved by stockholders on January 20, 2021. 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. 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 18 – Stock-based Compensation for further information.
Servicing Advances
Servicing advances represent advances on behalf of borrowers and investors to cover delinquent balances for property taxes, insurance premiums and other out-of-pocket costs. Advances are made in accordance with the servicing agreements and are recoverable upon liquidation. The Company periodically evaluates the advances for collectability and amounts are written-off when they are deemed uncollectible. Servicing advances are included in accounts receivable, net on the consolidated balance sheets.
Advertising and Marketing
Advertising and marketing is expensed as incurred and amounted to $29.0 million, $21.8 million and $7.9 million for the years ended December 31, 2022, 2021 and 2020, respectively, and is included in marketing, travel, and entertainment expenses in the consolidated statements of operations.
Escrow and Fiduciary Funds
The Company maintains segregated bank accounts in trust for investors and escrow balances for mortgagors. The balances of these accounts amounted to $1.58 billion and $1.61 billion at December 31, 2022 and December 31, 2021, respectively, and are excluded from the consolidated balance sheets.
Contingencies
The Company evaluates contingencies based on information currently available and establishes an accrual for those matters when a loss contingency is considered probable and the related amount is reasonably estimable. For matters where a loss is believed to be reasonably possible but not probable, no accrual is established but the nature of the loss contingency and an estimate of the reasonably possible range of loss in excess of amount accrued, when such estimate can be made, is disclosed. In deriving an estimate, the Company is required to make assumptions about matters that are, by their nature, highly uncertain. The assessment of loss contingencies involves the use of critical estimates, assumptions and judgments. It is not possible to predict or determine the outcome of all loss contingencies. Accruals are periodically reviewed and may be adjusted as circumstances change.
Risks and Uncertainties
The Company encounters certain economic and regulatory risks inherent in the consumer finance business. Economic risks include interest rate risk and credit risks. The Company is subject to interest rate risk to the extent that in a rising interest rate environment, the Company may experience a decrease in loan production, as well as decreases in the value of mortgage loans at fair value and in commitments to originate loans, which may negatively impact the Company’s operations. Credit risk is the risk of default that may result from the borrowers’ inability or unwillingness to make contractually required payments during the period in which mortgage loans are being held at fair value or subsequently under any representation and warranty provisions within the Company’s sale agreements. The Company is subject to substantial regulation as it directly provides financing to consumers acquiring residential real estate.
The Company sells loans to investors without specific recourse. As such, the investors have assumed the risk of loss of default by the borrower. However, the Company is usually required by these investors to make certain standard representations and warranties relating to credit information, loan documentation and collateral. To the extent that the Company does not comply with such representations, or there are early payment defaults, the Company may be required to repurchase the loans or indemnify these investors for any losses from borrower defaults. In addition, if loans pay-off within a specified time frame, the Company may be required to refund a portion of the sales proceeds to the investors.
Recently Adopted Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was subsequently amended by ASU No. 2021-1, Reference Rate Reform (Topic 848): Scope, which was issued in January 2021 and will remain effective through December 31, 2024. This guidance provides practical expedients to address existing guidance on contract modifications due to the expected market transition from the London Inter-bank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate ("SOFR"). The ASU was effective upon issuance on a prospective basis beginning January 1, 2020 and the Company may elect certain practical expedients as reference rate activities occur. The Company will evaluate its debt and other applicable contracts that are modified in the future to ensure they are eligible for modification relief and apply the practical expedients as needed. The Company does not anticipate this will have a material impact on its consolidated financial statements and related disclosures.
v3.22.4
Mortgage Loans at Fair Value
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Mortgage Loans at Fair Value MORTGAGE LOANS AT FAIR VALUEThe 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 consolidated statements of operations.
(In thousands)December 31,
2022		December 31,
2021
Mortgage loans, unpaid principal balance$7,128,131 $16,630,907 
Premiums paid on mortgage loans70,914 238,963 
Fair value adjustment(64,085)40,031 
Mortgage loans at fair value$7,134,960 $16,909,901 
v3.22.4
Derivatives
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives DERIVATIVES
The Company enters into 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 77% and 86%, as of December 31, 2022 and December 31, 2021, respectively. The Company primarily uses FLSCs to economically hedge the IRLCs.     
The notional amounts and fair values of derivative financial instruments not designated as hedging instruments were as follows (in thousands):
 December 31, 2022December 31, 2021 
Fair valueFair value
 Derivative
assets		Derivative
liabilities		Notional
Amount		Derivative
assets		Derivative
liabilities		Notional
Amount		 
IRLCs$7,872 $32,294 $5,359,684 (a) $24,899 $11,138 $13,450,967 
(a) 
FLSCs74,997 17,454 10,944,875 42,457 25,603 28,887,178  
Total$82,869 $49,748 $67,356 $36,741 
(a)Notional amounts have been adjusted for pullthrough rates of 77% and 86%, respectively.
v3.22.4
Accounts Receivable, Net
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Accounts Receivable, Net ACCOUNTS RECEIVABLE, NET
The following summarizes accounts receivable, net (in thousands):
 December 31,
2022		December 31,
2021
Servicing advances$162,896 $135,117 
Servicing fees110,891 136,981 
Receivables from sales of servicing 56,019 13,503 
Investor receivables25,701 44,192 
Origination receivables24,179 56,569 
Derivative settlements receivable8,204 21,987 
Warehouse bank receivable199 8,510 
Other receivables179 127 
Provision for current expected credit losses(5,121)(1,295)
Total accounts receivable, net$383,147 $415,691 
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.
v3.22.4
Mortgage Servicing Rights
 12 Months Ended
Dec. 31, 2022
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights MORTGAGE SERVICING RIGHTSMortgage servicing rights are recognized on the consolidated balance sheets when loans are sold and the associated servicing rights are retained. The Company elected the fair value option for all current classes of its MSRs effective January 1, 2021. The Company determined its classes of MSRs based on how the Company manages risk. 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 rate, 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 external sources.
The unpaid principal balance of mortgage loans serviced for others approximated $312.5 billion and $319.8 billion at December 31, 2022 and December 31, 2021, 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 years ended December 31, 2022 and 2021 (in thousands):
For the year ended December 31,
20222021
Fair value, beginning of period$3,314,952 1,760,304 
Capitalization of MSRs2,213,572 2,397,483 
MSR sales(1,387,180)(269,925)
Changes in fair value:
Due to changes in valuation inputs or assumptions
868,803 286,348 
Due to collection/realization of cash flows/other(556,886)(859,258)
Fair value, end of period$4,453,261 $3,314,952 

The following is a summary of the components of change in fair value of servicing rights as reported in the consolidated statements of operations (in thousands):
For the year ended December 31,
20222021
Changes in fair value:
Due to changes in valuation inputs and assumptions$868,803 $286,348 
Due to collection/realization of cash flows and other(556,886)(859,258)
Net reserves and transaction costs on sales of servicing rights(27,813)(14,903)
Changes in fair value of mortgage servicing rights$284,104 $(587,813)

During the years ended December 31, 2022 and 2021, the Company sold MSRs on loans with an aggregate UPB of approximately $112.9 billion and $22.7 billion, respectively, for proceeds of approximately $1.4 billion and $269.9 million, respectively. In connection with the sales of these MSRs, the Company recorded a net $27.8 million and $14.9 million, respectively, for its estimated obligation for protection provisions granted to the buyer and transaction costs, which is reflected as part of the change in fair value of MSRs in the consolidated statements of operations.

Prior to the election of the fair value option on January 1, 2021, the Company accounted for MSRs based on the lower cost or market using the amortization method. The following table summarizes changes to the MSR assets for the year ended December 31, 2020 under the amortization method (in thousands):
For the year ended December 31,
2020
Balance, beginning of period$731,353 
Additions1,896,638 
Amortization(252,421)
Loans paid in full(301,113)
Sales(298,009)
Recovery/(Impairment)(19,584)
Balance, end of period$1,756,864 
The following table summarizes the loan servicing income recognized during the years ended December 31, 2022, 2021 and 2020, respectively (in thousands):
For the year ended December 31,
202220212020
Contractual servicing fees$781,109 $632,276 $284,257 
Late, ancillary and other fees10,963 6,462 4,047 
Loan servicing income$792,072 $638,738 $288,304 
The key unobservable inputs used in determining the fair value of the Company’s MSRs were as follows at December 31, 2022 and December 31, 2021, respectively:
 December 31,
2022		December 31,
2021
RangeWeighted AverageRangeWeighted Average
Discount rates9.5 %—15.0 %10.1 %9.0 %—14.5 %9.6 %
Annual prepayment speeds6.7 %—14.0 %7.9 %8.3 %—45.4 %10.5 %
Cost of servicing$75 —$108 $80 $74 —$162 $81 
The hypothetical effect of adverse changes in these key assumptions would result in a decrease in fair values as follows at December 31, 2022 and December 31, 2021, respectively, (in thousands):
 December 31,
2022		December 31,
2021
Discount rate:
+ 10% adverse change – effect on value$(183,972)$(107,992)
+ 20% adverse change – effect on value(353,120)(208,567)
Prepayment speeds:
+ 10% adverse change – effect on value$(143,483)$(138,807)
+ 20% adverse change – effect on value(277,992)(267,964)
Cost of servicing:
+ 10% adverse change – effect on value$(39,362)$(37,370)
+ 20% adverse change – effect on value(78,724)(74,741)
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 this table, 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), 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.
v3.22.4
Premises and Equipment, Net
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Premises and Equipment, Net PREMISES AND EQUIPMENT, NETPremises and equipment is recorded at cost and depreciated or amortized using the straight line method over the estimated useful lives of the assets, which primarily range from 3 to 10 years for office furniture, equipment and software. Leasehold improvements are amortized over the shorter of the related lease term or the estimated useful life of the assets. The following is a summary of premises and equipment, net (in thousands):
 December 31,
2022		December 31,
2021
Leasehold improvements$160,947 $140,287 
Furniture and equipment38,583 33,074 
Software, including internally-developed25,491 20,176 
Construction in process1,323 4,503 
Accumulated depreciation and amortization(73,868)(46,353)
Premises and equipment, net$152,477 $151,687 
v3.22.4
Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases LEASES
Lease Right-of-Use Assets and Liabilities
The Company has operating and finance lease arrangements related to its facilities, furniture and fixtures, and information technology equipment. A substantial portion of the Company’s lease arrangements are with related party entities. See Note 16 - Related Party Transactions for further information.
The Company’s operating lease agreements have remaining terms ranging from five to fifteen years. Certain lease agreements have renewal options. Total lease expense under all operating leases amounted to $12.3 million, $11.9 million and $10.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Lease expense for related party leases was $12.0 million, $11.6 million and $10.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Variable lease expense amounted to $4.5 million, $0.7 million and $0.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.
The Company’s financing lease agreements have remaining terms ranging from three months to thirteen years. For the year ended December 31, 2022, total interest expense and amortization expense under finance leases amounted to $1.9 million and $17.7 million, respectively, of which $1.0 million of interest expense and $2.1 million of amortization expense was attributed to related party finance leases. For the year ended December 31, 2021, total interest expense and amortization expense under finance leases amounted to $2.2 million and $14.4 million, respectively, of which $0.9 million of interest expense and $2.0 million of amortization expense was attributed to related party finance leases. For the year ended December 31, 2020, total interest expense and amortization expense under finance leases amounted to $0.8 million and $5.2 million, respectively, all of which was attributed to third party leases.
Supplemental cash flow information related to leases is as follows (in thousands):
 December 31,
2022		December 31,
2021
Cash paid for amounts included in the measurement of operating lease liabilities – operating cash flows$12,537 $15,926 
Cash paid for amounts included in the measurement of finance lease liabilities - financing and operating cash flows19,218 15,876 
Operating lease right-of-use assets obtained in exchange for operating leases liabilities
3,984 20,134 
Financing lease right-of-use assets obtained in exchange for finance lease liabilities2,861 48,539 
Additional supplemental information related to leases is as follows:
 December 31,
2022		December 31,
2021
Weighted average remaining lease term – operating leases13.6 years14.7 years
Weighted average remaining lease term – finance leases8.8 years7.9 years
Weighted average discount rate – operating leases7.4 %7.4 %
Weighted average discount rate – finance leases3.6 %3.8 %
The maturities of the Company's operating lease liabilities are summarized below (in thousands):
December 31, 2022Amounts
2023$12,873 
202412,873 
202512,990 
202612,996 
202712,959 
Thereafter110,717 
Total lease payments175,408 
Less imputed interest(64,076)
Total$111,332 


The maturities of the Company's financing lease liabilities are summarized below (in thousands):
December 31, 2022Amounts
2023$14,146 
20246,581 
20253,057 
20262,665 
20272,668 
Thereafter21,940 
Total lease payments51,057 
Less imputed interest(7,552)
Total$43,505 
Leases LEASES
Lease Right-of-Use Assets and Liabilities
The Company has operating and finance lease arrangements related to its facilities, furniture and fixtures, and information technology equipment. A substantial portion of the Company’s lease arrangements are with related party entities. See Note 16 - Related Party Transactions for further information.
The Company’s operating lease agreements have remaining terms ranging from five to fifteen years. Certain lease agreements have renewal options. Total lease expense under all operating leases amounted to $12.3 million, $11.9 million and $10.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Lease expense for related party leases was $12.0 million, $11.6 million and $10.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Variable lease expense amounted to $4.5 million, $0.7 million and $0.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.
The Company’s financing lease agreements have remaining terms ranging from three months to thirteen years. For the year ended December 31, 2022, total interest expense and amortization expense under finance leases amounted to $1.9 million and $17.7 million, respectively, of which $1.0 million of interest expense and $2.1 million of amortization expense was attributed to related party finance leases. For the year ended December 31, 2021, total interest expense and amortization expense under finance leases amounted to $2.2 million and $14.4 million, respectively, of which $0.9 million of interest expense and $2.0 million of amortization expense was attributed to related party finance leases. For the year ended December 31, 2020, total interest expense and amortization expense under finance leases amounted to $0.8 million and $5.2 million, respectively, all of which was attributed to third party leases.
Supplemental cash flow information related to leases is as follows (in thousands):
 December 31,
2022		December 31,
2021
Cash paid for amounts included in the measurement of operating lease liabilities – operating cash flows$12,537 $15,926 
Cash paid for amounts included in the measurement of finance lease liabilities - financing and operating cash flows19,218 15,876 
Operating lease right-of-use assets obtained in exchange for operating leases liabilities
3,984 20,134 
Financing lease right-of-use assets obtained in exchange for finance lease liabilities2,861 48,539 
Additional supplemental information related to leases is as follows:
 December 31,
2022		December 31,
2021
Weighted average remaining lease term – operating leases13.6 years14.7 years
Weighted average remaining lease term – finance leases8.8 years7.9 years
Weighted average discount rate – operating leases7.4 %7.4 %
Weighted average discount rate – finance leases3.6 %3.8 %
The maturities of the Company's operating lease liabilities are summarized below (in thousands):
December 31, 2022Amounts
2023$12,873 
202412,873 
202512,990 
202612,996 
202712,959 
Thereafter110,717 
Total lease payments175,408 
Less imputed interest(64,076)
Total$111,332 


The maturities of the Company's financing lease liabilities are summarized below (in thousands):
December 31, 2022Amounts
2023$14,146 
20246,581 
20253,057 
20262,665 
20272,668 
Thereafter21,940 
Total lease payments51,057 
Less imputed interest(7,552)
Total$43,505 
v3.22.4
Warehouse And Other Secured Lines Of Credit
 12 Months Ended
Dec. 31, 2022
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 December 31, 2022 and December 31, 2021, respectively, (in thousands):
Warehouse Lines of Credit 1
Date of Initial Agreement With Warehouse LenderCurrent Agreement Expiration DateDecember 31,
2022		December 31,
2021
Master Repurchase Agreement ("MRA") Funding Limits as of December 31, 2022:
N/A2
9/8/2020
N/A2
$— $913,247 
$400 Million3
8/21/20121/18/2023188,607 372,895 
$500 Million4
3/7/20193/22/2023236,462 1,230,017 
$500 Million
4/23/20214/23/2023185,502 755,539 
$150 Million2/29/20125/23/2023142,570 144,534 
$3.0 Billion
5/9/20197/28/20232,239,591 4,482,245 
$700 Million7/24/20208/30/2023642,544 673,471 
$200 Million3/30/20189/6/2023170,478 197,976 
$200 Million
10/30/20209/26/202397,216 1,163,447 
$300 Million8/19/201611/8/2023235,804 280,637 
$250 Million2/26/201612/21/2023193,023 192,614 
$1.0 Billion
7/10/20121/8/2024521,440 963,495 
$2.5 Billion4
12/31/20142/21/20241,588,787 3,349,395 
Early Funding:
$600 Million (ASAP + - see below)No expiration— 516,889 
$750 Million (EF - see below)No expiration1,968 718,537 
$6,443,992 $15,954,938 
All interest rates are variable based upon a spread to SOFR or other alternative index.
1 An aggregate of $401.0 million of these line amounts is committed as of December 31, 2022.
2 The Company elected to not renew this warehouse line of credit agreement prior to December 31, 2022. As of December 31, 2021, this warehouse line of credit agreement had a funding limit of $1.5 billion.
3 This warehouse line of credit agreement expired pursuant to its terms subsequent to December 31, 2022.
4 Represents the current agreement expiration date pursuant to an amendment entered into subsequent to December 31, 2022.
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 December 31, 2022, there was no amount outstanding through the ASAP+ program and $2.0 million was outstanding under the EF program.
As of December 31, 2022, the Company had pledged mortgage loans at fair value as collateral under the above 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 December 31, 2022.
MSR Facility
In the third quarter of 2022, the Company's consolidated subsidiary, UWM, entered into a Loan and Security Agreement with Citibank, N.A., 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 “MSR Facility”). The 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 MSR Facility are based on the fair market value of the collateral. Borrowings under the MSR Facility will bear interest based on SOFR plus an applicable margin. The 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 December 31, 2022, the Company was in compliance with all applicable covenants. The MSR Facility has an initial maturity date of September 26, 2023. As of December 31, 2022, $750.0 million was outstanding under the MSR Facility.
v3.22.4
Other Borrowings
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Other Borrowings OTHER BORROWINGS
Senior Notes
The following is a summary of the senior unsecured notes issued by the Company (in thousands):
Facility TypeMaturity DateInterest RateOutstanding Balance at Outstanding Principal at December 31, 2022Outstanding Balance at Outstanding Principal at December 31, 2021
2025 Senior unsecured notes(1)
11/15/20255.50 %$800,000 $800,000 
2029 Senior unsecured notes(2)
04/15/20295.50 %700,000 700,000 
2027 Senior unsecured notes(3)
06/15/20275.75 %500,000 500,000 
Total Senior Unsecured Notes$2,000,000 $2,000,000 
Weighted average interest rate5.56 %5.56 %
(1) Unamortized debt issuance costs and discounts are presented net against the 2025 Senior Notes reducing the amount reported on the consolidated balance sheets by $6.3 million and $8.5 million as of December 31, 2022 and December 31, 2021, respectively.
(2) Unamortized debt issuance costs and discounts are presented net against the 2029 Senior Notes reducing the amount reported on the consolidated balance sheets by $5.5 million and $6.4 million as of December 31, 2022 and December 31, 2021, respectively.
(3) Unamortized debt issuance costs and discounts are presented net against the 2027 Senior Notes reducing the amount reported on the consolidated balance sheets by $3.9 million and $5.0 million as of December 31, 2022 and December 31, 2021, respectively.
2025 Senior Notes
On November 3, 2020, the Company's consolidated subsidiary, UWM, issued $800.0 million in aggregate principal amount of senior unsecured notes due November 15, 2025 (the “2025 Senior Notes”). The 2025 Senior Notes accrue interest at a rate of 5.500% per annum. Interest on the 2025 Senior Notes is due semi-annually on May 15 and November 15 of each year, beginning on May 15, 2021.
On or after November 15, 2022, the Company may, at its option, redeem the 2025 Senior Notes in whole or in part during the twelve-month period beginning on the following dates at the following redemption prices: November 15, 2022 at 102.750%; November 15, 2023 at 101.375%; or November 15, 2024 until maturity at 100%, of the principal amount of the 2025 Senior Notes to be redeemed on the redemption date 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, beginning on October 15, 2021.
On or after April 15, 2024, the Company may, at its option, redeem the 2029 Senior Notes in whole or in part during the twelve-month period beginning on the following dates at the following redemption prices: April 15, 2024 at 102.750%;
April 15, 2025 at 101.375%; or April 15, 2026 until maturity at 100%, of the principal amount of the 2029 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest. Prior to April 15, 2024, the Company may, at its option, redeem up to 40% of the aggregate principal amount of the 2029 Senior Notes originally issued at a redemption price of 105.500% of the principal amount of the 2029 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest with the net proceeds of certain equity offerings. In addition, the Company may, at its option, redeem the 2029 Senior Notes prior to April 15, 2024 at a price equal to 100% of the principal amount redeemed plus a “make-whole” premium, plus accrued and unpaid interest.
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, beginning on June 15, 2022.

On or after June 15, 2024, the Company may, at its option, redeem the 2027 Senior Notes in whole or in part during the twelve-month period beginning on the following dates at the following redemption prices: June 15, 2024 at 102.875%; June 15, 2025 at 101.438%; or June 15, 2026 until maturity at 100.000%, of the principal amount of the 2027 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest. Prior to June 15, 2024, the Company may, at its option, redeem up to 40% of the aggregate principal amount of the 2027 Senior Notes originally issued at a redemption price of 105.75% of the principal amount of the 2027 Senior Notes redeemed on the redemption date plus accrued and unpaid interest with the net proceeds of certain equity offerings. In addition, the Company may, at its option, redeem the 2027 Senior Notes prior to June 15, 2024 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 2025, 2029 and 2027 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 December 31, 2022.
Revolving Credit Facility

On August 8, 2022, UWM entered into the 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 has an initial maturity date of August 8, 2023. 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.
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 our continued compliance with these covenants. The Company was in compliance with these covenants as of December 31, 2022. No amounts were outstanding under the Revolving Credit Facility as of December 31, 2022.
v3.22.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2022
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 contingent and non-contingent 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 $355.8 million, $133.4 million and $53.1 million in UPB of loans during the years ended December 31, 2022, 2021 and 2020, respectively, related to its representations and warranties obligations.
The activity of the representations and warranties reserve was as follows (in thousands):
 For the year ended December 31,
 202220212020
Balance, beginning of period$86,762 $69,542 $46,322 
Additions57,415 45,301 36,510 
Losses realized, net(83,682)(28,081)(13,290)
Balance, end of period$60,495 $86,762 $69,542 
Commitments to Originate Loans
As of December 31, 2022, the Company had agreed to extend credit to potential borrowers for approximately $14.1 billion. These contracts represent off balance sheet credit risk where the Company may be required to extend credit to these borrowers based on the prevailing interest rates and prices at the time of execution.
v3.22.4
Variable Interest Entities
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities VARIABLE INTEREST ENTITIES
Upon completion of the business combination transaction described in Note 1, the Company became the managing member of Holdings LLC with 100% of the management and voting power in Holdings LLC. 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. Holdings LLC and its consolidated subsidiaries represent 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 year ended December 31, 2022.
In 2021, UWM began selling some of the mortgage loans that it originates through private label securitization transactions. There were no loan sales through UWM's private label securitization transactions during 2022. 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 consolidated balance sheet as of December 31, 2022 and December 31, 2021. Changes in the fair value of these retained beneficial interests are reported as part of "Other expense/(income)" in the 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 entered 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 December 31, 2022, $111.7 million of the $113.3 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 $101.3 million with remaining maturities ranging from approximately four to eight months as of December 31, 2022, and interest rates based on LIBOR or 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.
v3.22.4
Non-controlling Interests
 12 Months Ended
Dec. 31, 2022
Noncontrolling Interest [Abstract]  
Non-controlling Interests NON-CONTROLLING INTERESTS
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:
December 31, 2022December 31, 2021
Common UnitsOwnership PercentageCommon UnitsOwnership Percentage
UWM Holdings Corporation ownership of Class A Common Units 92,575,974 5.81 %91,612,305 5.75 %
SFS Corp. ownership of Class B Common Units1,502,069,787 94.19 %1,502,069,787 94.25 %
Balance at end of period1,594,645,761 100.00 %1,593,682,092 100.0 %
The non-controlling interest holders have the right to exchange Class B Common Units, together with a corresponding number of shares of our Class D common stock or Class C common stock (together referred to as “Stapled Interests”), for, at the Company's option, (i) shares of the Company's Class B common stock or Class A common stock or (ii) cash from a substantially concurrent public offering or private sale (based on the price of the Company's Class A common stock). As such, future exchanges of Stapled Interests by non-controlling interest holders 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. As of December 31, 2022, SFS Corp. has not exchanged any Stapled Interests.
During the year ended December 31, 2022, the Company issued 963,772 shares of Class A common stock which primarily related to the vesting of RSUs under its stock-based compensation plan and grants to the Company's non-employee directors. This 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 is reflected in the consolidated statement of changes in equity.
v3.22.4
Regulatory Net Worth Requirements
 12 Months Ended
Dec. 31, 2022
Mortgage Banking [Abstract]  
Regulatory Net Worth Requirements REGULATORY NET WORTH REQUIREMENTSCertain secondary market agencies and state regulators require UWM to maintain minimum net worth and capital 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, minimum capital ratio and minimum liquidity requirements, including those established by HUD, Ginnie Mae, Freddie Mac and Fannie Mae. As of December 31, 2022, the most restrictive of these requirements require UWM to maintain a minimum net worth of $783.6 million, liquidity of $101.8 million and a minimum capital ratio of 6%. At December 31, 2022, UWM was in compliance with these requirements.
v3.22.4
Employee Benefit Plan
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plan EMPLOYEE BENEFIT PLANThe Company maintains a defined contribution 401(k) plan covering substantially all team members. Team members can make elective contributions to the plan as allowed by the Internal Revenue Service and plan limitations. The Company makes discretionary matching contributions of 50% of team members’contributions to the plan, up to an annual maximum of approximately $2,500 per team member. Matching contributions to the plan totaled approximately $5.5 million, $6.8 million and $4.8 million for the years ended December 31, 2022, 2021 and 2020, respectively, and are included in salaries, commissions and benefits in the consolidated statements of operations.
v3.22.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2022
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, judgement 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 December 31, 2022 or December 31, 2021.

Mortgage loans at fair value: The Company has elected the fair value option for mortgage loans. Accordingly, 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 interest rate lock
commitments 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.

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 rate, 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 outside sources. These 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.

Investment securities at fair value, pledged: The Company occasionally sells mortgage loans that it originates through 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.

Public and Private Warrants: The fair value of Public Warrants is based on the price of trades of these securities in active markets and therefore categorized as Level 1. The fair value of the Private Warrants is based on observable market data and therefore categorized as Level 2.
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):
 December 31, 2022
DescriptionLevel 1Level 2Level 3Total
Assets:
Mortgage loans at fair value$— $7,134,960 $— $7,134,960 
IRLCs— — 7,872 7,872 
FLSCs— 74,997 — 74,997 
Investment securities at fair value, pledged— 113,290 — 113,290 
Mortgage servicing rights— — 4,453,261 4,453,261 
Total assets$— $7,323,248 $4,461,133 $11,784,381 
Liabilities:
IRLCs$— $— $32,294 $32,294 
FLSCs— 17,454 — 17,454 
Public and Private Warrants1,328 445 — 1,773 
Total liabilities$1,328 $17,899 $32,294 $51,521 
 December 31, 2021
DescriptionLevel 1Level 2Level 3Total
Assets:
Mortgage loans at fair value$— $16,909,901 $— $16,909,901 
IRLCs— — 24,899 24,899 
FLSCs— 42,457 — 42,457 
Investment securities at fair value, pledged— 152,263 — 152,263 
Mortgage servicing rights— — 3,314,952 3,314,952 
Total assets$— $17,104,621 $3,339,851 $20,444,472 
Liabilities:
IRLCs$— $— $11,138 $11,138 
FLSCs— 25,603 — 25,603 
Public and Private warrants6,286 3,170 — 9,456 
Total liabilities$6,286 $28,773 $11,138 $46,197 
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 - IRLCsDecember 31, 2022December 31, 2021
Pullthrough rate (weighted avg)77 %86 %

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 year ended December 31, 2022.
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 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):
December 31, 2022December 31, 2021
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
2025 Senior Notes, due 11/15/25$793,703 $724,928 $791,513 $820,232 
2029 Senior Notes, due 4/15/29694,496 565,607 693,623 686,623 
2027 Senior Notes, due 6/15/27496,137 430,920 494,976 500,860 
$1,984,336 $1,721,455 $1,980,112 $2,007,715 
The fair value of the 2025, 2029 and 2027 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, equipment notes payable, borrowings against investment securities and warehouse and other lines of credit approximate their fair value as of December 31, 2022 and December 31, 2021, respectively.
v3.22.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
In the normal course of business, the Company engages 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 the Company’s founder and its CEO and leased by the Company from these entities. 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 the Company’s founder 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;
•Home appraisal contracting and review services are provided by home appraisal management companies, one of which was partially owned by the Company’s CEO (prior to March 31, 2021). An executive of the Company and a member of the Company's board of directors was also on the board of directors of this home appraisal management company prior to March 31, 2021, the second of which is owned by the CEO's brother who is also a member of the Company's board of directors. Each agreement with the home appraisal management companies is for an initial twelve-month term which automatically renews for successive twelve month periods unless sooner terminated by the Company upon prior notice. Additionally, each such agreement is on substantially similar terms and conditions, including with regard to pricing, as the Company's other agreements for such services;
•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.
For the years ended December 31, 2022, 2021 and 2020, the Company made payments of approximately $26.4 million, $21.1 million and $15.0 million, respectively, to various companies related through common ownership. Such related party payments were comprised of, (i) with respect to the year ended December 31, 2022, approximately $24.9 million in rent and other occupancy related fees, $0.6 million in legal fees, and $0.9 million in other general and administrative expenses, (ii) with respect to the year ended December 31, 2021, approximately $19.4 million in rent and other occupancy related fees, $0.6 million in legal fees, $0.2 million in direct origination costs and $0.9 million in other general and administrative expenses and (iii) with respect to the year ended December 31, 2020, approximately $13.4 million in rent and other occupancy related fees, $0.6 million in legal fees, $0.4 million in direct origination costs and $0.6 million in other general and administrative expenses.
UWM entered into a $500.0 million unsecured Revolving Credit Facility with SFS Corp. as the lender during the third quarter of 2022. Refer to Note 9 - Other borrowings for further details.
v3.22.4
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXESA reconciliation of the statutory federal income tax expense to the income tax expense from continuing operations provided is as follows:
For the year ended December 31,
202220212020
Income tax expense at the federal statutory rate$196,400 $331,431 $710,842 
Income attributable to non-controlling interest(186,931)(308,995)— 
Income attributable to pass-through members— — (710,842)
Other(6,658)(12,595)2,450 
Total income tax expense $2,811 $9,841 $2,450 

Income taxes for the Company at the consolidated level are primarily federal, state, and local taxes. The following table details the Company's provision for income taxes for the years ended December 31, 2022, 2021 and 2020.

For the year ended December 31,
202220212020
Current income tax expense:
Federal$(118)$73 $— 
State(569)1,424 2,450 
Total current income tax expense(687)1,497 2,450 
Deferred income tax expense:
Federal3,916 7,494 — 
State(418)850 — 
Total deferred income tax expense3,498 8,344 — 
Total provision for income taxes$2,811 $9,841 $2,450 

The Company’s income tax expense varies from the expense that would be expected based on statutory rates due primarily to its past and current organizational structure. Prior to the business combination transaction, UWM, as a limited liability company ("LLC"), was not directly subject to taxes on its net taxable income. Rather, UWM's net taxable income was passed through to its members and included in its members' tax returns. A provision for state income taxes was required for certain state and local tax jurisdictions where UWM is a taxable entity.
Following the closing of the Business Combination Agreement, UWM is treated as single member LLC owned by Holdings LLC. As a single member LLC, all taxable income or loss generated by UWM will pass through and be included in the income or loss of Holdings LLC. Holdings LLC is treated as a partnership for federal and most state and local income tax jurisdictions. As a partnership, Holdings LLC is not subject to U.S. federal or most state and local incomes taxes. Any taxable income or loss generated by Holdings LLC after the Company’s acquisition of its portion of Holdings LLC is passed through and included in the taxable income or loss of its members, including the Company. The Company is a C Corporation and is subject to U.S. federal, state and local income taxes with respect to its attributable share of any taxable income of Holdings LLC. Pursuant to the Holdings LLC Second Amended & Restated Limited Liability Company Agreement, Holdings LLC will generally be required to make pro-rata distributions in cash to the Company and to SFS Corp. in amounts sufficient to cover the expected taxes resulting from their allocable share of the taxable income of Holdings LLC.
Deferred Tax Assets and Liabilities
Deferred income taxes arise from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities. The company's deferred tax assets (liabilities) arise from the following components of temporary differences and carryforwards:
December 31,
20222021
Deferred tax assets:
Net operating losses$17,775 $10,831 
Other483 104 
Total deferred tax assets18,258 10,935 
Deferred tax liabilities:
Investment in partnership(54,589)(40,817)
Other— (2,502)
Total deferred tax liabilities(54,589)(43,319)
Net deferred tax liabilities$(36,331)$(32,384)
As of December 31, 2022, the Company has a deferred tax asset of $18.3 million and a deferred tax liability of $54.6 million, the net of which is included in accounts payable, accrued expenses and other. This deferred tax liability relates primarily to the difference in tax and book basis of the Company's investment in Holdings LLC. The Company recognizes deferred tax assets to the extent it believes these assets are more-likely-than-not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations.
Of the total deferred tax assets, $17.8 million relates to the net operating loss carryforwards at December 31, 2022, $1.4 million of which will expire between 2032 and 2042 and $16.4 million has no expiration.
The Company reserves for uncertain income tax positions when it is not more-likely-than-not a tax position will be sustained upon examination. As the Company has no unrecognized tax benefits, no interest or penalties were recognized in income tax expense. The Company may be subject to potential examination by U.S. federal or state jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income amounts in various tax jurisdictions and compliance with U.S. federal or state tax laws.
The Company is subject to taxation in the U.S. and various state and local tax jurisdictions. As of December 31, 2022, tax years 2019 and forward are subject to examination by the tax authorities.
Tax Receivable Agreement
Holdings LLC intends to make an election under Section 754 of the Internal Revenue Code (the "Code") for the first taxable year in which a redemption or exchange of LLC Interests occurs. Pursuant to Holdings LLC’s election under Section 754 of the Code, the Company expects to obtain an increase in its share of the tax basis in the net assets of Holdings LLC when LLC Interests are redeemed or exchanged by SFS Corp. The Company intends to treat any exchanges of LLC Interests by SFS Corp. as direct purchases of LLC Interests for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that the Company would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.

In connection with the business combination transaction, the Company entered into the Tax Receivable Agreement with SFS Corp. that will provide for the payment by the Company to SFS Corp. of 85% of the amount of tax benefits, if any, that the Company actually realizes (or in some circumstances is deemed to realize) as a result of (1) the Company’s allocable share of existing tax basis acquired in connection with the Transactions (including the Company’s share of existing tax basis) and increases to such allocable share of existing tax basis; (2) increases in tax basis resulting from (a) the Company’s purchase of LLC Interests directly from Holdings LLC, (b) future exchanges (or deemed exchanges in certain circumstances) of LLC Interests for Class A common stock or cash, and (c) certain distributions (or deemed distributions) by Holdings LLC; and (3) certain additional tax benefits arising from payments made under the Tax Receivable Agreement. The Company may additionally benefit or retain the remaining 15% of any tax benefits that the Company actually realizes.

The amounts payable under the Tax Receivable Agreement will vary depending upon a number of factors, including the amount, character, and timing of the taxable income of the Company in the future. As of December 31, 2022 and December 31, 2021, the Company had recognized a liability of $17.1 million and $13.9 million, respectively, included in accounts payable, accrued expenses and other, related to the Tax Receivable Agreement arising from the business combination transaction and subsequent sales of certain assets. No payments were made to SFS Corp. pursuant to the Tax Receivable Agreement during the years ended December 31, 2022 or December 31, 2021.
v3.22.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
The following is a summary of RSU activity for the years ended December 31, 2022 and 2021:
For the year endedFor the year ended
December 31, 2022December 31, 2021
SharesWeighted Average Grant Date Fair ValueSharesWeighted Average Grant Date Fair Value
Unvested - beginning of period2,812,320 $7.75 — $— 
Granted2,458,883 3.61 3,193,510 7.75 
Vested(963,772)7.72 (6,430)7.75 
Forfeited(301,630)6.57 (374,760)7.75 
Unvested - end of period4,005,801 $5.30 2,812,320 $7.75 
Stock-based compensation expense recognized for the years ended December 31, 2022 and 2021 was $7.5 million and $6.5 million, respectively. As of December 31, 2022 and 2021 there was $14.7 million and $15.4 million of unrecognized compensation expense, respectively, related to unvested awards which is expected to be recognized over a weighted average period of 2.5 years and 2.1 years, respectively. On September 1, 2022, the Company granted 2.5 million RSUs to team members with a grant date fair value of $3.60 per share, which vest 25% each year over four years.
v3.22.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
As of December 31, 2022, the Company had 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 pat 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 or Class B common stock, respectively, outstanding adjusted to give effect to potentially dilutive securities. See Note 12, Non-Controlling Interests for a description of the Stapled 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.
Prior to the business combination transaction with the Company, UWM's ownership structure included equity interests held solely by SFS Corp. The Company analyzed the calculation of earnings per unit for periods prior to the business combination transaction and determined that it resulted in values that would not be meaningful to the users of these consolidated financial statements. Therefore, earnings per share information has not been presented for the years ended December 31, 2020.
Earnings per share for the year ended December 31, 2021 is based on earnings for the period from January 21, 2021 to December 31, 2021, which represents the period in which the Company had outstanding Class A common stock. There was no Class B common stock outstanding as of December 31, 2022 or December 31, 2021.
The following table sets forth the calculation of basic and diluted earnings per share for the periods ended December 31, 2022 and 2021 (in thousands, except shares and per share amounts):
For the year ended December 31,
20222021
Net income$931,858 $1,568,400 
Net income attributable to non-controlling interests890,143 1,469,955 
Net income attributable to UWMC41,715 98,445 
Numerator:
Net income attributable to Class A common shareholders$41,715 $98,445 
Net income attributable to Class A common shareholders - diluted$41,715 $1,064,606 
Denominator:
Weighted average shares of Class A common stock outstanding - basic92,475,170 100,881,094 
Weighted average shares of Class A common stock outstanding - diluted92,475,170 1,603,157,640 
Earnings per share of Class A common stock outstanding - basic$0.45 $0.98 
Earnings per share of Class A common stock outstanding - diluted$0.45 $0.66 
For purposes of calculating diluted earnings per share, it was assumed that the 1,502,069,787 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 anti-dilutive for the year ended December 31, 2022. 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 years ended December 31, 2022 or 2021. Therefore, these potentially dilutive securities were excluded from the computation of diluted earnings per share. Unvested RSUs have been considered in the calculations of diluted earnings per share for the years ended December 31, 2022 and 2021 using the treasury stock method and the impact was either anti-dilutive or immaterial.
v3.22.4
Subsequent Events
 12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
Subsequent to December 31, 2022, 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 April 11, 2023 to stockholders of record at the close of business on March 10, 2023. Additionally, the Board approved a proportional distribution to SFS Corp. of $150.2 million which is payable on April 11, 2023 .

Subsequent to December 31, 2022, the Company sold excess servicing cash flows on certain agency loans with a total UPB of approximately $33.2 billion for proceeds of approximately $156.0 million, and MSRs on certain agency loans with a total UPB of approximately $23.5 billion for gross proceeds of approximately $269.8 million.
v3.22.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization
Organization
UWM Holdings Corporation, through its consolidated subsidiaries (collectively, the “Company”), engages in the origination, sale and servicing of residential mortgage loans. The Company is organized in Delaware but based in Michigan, and originates and services loans throughout the U.S. The Company is approved as a Title II, non-supervised direct endorsement mortgagee with the U.S. Department of Housing and Urban Development (or “HUD”). In addition, the Company is an approved issuer with the Government National Mortgage Association (or “Ginnie Mae”), as well as an approved seller and servicer with the Federal National Mortgage Association (or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (or “Freddie Mac”).
The Company (f/k/a Gores Holdings IV, Inc.) was incorporated in Delaware on June 12, 2019. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On September 22, 2020, the Company entered into a Business Combination Agreement (the “Business Combination Agreement”) by and among the Company, SFS Holding Corp., a Michigan corporation (“SFS Corp.”), United Wholesale Mortgage, LLC, a Michigan limited liability company (“UWM”), and UWM Holdings, LLC, a newly formed Delaware limited liability company (“Holdings LLC” and, together with UWM, the “UWM Entities”). The business combination with the UWM Entities closed on January 21, 2021.
Prior to the closing of the business combination with the UWM Entities, SFS Corp. was the sole member of UWM, which had one unit authorized, issued and outstanding. On January 21, 2021, SFS Corp. contributed its equity interest in UWM to Holdings LLC and adopted the Amended and Restated Operating Agreement to admit Holdings LLC as UWM's sole member and its manager. Upon completion of the business combination transaction, (i) Holdings LLC issued approximately 6% of its units (Class A Common Units) to the Company, (ii) SFS Corp. retained approximately 94% of the units (Class B Common Units) in Holdings LLC and accordingly retained approximately 94% of the economic ownership interest of the combined company and (iii) Holdings LLC became a consolidated subsidiary of the Company, as the Company is the sole managing member of Holdings LLC. The economic interest in Holdings LLC owned by SFS Corp. is presented as a non-controlling interest in these consolidated financial statements (see Note 12 - Non-Controlling Interests for further information).
Following the consummation of the transactions contemplated by the Business Combination Agreement, the Company is organized in an “Up-C” structure in which UWM (the operating subsidiary) is held directly by Holdings LLC, and the Company’s only material direct asset consists of Class A Common Units in Holdings LLC. The Company’s current capital structure authorizes Class A common stock, Class B common stock, Class C common stock and Class D common stock. The Class A common stock and Class C common stock each provide holders with one vote on all matters submitted to a vote of stockholders, and the Class B common stock and Class D common stock each provide holders with 10 votes on all matters submitted to a vote of stockholders. The holders of Class C common stock and Class D common stock do not have any of the economic rights (including rights to dividends and distributions upon liquidation) provided to holders of Class A common stock and Class B common stock. Immediately following the business combination transaction, there were 103,104,205 shares of Class A common stock outstanding, and 1,502,069,787 shares of non-economic Class D common stock outstanding (all of which were held by SFS Corp.), and no shares of Class B or Class C common stock outstanding. As of December 31, 2022, there were 92,575,974 shares of Class A common stock outstanding and 1,502,069,787 shares of Class D common stock outstanding. Each Holdings LLC Class B Common Unit held by SFS Corp. may be exchanged at the option of the Company, along with its stapled share of Class D common stock, for either, (a) cash or (b) one share of the Company’s Class B common stock. Each share of Class B Stock is convertible into one share of Class A Stock upon the transfer or assignment of such share from SFS Corp. to a non-affiliated third-party. See Note 12 - Non-Controlling Interests for further information. Pursuant to the Business Combination Agreement, SFS Corp. is entitled to receive an aggregate of up to 90,761,687 earn-out shares in the form of Class B Common Units in Holdings LLC and Class D common shares upon attainment of certain stock price targets prior to January 2026. There are four different triggering events that affect the number of earn-out shares that will be issued based upon the per share price of Class A common stock ranging from $13.00 to $19.00 per share. The Company accounts for the potential earn-out shares as a component of stockholders’ equity in accordance with the applicable guidance in U.S. GAAP. See Note 19 - Earnings Per Share for further information.
Basis of Presentation
Basis of Presentation and Consolidation
The business combination transaction was accounted for as a reverse recapitalization in accordance with U.S. GAAP as UWM was determined to be the accounting acquirer, primarily due to the fact that SFS Corp. continues to control the Company through its ownership of the Class D common stock. Under this method of accounting, while the Company was the legal acquirer, it was treated as the acquired company for financial reporting purposes. Accordingly, the business combination transaction was treated as the equivalent of UWM issuing stock for the net assets of the Company, accompanied by a recapitalization, with the net assets of the Company stated at historical cost, with no goodwill or other intangible assets recorded. The net proceeds received from Gores Holdings IV, Inc. in the business combination transaction approximated $895.1 million, and the Company incurred approximately $16.0 million in costs related to the transaction which were charged to stockholders' equity upon the closing of the transaction. As part of the business combination transaction, the Company assumed the liability related to the Public and Private Warrants (described below) of $45.6 million. The Company’s financial statement presentation included in these consolidated financial statements include the consolidated financial statements of UWM and its subsidiaries for periods prior to the completion of the business combination transaction with the UWM Entities and of the Company for periods from and after the business combination transaction.
The Company's consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).
Consolidation
Basis of Presentation and Consolidation
The business combination transaction was accounted for as a reverse recapitalization in accordance with U.S. GAAP as UWM was determined to be the accounting acquirer, primarily due to the fact that SFS Corp. continues to control the Company through its ownership of the Class D common stock. Under this method of accounting, while the Company was the legal acquirer, it was treated as the acquired company for financial reporting purposes. Accordingly, the business combination transaction was treated as the equivalent of UWM issuing stock for the net assets of the Company, accompanied by a recapitalization, with the net assets of the Company stated at historical cost, with no goodwill or other intangible assets recorded. The net proceeds received from Gores Holdings IV, Inc. in the business combination transaction approximated $895.1 million, and the Company incurred approximately $16.0 million in costs related to the transaction which were charged to stockholders' equity upon the closing of the transaction. As part of the business combination transaction, the Company assumed the liability related to the Public and Private Warrants (described below) of $45.6 million. The Company’s financial statement presentation included in these consolidated financial statements include the consolidated financial statements of UWM and its subsidiaries for periods prior to the completion of the business combination transaction with the UWM Entities and of the Company for periods from and after the business combination transaction.
The Company's consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).
Use of Estimates Use of EstimatesThe preparation of 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 consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Dividend Policy
Dividend Policy
In connection with its decision to declare a dividend on its Class A common stock, the Company's Board of Directors (the "Board"), in its capacity as the Manager of Holdings LLC, under the Holdings LLC Second Amended and Restated Operating Agreement, can determine whether to (a) make distributions from Holdings LLC to only the Company, as the owner of the Class A Units of Holdings LLC with the proportional amount due to SFS Corp. as the owner of the Class B Units of Holdings LLC, being distributed upon the sooner to occur of (i) the Board making a determination to do so or (ii) the date on which Class B Units of Holdings LLC are converted into shares of Class B common stock of the Company or (b) make proportional and simultaneous distributions from Holdings LLC to both the Company, as the owner of the Class A Units of Holdings LLC and to SFS Corp. as the owner of the Class B Units of Holdings LLC.
Operating Segments
Operating Segments

The Company operates as one segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (or “CODM”), which is the Company’s chief executive officer, in deciding how to allocate resources and assess performance. The Company’s CODM evaluates the Company’s financial information on a consolidated basis.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company considers cash and temporary investments with original maturities of three months or less to be cash and cash equivalents. The Company typically maintains cash balances in financial institutions in excess of Federal Deposit Insurance Corporation limits. The Company evaluates the creditworthiness of these financial institutions in determining the risk associated with these balances.
Mortgage Loans at Fair Value and Revenue Recognition
Mortgage Loans at Fair Value and Revenue Recognition
Mortgage loans are recorded at estimated fair value. Fair value of mortgage loans are estimated using observable market information including pricing from current cash commitments from government sponsored enterprises, recent market commitment prices, or broker quotes, as if the loans were to be sold currently into the secondary market. See Note 2 - Mortgage Loans at Fair Value for further information.
Loans are considered to be sold when the Company surrenders control over the financial assets. Control is considered to have been surrendered when the transferred assets have been isolated from the Company, beyond the reach of the Company and its creditors; the purchaser obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets; and the Company does not maintain effective control over the transferred assets
through an agreement that entitles or obligates the Company to repurchase or redeem the transferred assets before their maturity. The Company typically considers the above criteria to have been met when transferring title to another party where no substantive repurchase rights or obligations exist.
The Company generates revenue from the following three components of the loan origination business: (i) loan production income, (ii) loan servicing income, and (iii) interest income. A majority of the revenues from mortgage loan originations are recognized when the loan is originated which is the primary revenue recognition event as the loans are recorded at fair value upon origination.

Loan production income. Loan production income includes all components related to the origination and sale of mortgage loans, including (1) primary gain, which represents the premium the Company receives in excess of the loan principal amount adjusted for previous fair value adjustments, and certain fees charged by investors upon sale of loans into the secondary market; when the mortgage loan is sold into the secondary market, any difference between the proceeds received and the current fair value of the loan is recognized in current period earnings; (2) loan origination fees the Company charges to originate a loan, which generally represent flat, per-loan fee amounts, which are recognized as revenue at the time loans are originated; (3) provision for representation and warranty obligations, which represent the reserves initially established for the Company's estimated liabilities associated with the potential repurchase or indemnity of purchasers of loans previously sold due to representation and warranty claims by investors; included within these reserves are amounts for estimated liabilities for requirements to repay a portion of any premium received from investors on the sale of certain loans if such loans are repaid in their entirety within a specified time period after the sale of the loans; (4) the change in fair value of interest rate lock commitments, forward loan sale commitments, and recorded loans on the balance sheet, due to changes in estimated fair value, driven primarily by interest rates but also influenced by other assumptions; and (5) capitalization of MSRs, representing the estimated fair value of newly originated MSRs when loans are sold and the associated servicing rights are retained. Compensation earned by the Company's Independent Mortgage Brokers is included in the cost of the loans the Company originates, and therefore netted within loan production income.

Loan servicing income. Loan servicing income represents revenue earned for servicing loans for various investors. The loan servicing income is primarily based on a contractual percentage of the outstanding principal balance and servicing revenue is recognized as the related mortgage payments are received by the Company’s sub-servicer. Loan servicing expenses are charged to expense as incurred.

Interest income. Interest income on mortgage loans at fair value is accrued based upon the principal amount outstanding and contractual interest rates. Income recognition is discontinued when loans become 90 days delinquent or when, in management’s opinion, the collectability of principal and interest becomes doubtful and the specific loan is put on non-accrual status.
Mortgage Servicing Rights and Revenue Recognition
Mortgage Servicing Rights and Revenue Recognition
When a loan is sold the Company typically retains the MSRs. Specifically, the Company retains the right and obligation to service the loan and receives a fee for collecting payments and transmitting collected payments to the purchasers of the loan. At the date the loan is sold with servicing retained, the fair value of the MSR is capitalized and recognized within loan production income. MSRs are initially recorded at estimated fair value. To determine the fair value of the servicing right created, the Company uses third party estimates of fair value at the time of initial recognition.
On January 1, 2021, the Company adopted the fair value method to measure its servicing assets and liabilities for all current classes of servicing assets and liabilities subsequent to initial recognition. Management believes that the fair value method more directly reports the current expected benefits and obligations of the Company's servicing rights. The adoption of the fair value method for a particular class of servicing assets is irrevocable. Prior to January 1, 2021, the Company measured its servicing assets and liabilities after initial recognition using the amortized cost method. This change in accounting resulted in a $3.4 million increase to retained earnings and the MSR asset as of January 1, 2021. Subsequent to the adoption of the fair value method of accounting for MSRs, changes in fair value of MSRs are reported as a component of "Total revenue, net" within the consolidated statements of operations.
Prior to the adoption of the fair value method, MSRs were amortized in proportion to the estimated future net servicing revenue, and periodically evaluated for impairment. For this purpose, the Company stratified its MSRs based on the interest rate of the underlying loans. The Company recorded a valuation allowance when the fair value of the mortgage servicing asset strata was less than its amortized book value. Valuation allowances were recorded as a temporary impairment to the affected strata effectively reducing recorded MSRs and incurring a charge to operations. When a mortgage prepays, the Company permanently reduces the associated MSR in the period of prepayment with a charge to operations.
Under both the fair value and amortization accounting methods, the fair value of MSRs is estimated with the assistance of a third party broker based upon a valuation model that calculates the estimated present value of future cash flows. The valuation model incorporates market estimates of prepayment speeds, discount rates, cost to service, float value, ancillary income, inflation, and delinquency and default rates.
Sales of MSRs are recognized when the risk and rewards of ownership have been transferred to a buyer, and a substantive non-refundable down payment is received. Also, any risks retained by the Company must be reasonably quantifiable to be eligible for sale accounting. See Note 5 – Mortgage Servicing Rights, net for further information.
Representations and Warranties Reserve 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 in the event of specific default by the borrower or 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, with subsequent changes in estimates recorded as part of general and administrative expenses. The reserve is estimated based on the Company’s assessment of its contingent and non-contingent 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. See Note 10 - Commitments and Contingencies for further information.
Contingencies
The Company evaluates contingencies based on information currently available and establishes an accrual for those matters when a loss contingency is considered probable and the related amount is reasonably estimable. For matters where a loss is believed to be reasonably possible but not probable, no accrual is established but the nature of the loss contingency and an estimate of the reasonably possible range of loss in excess of amount accrued, when such estimate can be made, is disclosed. In deriving an estimate, the Company is required to make assumptions about matters that are, by their nature, highly uncertain. The assessment of loss contingencies involves the use of critical estimates, assumptions and judgments. It is not possible to predict or determine the outcome of all loss contingencies. Accruals are periodically reviewed and may be adjusted as circumstances change.
Derivatives
Derivatives
Derivatives are recognized as assets or liabilities on the consolidated balance sheets and measured at fair value with changes in fair value recorded within the consolidated statements of operations in the period in which they occur. The Company enters into derivative instruments to reduce its risk exposure to fluctuations in interest rates. The Company accounts for derivative instruments as free-standing derivative instruments and does not designate any for hedge accounting. IRLCs on mortgage loans to be originated or purchased which are intended to be sold are considered to be derivatives with changes in fair value recorded in the consolidated statements of operations as part of loan production income. Fair value is estimated primarily based on relative changes in interest rates for the underlying mortgages to be originated or purchased. Fair value estimates also take into account the probability that loan commitments may not be exercised by customers. The Company uses forward mortgage backed security contracts, which are known as FLSCs, to economically hedge the IRLCs. See Note 3 – Derivatives for further information.
Loans Eligible for Repurchase from Ginnie Mae
Loans Eligible for Repurchase from Ginnie Mae
When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the previously sold assets are required to be re-recognized on the 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 (or “MSRs”). As of December 31, 2022, the Company changed the balance sheet presentation of Ginnie Mae loans eligible for repurchase and the corresponding liabilities to report these assets and liabilities separately from "Mortgage loans at fair value" and "Accounts payable, accrued expenses, and other," where they were previously reported. Prior periods have been updated to conform with the current period presentation.
Leases
Leases
The Company enters into contracts to lease real estate (land and buildings), furniture and fixtures, and information technology equipment. Leases that meet one of the finance lease criteria are classified as finance leases, while all others are classified as operating leases. The Company determines if an arrangement is a lease at inception and has made an accounting policy election to capitalize leases with initial terms in excess of 12 months. At lease commencement, a lease liability and right-of-use asset are calculated and recognized for operating and finance leases. Lease liabilities represent the Company’s obligation to make lease payments arising from the lease and lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term. The lease term used in the calculation includes any options to extend that the Company is reasonably certain to exercise. The lease liability is equal to the present value of future lease payments. The right-of-use asset is equal to the lease liability, plus any initial direct costs and prepaid lease payments, less any lease incentives received. Operating and finance lease right-of-use assets and liabilities are recorded separately on the consolidated balance sheets. In determining the present value of future lease payments, the Company uses estimated incremental borrowing rates based on information available at the lease commencement date when an implicit rate is not readily determinable for a given lease. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an
amount equal to the lease payments in a similar economic environment. The Company uses an incremental borrowing rate estimated by referencing the Company’s collateralized borrowings. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. The Company’s lease agreements include both lease and non-lease components which are generally accounted for as a single component to the extent that the costs are fixed. If the non-lease components are not fixed, the costs are treated as variable lease costs. Subsequent to lease commencement, lease liabilities recorded for finance leases are measured using the effective interest method and the related right-of-use assets are amortized on a straight-line basis over the lease term. For finance leases, interest expense and amortization expense are recorded separately in the consolidated statements of operations as part of "Interest expense" and "Depreciation and amortization," respectively. For operating leases, total lease cost is comprised of lease expense and variable lease cost. Lease expense includes lease payments, which are recognized on a straight-line basis over the lease term. Variable lease cost includes common area maintenance charges, real estate taxes, insurance and other expenses, where applicable, which are expensed as incurred. Total lease cost for operating leases is recorded as part of "General and administrative" expense in the consolidated statements of operations. See Note 7 - Leases for further information.
Income Taxes And Tax Receivable Agreement
Income Taxes
The Company follows the asset and liability method of accounting for income taxes under applicable U.S. GAAP. Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. We are subject to income taxes in the U.S. and various state and local jurisdictions. The tax laws are often complex and may be subject to different interpretations. To determine the financial statement impact of accounting for income taxes, the Company must make assumptions and judgements about how to interpret and apply complex tax laws to numerous transactions and business events, as well as make judgements regarding the timing of when certain items may affect taxable income.
Deferred income taxes arise from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. If based upon all available positive and negative evidence, it is more likely than not that the deferred tax assets will not be realized, a valuation allowance is established. The valuation allowance may be reversed in a subsequent reporting period if the Company determines that it is more likely than not that all or part of the deferred tax asset will become realizable.
Our interpretations of tax laws are subject to review and examination by various taxing authorities and jurisdictions where the Company operates, and disputes may occur regarding our view on a tax position. These disputes over interpretations with the various tax authorities may be settled by audit, administrative appeals or adjudication in the court systems of the tax jurisdictions in which the Company operates. We regularly review whether we may be assessed additional income taxes as a result of the resolution of these matters, and the Company records additional reserves as appropriate. In addition, the Company may revise its estimate of income taxes due to changes in income tax laws, legal interpretations, and business strategies. We recognize the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. We record interest and penalties related to uncertain tax positions as a component of the income tax provision. See Note 17 – Income Taxes for further information.
Tax Receivable Agreement
In connection with the Business Combination Agreement, the Company entered into a Tax Receivable Agreement with SFS Corp. that will obligate the Company to make payments to SFS Corp. of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that the Company actually realizes as a result of (i) certain increases in tax basis resulting from exchanges of Holdings LLC Common Units; (ii) imputed interest deemed to be paid by the Company as a result of payments it makes under the tax receivable agreement; (iii) certain increases in tax basis resulting from payments the Company makes under the tax receivable agreement; 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 section 704(c) of the Internal Revenue Code of 1986. The Company will retain the benefit of the remaining 15% of these tax savings. The Company recognized a liability of approximately $1.9 million for estimated amounts due under the Tax Receivable Agreement in connection with the business combination transaction. Subsequently, the liability is accounted for as a loss contingency, with changes in the liability measured and recorded when estimated amounts due under the Tax Receivable Agreement are probable and can be reasonably estimated, and reported as part of other expense/(income) in the consolidated statements of operations. During the year ended
December 31, 2022, the Company recorded an additional liability of $3.2 million.
Related Party Transactions
Related Party Transactions
The Company enters into various transactions with related parties. See Note 16 – Related Party Transactions for further information.
Public and Private Warrants
Public and Private Warrants
As part of Gores Holdings IV, Inc.'s initial public offering ("IPO") in January 2020, Gores Holdings IV, Inc. issued to third party investors 42.5 million units, consisting of one share of Class A common stock of Gores Holdings IV, Inc. and one-fourth of one warrant, at a price of $10.00 per unit. Each whole warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share (the “Public Warrants”). Simultaneously with the closing of the IPO, Gores Holdings IV, Inc. completed the private sale of 5.25 million warrants to Gores Holdings IV, Inc.'s sponsor at a purchase price of $2.00 per warrant (the “Private Warrants”). Each Private Warrant allows the sponsor to purchase one share of Class A common stock at $11.50 per share. Upon the closing of the business combination transaction, the Company had 10,624,987 Public Warrants and 5,250,000 Private Warrants outstanding.
The Private Warrants and the shares of common stock issuable upon the exercise of the Private Warrants were not transferable, assignable or salable until after the completion of the business combination, subject to certain limited exceptions. Additionally, the Private Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
The Company evaluated the Public and Private Warrants under applicable U.S. GAAP and concluded that they do not meet the criteria to be classified in stockholders’ equity due to certain terms of the warrants. Since the Public and Private Warrants meet the definition of derivatives, the Company recorded these warrants as liabilities on the balance sheet at fair value upon the closing of the business combination transaction and subsequently (recorded within "Accounts payable, accrued expenses and other"), with the change in their respective fair values recognized in the consolidated statement of operations (recorded within "Other expense/(income)").
Stock-Based Compensation
Stock-Based Compensation
Effective upon the closing of the business combination transaction, the Company adopted the UWM Holdings Corporation 2020 Omnibus Incentive Plan (the “2020 Plan”) which was approved by stockholders on January 20, 2021. 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. 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 18 – Stock-based Compensation for further information.
Servicing Advances
Servicing Advances
Servicing advances represent advances on behalf of borrowers and investors to cover delinquent balances for property taxes, insurance premiums and other out-of-pocket costs. Advances are made in accordance with the servicing agreements and are recoverable upon liquidation. The Company periodically evaluates the advances for collectability and amounts are written-off when they are deemed uncollectible. Servicing advances are included in accounts receivable, net on the consolidated balance sheets.
Advertising and Marketing Advertising and MarketingAdvertising and marketing is expensed as incurred
Escrow And Fiduciary Funds Escrow and Fiduciary FundsThe Company maintains segregated bank accounts in trust for investors and escrow balances for mortgagors.
Risks And Uncertainties
Risks and Uncertainties
The Company encounters certain economic and regulatory risks inherent in the consumer finance business. Economic risks include interest rate risk and credit risks. The Company is subject to interest rate risk to the extent that in a rising interest rate environment, the Company may experience a decrease in loan production, as well as decreases in the value of mortgage loans at fair value and in commitments to originate loans, which may negatively impact the Company’s operations. Credit risk is the risk of default that may result from the borrowers’ inability or unwillingness to make contractually required payments during the period in which mortgage loans are being held at fair value or subsequently under any representation and warranty provisions within the Company’s sale agreements. The Company is subject to substantial regulation as it directly provides financing to consumers acquiring residential real estate.
The Company sells loans to investors without specific recourse. As such, the investors have assumed the risk of loss of default by the borrower. However, the Company is usually required by these investors to make certain standard representations and warranties relating to credit information, loan documentation and collateral. To the extent that the Company does not comply with such representations, or there are early payment defaults, the Company may be required to repurchase the loans or indemnify these investors for any losses from borrower defaults. In addition, if loans pay-off within a specified time frame, the Company may be required to refund a portion of the sales proceeds to the investors.
Recently Adopted Accounting Pronouncements Recently Adopted Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was subsequently amended by ASU No. 2021-1, Reference Rate Reform (Topic 848): Scope, which was issued in January 2021 and will remain effective through December 31, 2024. This guidance provides practical expedients to address existing guidance on contract modifications due to the expected market transition from the London Inter-bank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate ("SOFR"). The ASU was effective upon issuance on a prospective basis beginning January 1, 2020 and the Company may elect certain practical expedients as reference rate activities occur. The Company will evaluate its debt and other applicable contracts that are modified in the future to ensure they are eligible for modification relief and apply the practical expedients as needed. The Company does not anticipate this will have a material impact on its consolidated financial statements and related disclosures.
v3.22.4
Mortgage Loans at Fair Value (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Summary of Reconciliation of Changes in 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 consolidated statements of operations.
(In thousands)December 31,
2022		December 31,
2021
Mortgage loans, unpaid principal balance$7,128,131 $16,630,907 
Premiums paid on mortgage loans70,914 238,963 
Fair value adjustment(64,085)40,031 
Mortgage loans at fair value$7,134,960 $16,909,901 
v3.22.4
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2022
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):
 December 31, 2022December 31, 2021 
Fair valueFair value
 Derivative
assets		Derivative
liabilities		Notional
Amount		Derivative
assets		Derivative
liabilities		Notional
Amount		 
IRLCs$7,872 $32,294 $5,359,684 (a) $24,899 $11,138 $13,450,967 
(a) 
FLSCs74,997 17,454 10,944,875 42,457 25,603 28,887,178  
Total$82,869 $49,748 $67,356 $36,741 
(a)Notional amounts have been adjusted for pullthrough rates of 77% and 86%, respectively.
v3.22.4
Accounts Receivable, Net (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Schedule of Accounts Receivable
The following summarizes accounts receivable, net (in thousands):
 December 31,
2022		December 31,
2021
Servicing advances$162,896 $135,117 
Servicing fees110,891 136,981 
Receivables from sales of servicing 56,019 13,503 
Investor receivables25,701 44,192 
Origination receivables24,179 56,569 
Derivative settlements receivable8,204 21,987 
Warehouse bank receivable199 8,510 
Other receivables179 127 
Provision for current expected credit losses(5,121)(1,295)
Total accounts receivable, net$383,147 $415,691 
v3.22.4
Mortgage Servicing Rights (Tables)
 12 Months Ended
Dec. 31, 2022
Transfers and Servicing [Abstract]  
Summary of Mortgage Servicing Rights
The following table summarizes changes in the MSR assets for the years ended December 31, 2022 and 2021 (in thousands):
For the year ended December 31,
20222021
Fair value, beginning of period$3,314,952 1,760,304 
Capitalization of MSRs2,213,572 2,397,483 
MSR sales(1,387,180)(269,925)
Changes in fair value:
Due to changes in valuation inputs or assumptions
868,803 286,348 
Due to collection/realization of cash flows/other(556,886)(859,258)
Fair value, end of period$4,453,261 $3,314,952 

The following is a summary of the components of change in fair value of servicing rights as reported in the consolidated statements of operations (in thousands):
For the year ended December 31,
20222021
Changes in fair value:
Due to changes in valuation inputs and assumptions$868,803 $286,348 
Due to collection/realization of cash flows and other(556,886)(859,258)
Net reserves and transaction costs on sales of servicing rights(27,813)(14,903)
Changes in fair value of mortgage servicing rights$284,104 $(587,813)
The following table summarizes changes to the MSR assets for the year ended December 31, 2020 under the amortization method (in thousands):
For the year ended December 31,
2020
Balance, beginning of period$731,353 
Additions1,896,638 
Amortization(252,421)
Loans paid in full(301,113)
Sales(298,009)
Recovery/(Impairment)(19,584)
Balance, end of period$1,756,864 
Summary of Loan Servicing Income The following table summarizes the loan servicing income recognized during the years ended December 31, 2022, 2021 and 2020, respectively (in thousands):
For the year ended December 31,
202220212020
Contractual servicing fees$781,109 $632,276 $284,257 
Late, ancillary and other fees10,963 6,462 4,047 
Loan servicing income$792,072 $638,738 $288,304 
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 December 31, 2022 and December 31, 2021, respectively:
 December 31,
2022		December 31,
2021
RangeWeighted AverageRangeWeighted Average
Discount rates9.5 %—15.0 %10.1 %9.0 %—14.5 %9.6 %
Annual prepayment speeds6.7 %—14.0 %7.9 %8.3 %—45.4 %10.5 %
Cost of servicing$75 —$108 $80 $74 —$162 $81 
Schedule of Analysis of Change in Fair Value
The hypothetical effect of adverse changes in these key assumptions would result in a decrease in fair values as follows at December 31, 2022 and December 31, 2021, respectively, (in thousands):
 December 31,
2022		December 31,
2021
Discount rate:
+ 10% adverse change – effect on value$(183,972)$(107,992)
+ 20% adverse change – effect on value(353,120)(208,567)
Prepayment speeds:
+ 10% adverse change – effect on value$(143,483)$(138,807)
+ 20% adverse change – effect on value(277,992)(267,964)
Cost of servicing:
+ 10% adverse change – effect on value$(39,362)$(37,370)
+ 20% adverse change – effect on value(78,724)(74,741)
v3.22.4
Premises and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Summary of Premises and Equipment, Net The following is a summary of premises and equipment, net (in thousands):
 December 31,
2022		December 31,
2021
Leasehold improvements$160,947 $140,287 
Furniture and equipment38,583 33,074 
Software, including internally-developed25,491 20,176 
Construction in process1,323 4,503 
Accumulated depreciation and amortization(73,868)(46,353)
Premises and equipment, net$152,477 $151,687 
v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Schedule of Supplemental Cash Flow Information Supplemental cash flow information related to leases is as follows (in thousands):
 December 31,
2022		December 31,
2021
Cash paid for amounts included in the measurement of operating lease liabilities – operating cash flows$12,537 $15,926 
Cash paid for amounts included in the measurement of finance lease liabilities - financing and operating cash flows19,218 15,876 
Operating lease right-of-use assets obtained in exchange for operating leases liabilities
3,984 20,134 
Financing lease right-of-use assets obtained in exchange for finance lease liabilities2,861 48,539 
Schedule of Additional Supplemental Flow Information Related to Leases Additional supplemental information related to leases is as follows:
 December 31,
2022		December 31,
2021
Weighted average remaining lease term – operating leases13.6 years14.7 years
Weighted average remaining lease term – finance leases8.8 years7.9 years
Weighted average discount rate – operating leases7.4 %7.4 %
Weighted average discount rate – finance leases3.6 %3.8 %
Schedule of Maturities of Company's Operating Lease Liabilities The maturities of the Company's operating lease liabilities are summarized below (in thousands):
December 31, 2022Amounts
2023$12,873 
202412,873 
202512,990 
202612,996 
202712,959 
Thereafter110,717 
Total lease payments175,408 
Less imputed interest(64,076)
Total$111,332 
Summary of Maturities of the Company's Financing Lease Liabilities
The maturities of the Company's financing lease liabilities are summarized below (in thousands):
December 31, 2022Amounts
2023$14,146 
20246,581 
20253,057 
20262,665 
20272,668 
Thereafter21,940 
Total lease payments51,057 
Less imputed interest(7,552)
Total$43,505 
v3.22.4
Warehouse And Other Secured Lines Of Credit (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Lines of Credit
The Company had the following warehouse lines of credit with financial institutions as of December 31, 2022 and December 31, 2021, respectively, (in thousands):
Warehouse Lines of Credit 1
Date of Initial Agreement With Warehouse LenderCurrent Agreement Expiration DateDecember 31,
2022		December 31,
2021
Master Repurchase Agreement ("MRA") Funding Limits as of December 31, 2022:
N/A2
9/8/2020
N/A2
$— $913,247 
$400 Million3
8/21/20121/18/2023188,607 372,895 
$500 Million4
3/7/20193/22/2023236,462 1,230,017 
$500 Million
4/23/20214/23/2023185,502 755,539 
$150 Million2/29/20125/23/2023142,570 144,534 
$3.0 Billion
5/9/20197/28/20232,239,591 4,482,245 
$700 Million7/24/20208/30/2023642,544 673,471 
$200 Million3/30/20189/6/2023170,478 197,976 
$200 Million
10/30/20209/26/202397,216 1,163,447 
$300 Million8/19/201611/8/2023235,804 280,637 
$250 Million2/26/201612/21/2023193,023 192,614 
$1.0 Billion
7/10/20121/8/2024521,440 963,495 
$2.5 Billion4
12/31/20142/21/20241,588,787 3,349,395 
Early Funding:
$600 Million (ASAP + - see below)No expiration— 516,889 
$750 Million (EF - see below)No expiration1,968 718,537 
$6,443,992 $15,954,938 
All interest rates are variable based upon a spread to SOFR or other alternative index.
1 An aggregate of $401.0 million of these line amounts is committed as of December 31, 2022.
2 The Company elected to not renew this warehouse line of credit agreement prior to December 31, 2022. As of December 31, 2021, this warehouse line of credit agreement had a funding limit of $1.5 billion.
3 This warehouse line of credit agreement expired pursuant to its terms subsequent to December 31, 2022.
4 Represents the current agreement expiration date pursuant to an amendment entered into subsequent to December 31, 2022.
v3.22.4
Other Borrowings (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Summary of Senior Unsecured Notes
The following is a summary of the senior unsecured notes issued by the Company (in thousands):
Facility TypeMaturity DateInterest RateOutstanding Balance at Outstanding Principal at December 31, 2022Outstanding Balance at Outstanding Principal at December 31, 2021
2025 Senior unsecured notes(1)
11/15/20255.50 %$800,000 $800,000 
2029 Senior unsecured notes(2)
04/15/20295.50 %700,000 700,000 
2027 Senior unsecured notes(3)
06/15/20275.75 %500,000 500,000 
Total Senior Unsecured Notes$2,000,000 $2,000,000 
Weighted average interest rate5.56 %5.56 %
(1) Unamortized debt issuance costs and discounts are presented net against the 2025 Senior Notes reducing the amount reported on the consolidated balance sheets by $6.3 million and $8.5 million as of December 31, 2022 and December 31, 2021, respectively.
(2) Unamortized debt issuance costs and discounts are presented net against the 2029 Senior Notes reducing the amount reported on the consolidated balance sheets by $5.5 million and $6.4 million as of December 31, 2022 and December 31, 2021, respectively.
(3) Unamortized debt issuance costs and discounts are presented net against the 2027 Senior Notes reducing the amount reported on the consolidated balance sheets by $3.9 million and $5.0 million as of December 31, 2022 and December 31, 2021, respectively.
v3.22.4
Commitment and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2022
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 year ended December 31,
 202220212020
Balance, beginning of period$86,762 $69,542 $46,322 
Additions57,415 45,301 36,510 
Losses realized, net(83,682)(28,081)(13,290)
Balance, end of period$60,495 $86,762 $69,542 
v3.22.4
Non-controlling Interests (Tables)
 12 Months Ended
Dec. 31, 2022
Noncontrolling Interest [Abstract]  
Summary of Ownership of Units The following table summarizes the ownership of units in Holdings LLC as of:
December 31, 2022December 31, 2021
Common UnitsOwnership PercentageCommon UnitsOwnership Percentage
UWM Holdings Corporation ownership of Class A Common Units 92,575,974 5.81 %91,612,305 5.75 %
SFS Corp. ownership of Class B Common Units1,502,069,787 94.19 %1,502,069,787 94.25 %
Balance at end of period1,594,645,761 100.00 %1,593,682,092 100.0 %
v3.22.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following are the major categories of financial assets and liabilities measured at fair value on a recurring basis (in thousands):
 December 31, 2022
DescriptionLevel 1Level 2Level 3Total
Assets:
Mortgage loans at fair value$— $7,134,960 $— $7,134,960 
IRLCs— — 7,872 7,872 
FLSCs— 74,997 — 74,997 
Investment securities at fair value, pledged— 113,290 — 113,290 
Mortgage servicing rights— — 4,453,261 4,453,261 
Total assets$— $7,323,248 $4,461,133 $11,784,381 
Liabilities:
IRLCs$— $— $32,294 $32,294 
FLSCs— 17,454 — 17,454 
Public and Private Warrants1,328 445 — 1,773 
Total liabilities$1,328 $17,899 $32,294 $51,521 
 December 31, 2021
DescriptionLevel 1Level 2Level 3Total
Assets:
Mortgage loans at fair value$— $16,909,901 $— $16,909,901 
IRLCs— — 24,899 24,899 
FLSCs— 42,457 — 42,457 
Investment securities at fair value, pledged— 152,263 — 152,263 
Mortgage servicing rights— — 3,314,952 3,314,952 
Total assets$— $17,104,621 $3,339,851 $20,444,472 
Liabilities:
IRLCs$— $— $11,138 $11,138 
FLSCs— 25,603 — 25,603 
Public and Private warrants6,286 3,170 — 9,456 
Total liabilities$6,286 $28,773 $11,138 $46,197 
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 - IRLCsDecember 31, 2022December 31, 2021
Pullthrough rate (weighted avg)77 %86 %
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):
December 31, 2022December 31, 2021
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
2025 Senior Notes, due 11/15/25$793,703 $724,928 $791,513 $820,232 
2029 Senior Notes, due 4/15/29694,496 565,607 693,623 686,623 
2027 Senior Notes, due 6/15/27496,137 430,920 494,976 500,860 
$1,984,336 $1,721,455 $1,980,112 $2,007,715 
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation A reconciliation of the statutory federal income tax expense to the income tax expense from continuing operations provided is as follows:
For the year ended December 31,
202220212020
Income tax expense at the federal statutory rate$196,400 $331,431 $710,842 
Income attributable to non-controlling interest(186,931)(308,995)— 
Income attributable to pass-through members— — (710,842)
Other(6,658)(12,595)2,450 
Total income tax expense $2,811 $9,841 $2,450 
Schedule of Components of Income Tax
Income taxes for the Company at the consolidated level are primarily federal, state, and local taxes. The following table details the Company's provision for income taxes for the years ended December 31, 2022, 2021 and 2020.

For the year ended December 31,
202220212020
Current income tax expense:
Federal$(118)$73 $— 
State(569)1,424 2,450 
Total current income tax expense(687)1,497 2,450 
Deferred income tax expense:
Federal3,916 7,494 — 
State(418)850 — 
Total deferred income tax expense3,498 8,344 — 
Total provision for income taxes$2,811 $9,841 $2,450 
Schedule of Deferred Tax Assets and Liabilities The company's deferred tax assets (liabilities) arise from the following components of temporary differences and carryforwards:
December 31,
20222021
Deferred tax assets:
Net operating losses$17,775 $10,831 
Other483 104 
Total deferred tax assets18,258 10,935 
Deferred tax liabilities:
Investment in partnership(54,589)(40,817)
Other— (2,502)
Total deferred tax liabilities(54,589)(43,319)
Net deferred tax liabilities$(36,331)$(32,384)
v3.22.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of RSU Activity
The following is a summary of RSU activity for the years ended December 31, 2022 and 2021:
For the year endedFor the year ended
December 31, 2022December 31, 2021
SharesWeighted Average Grant Date Fair ValueSharesWeighted Average Grant Date Fair Value
Unvested - beginning of period2,812,320 $7.75 — $— 
Granted2,458,883 3.61 3,193,510 7.75 
Vested(963,772)7.72 (6,430)7.75 
Forfeited(301,630)6.57 (374,760)7.75 
Unvested - end of period4,005,801 $5.30 2,812,320 $7.75 
v3.22.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2022
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 December 31, 2022 and 2021 (in thousands, except shares and per share amounts):
For the year ended December 31,
20222021
Net income$931,858 $1,568,400 
Net income attributable to non-controlling interests890,143 1,469,955 
Net income attributable to UWMC41,715 98,445 
Numerator:
Net income attributable to Class A common shareholders$41,715 $98,445 
Net income attributable to Class A common shareholders - diluted$41,715 $1,064,606 
Denominator:
Weighted average shares of Class A common stock outstanding - basic92,475,170 100,881,094 
Weighted average shares of Class A common stock outstanding - diluted92,475,170 1,603,157,640 
Earnings per share of Class A common stock outstanding - basic$0.45 $0.98 
Earnings per share of Class A common stock outstanding - diluted$0.45 $0.66 
v3.22.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Organization (Details)
 12 Months Ended
Jan. 21, 2021
event
vote
$ / shares
shares
Dec. 31, 2022
shares
Dec. 31, 2021
shares
Jan. 20, 2021
shares
Common Class A        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Number of votes | vote 1      
Common stock outstanding (in shares) 103,104,205 92,575,974 91,612,305  
Conversion ratio   1    
Number of trigger events | event 4      
Common Class A | Minimum        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Share price (in usd per share) | $ / shares $ 13.00      
Common Class A | Maximum        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Share price (in usd per share) | $ / shares $ 19.00      
Common Class C        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Number of votes | vote 1      
Common stock outstanding (in shares) 0 0 0  
Common Class B        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Number of votes | vote 10      
Common stock outstanding (in shares) 0 0 0  
Exchange ratio (in shares)   1    
Common Class D        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Number of votes | vote 10      
Common stock outstanding (in shares) 1,502,069,787 1,502,069,787 1,502,069,787  
UWM Holdings Corporation        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Ownership percent 94.00%      
SFS Corp        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Ownership percent 6.00%      
UWM        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Number of units authorized (in shares)       1
Number of units issued (in shares)       1
Number of units outstanding (in shares)       1
SFS Corp | UWM Holdings Corporation | Class B and Class D        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Number of earn-out shares to be issued 90,761,687      
v3.22.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Basis of Presentation and Consolidation (Details)
$ in Millions
Jan. 21, 2021
USD ($)
Gores Holdings IV, Inc.  
Business Combination, Separately Recognized Transactions [Line Items]  
Liability assumed on warrants $ 45.6
Gore Holdings IV, Inc.  
Business Combination, Separately Recognized Transactions [Line Items]  
Proceeds from business combination 895.1
Costs related to business combination $ 16.0
v3.22.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Mortgage Servicing Rights and Revenue Recognition (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Jan. 01, 2021
Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Mortgage servicing rights $ 4,453,261 $ 3,314,952    
Cumulative Effect, Period of Adoption, Adjustment        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Mortgage servicing rights     $ 3,400  
Equity       $ 3,440
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Equity     $ 3,400 $ 3,440
v3.22.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Tax Receivable Agreement (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Jan. 21, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Tax receivable agreement liability $ 17.1 $ 13.9 $ 1.9
Additional liability $ 3.2    
v3.22.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Public and Private Warrants (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Jan. 31, 2020
$ / shares
$ / unit
$ / warrant
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
shares
Dec. 31, 2020
USD ($)
Jan. 21, 2021
shares
Class of Warrant or Right [Line Items]          
Decrease in fair value of warrants liability | $   $ 7,683 $ 36,105 $ 0  
Public Warrants          
Class of Warrant or Right [Line Items]          
Number of warrants outstanding (in shares)         10,624,987
Private Warrants          
Class of Warrant or Right [Line Items]          
Number of warrants outstanding (in shares)         5,250,000
Common Class A          
Class of Warrant or Right [Line Items]          
Number of common shares issued   92,575,974 91,612,305    
Gores Holdings IV, Inc.          
Class of Warrant or Right [Line Items]          
Decrease in fair value of warrants liability | $   $ 7,700 $ 23,100    
Gores Holdings IV, Inc. | Public Warrants          
Class of Warrant or Right [Line Items]          
Exercise price of warrants (in usd per share) | $ / shares $ 11.50        
Gores Holdings IV, Inc. | Private Warrants          
Class of Warrant or Right [Line Items]          
Exercise price of warrants (in usd per share) | $ / shares $ 11.50        
Number of warrants outstanding (in shares) 5,250,000        
Purchase price of warrants (in usd per warrant) | $ / warrant 2.00        
Gores Holdings IV, Inc. | Common Class A | Public Warrants          
Class of Warrant or Right [Line Items]          
Number of shares called by each warrant 1        
Gores Holdings IV, Inc. | IPO          
Class of Warrant or Right [Line Items]          
Number of units issued during period (in shares) 42,500,000        
Unit price (in usd per unit) | $ / unit 10.00        
Number of warrants issued (in shares) 0.25        
Gores Holdings IV, Inc. | IPO | Common Class A          
Class of Warrant or Right [Line Items]          
Number of common shares issued 1        
v3.22.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Stock-Based Compensation (Details)
Dec. 31, 2022
shares
2020 Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares authorized for issuance 80,000,000
v3.22.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Advertising and Marketing (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Advertising and marketing expenses $ 29.0 $ 21.8 $ 7.9
v3.22.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Escrow and Fiduciary Funds (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Escrow balance $ 1,580 $ 1,610
v3.22.4
Mortgage Loans at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Receivables [Abstract]    
Mortgage loans, unpaid principal balance $ 7,128,131 $ 16,630,907
Premiums paid on mortgage loans 70,914 238,963
Fair value adjustment (64,085) 40,031
Mortgage loans at fair value $ 7,134,960 $ 16,909,901
v3.22.4
Derivatives - Additional Information (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Derivative blended weighted average pullthrough rate (in percent) 86.00% 77.00% 86.00%
v3.22.4
Derivatives - Schedule of Derivative Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]      
Derivative assets   $ 82,869 $ 67,356
Derivative liabilities   $ 49,748 $ 36,741
Derivative blended weighted average pullthrough rate (in percent) 86.00% 77.00% 86.00%
Not Designated as Hedging Instrument      
Derivative [Line Items]      
Derivative assets   $ 82,869 $ 67,356
Derivative liabilities   49,748 36,741
Not Designated as Hedging Instrument | IRLCs      
Derivative [Line Items]      
Derivative assets   7,872 24,899
Derivative liabilities   32,294 11,138
Notional Amount   5,359,684 13,450,967
Not Designated as Hedging Instrument | FLSCs      
Derivative [Line Items]      
Derivative assets   74,997 42,457
Derivative liabilities   17,454 25,603
Notional Amount   $ 10,944,875 $ 28,887,178
v3.22.4
Accounts Receivable, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Receivables [Abstract]    
Servicing advances $ 162,896 $ 135,117
Servicing fees 110,891 136,981
Receivables from sales of servicing 56,019 13,503
Investor receivables 25,701 44,192
Origination receivables 24,179 56,569
Derivative settlements receivable 8,204 21,987
Warehouse bank receivable 199 8,510
Other receivables 179 127
Provision for current expected credit losses (5,121) (1,295)
Total accounts receivable, net $ 383,147 $ 415,691
v3.22.4
Mortgage Servicing Rights - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Mortgage Servicing Rights [Line Items]      
Aggregate unpaid principal balance $ 4,453,261 $ 3,314,952  
Net proceeds from sale of mortgage servicing rights 1,311,282 264,028 $ 289,170
MSR      
Mortgage Servicing Rights [Line Items]      
Aggregate unpaid principal balance 312,500,000 319,800,000  
MSRs sold 112,900,000 22,700,000  
Net proceeds from sale of mortgage servicing rights 1,400,000 269,900  
Net reserves and transaction costs on sales of servicing rights $ 27,813 $ 14,903  
v3.22.4
Mortgage Servicing Rights - Summary of Mortgage Servicing Rights Activity (Details) - MSR - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Servicing Asset at Fair Value, Amount [Roll Forward]        
Fair value, beginning of period $ 3,314,952 $ 1,760,304    
Capitalization of MSRs 2,213,572 2,397,483    
MSR sales (1,387,180) (269,925)    
Due to changes in valuation inputs or assumptions 868,803 286,348    
Due to collection/realization of cash flows/other (556,886) (859,258)    
Fair value, end of period 4,453,261 3,314,952 $ 1,760,304  
Changes in fair value:        
Due to changes in valuation inputs and assumptions 868,803 286,348    
Due to collection/realization of cash flows and other (556,886) (859,258)    
Net reserves and transaction costs on sales of servicing rights (27,813) (14,903)    
Changes in fair value of mortgage servicing rights $ 284,104 $ (587,813)    
Servicing Asset at Amortized Cost, Balance [Roll Forward]        
Balance, beginning of period     1,756,864 $ 731,353
Additions     1,896,638  
Amortization     (252,421)  
Loans paid in full     (301,113)  
Sales     (298,009)  
Recovery/(Impairment)     (19,584)  
Balance, end of period     $ 1,756,864  
v3.22.4
Mortgage Servicing Rights - Summary of Loan Servicing Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Transfers and Servicing [Abstract]      
Contractual servicing fees $ 781,109 $ 632,276 $ 284,257
Late, ancillary and other fees 10,963 6,462 4,047
Loan servicing income $ 792,072 $ 638,738 $ 288,304
v3.22.4
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, 2022
Dec. 31, 2022
Minimum    
Servicing Assets at Fair Value [Line Items]    
Discount rates (as a percent) 9.00% 9.50%
Annual prepayment speeds (as a percent) 8.30% 6.70%
Cost of servicing $ 74 $ 75
Maximum    
Servicing Assets at Fair Value [Line Items]    
Discount rates (as a percent) 14.50% 15.00%
Annual prepayment speeds (as a percent) 45.40% 14.00%
Cost of servicing $ 162 $ 108
Weighted Average    
Servicing Assets at Fair Value [Line Items]    
Discount rates (as a percent) 9.60% 10.10%
Annual prepayment speeds (as a percent) 10.50% 7.90%
Cost of servicing $ 81 $ 80
v3.22.4
Mortgage Servicing Rights - Schedule of Analysis of Change in Fair Value (Details) - MSR - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
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 $ (183,972) $ (107,992)
+ 20% adverse change – effect on value, discount rate (353,120) (208,567)
+ 10% adverse change – effect on value, prepayment speeds (143,483) (138,807)
+ 20% adverse change – effect on value, prepayment speeds (277,992) (267,964)
+ 10% adverse change – effect on value, cost of servicing (39,362) (37,370)
+ 20% adverse change – effect on value, cost of servicing $ (78,724) $ (74,741)
v3.22.4
Premises and Equipment, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]    
Accumulated depreciation and amortization $ (73,868) $ (46,353)
Premises and equipment, net 152,477 151,687
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property plant and equipment gross 160,947 140,287
Furniture and equipment    
Property, Plant and Equipment [Line Items]    
Property plant and equipment gross $ 38,583 33,074
Furniture and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Useful life 3 years  
Furniture and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Useful life 10 years  
Software, including internally-developed    
Property, Plant and Equipment [Line Items]    
Property plant and equipment gross $ 25,491 20,176
Software, including internally-developed | Minimum    
Property, Plant and Equipment [Line Items]    
Useful life 3 years  
Software, including internally-developed | Maximum    
Property, Plant and Equipment [Line Items]    
Useful life 10 years  
Construction in process    
Property, Plant and Equipment [Line Items]    
Property plant and equipment gross $ 1,323 $ 4,503
v3.22.4
Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Lessee, Lease, Description [Line Items]      
Total lease expense under all operating leases $ 12.3 $ 11.9 $ 10.9
Related party operating lease expense 12.0 11.6 10.9
Variable lease expense 4.5 0.7 0.6
Interest expense under finance leases 1.9 2.2 0.8
Amortization expense under finance leases 17.7 14.4 $ 5.2
Related Party Finance Lease      
Lessee, Lease, Description [Line Items]      
Interest expense under finance leases 1.0 0.9  
Amortization expense under finance leases $ 2.1 $ 2.0  
Minimum      
Lessee, Lease, Description [Line Items]      
Remaining operating lease term 4 years 10 months 17 days    
Remaining finance lease term 3 months    
Maximum      
Lessee, Lease, Description [Line Items]      
Remaining operating lease term 15 years    
Remaining finance lease term 13 years    
v3.22.4
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Lease, Cost [Abstract]    
Cash paid for amounts included in the measurement of operating lease liabilities – operating cash flows $ 12,537 $ 15,926
Cash paid for amounts included in the measurement of finance lease liabilities - financing and operating cash flows 19,218 15,876
Operating lease right-of-use assets obtained in exchange for operating leases liabilities 3,984 20,134
Financing lease right-of-use assets obtained in exchange for finance lease liabilities $ 2,861 $ 48,539
v3.22.4
Leases - Schedule of Additional Supplemental Flow Information Related to Leases (Details)
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Weighted average remaining lease term – operating leases 13 years 7 months 6 days 14 years 8 months 12 days
Weighted average remaining lease term – finance leases 8 years 9 months 18 days 7 years 10 months 24 days
Weighted average discount rate – operating leases 7.40% 7.40%
Weighted average discount rate – finance leases 3.60% 3.80%
v3.22.4
Leases - Schedule of Maturities of Company's Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
2023 $ 12,873  
2024 12,873  
2025 12,990  
2026 12,996  
2027 12,959  
Thereafter 110,717  
Total lease payments 175,408  
Less imputed interest (64,076)  
Total $ 111,332 $ 112,231
v3.22.4
Leases - Summary of Maturities of the Company's Financing Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
2023 $ 14,146  
2024 6,581  
2025 3,057  
2026 2,665  
2027 2,668  
Thereafter 21,940  
Total lease payments 51,057  
Less imputed interest (7,552)  
Total $ 43,505 $ 57,967
v3.22.4
Warehouse And Other Secured Lines Of Credit - Summary of Line of Credit (Details) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Line of Credit Facility [Line Items]    
Outstanding amount $ 750,000,000 $ 0
Warehouse Line of Credit    
Line of Credit Facility [Line Items]    
Outstanding amount 6,443,992,000 15,954,938,000
Current aggregate committed amount 401,000,000  
Warehouse Line of Credit | Line of Credit Due September 18, 2023    
Line of Credit Facility [Line Items]    
Outstanding amount 0 913,247,000
Warehouse Line of Credit | Line of Credit Due January 18, 2023    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 400,000,000  
Outstanding amount 188,607,000 372,895,000
Warehouse Line of Credit | Line of Credit Due March 22, 2023    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 500,000,000  
Outstanding amount 236,462,000 1,230,017,000
Warehouse Line of Credit | Line of Credit Due April 23, 2023    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 500,000,000  
Outstanding amount 185,502,000 755,539,000
Warehouse Line of Credit | Line of Credit Due May 23, 2022    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 150,000,000  
Outstanding amount 142,570,000 144,534,000
Warehouse Line of Credit | Line of Credit Due July 28, 2023    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 3,000,000,000.0  
Outstanding amount 2,239,591,000 4,482,245,000
Warehouse Line of Credit | Line Of Credit Due August 30, 2023    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 700,000,000  
Outstanding amount 642,544,000 673,471,000
Warehouse Line of Credit | Line of Credit Due September 6, 2022    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 200,000,000  
Outstanding amount 170,478,000 197,976,000
Warehouse Line of Credit | Line of Credit Due May 25, 2023    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 200,000,000  
Outstanding amount 97,216,000 1,163,447,000
Warehouse Line of Credit | Line of Credit Due November 8, 2023    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 300,000,000  
Outstanding amount 235,804,000 280,637,000
Warehouse Line of Credit | Line of Credit Due December 22, 2022    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 250,000,000  
Outstanding amount 193,023,000 192,614,000
Warehouse Line of Credit | Line of Credit Due January 9, 2023    
Line of Credit Facility [Line Items]    
Outstanding amount 521,440,000 963,495,000
Warehouse Line of Credit | Line of Credit Due February 22, 2023    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 2,500,000,000  
Outstanding amount 1,588,787,000 3,349,395,000
Warehouse Line of Credit | Line of Credit, ASAP program    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 600,000,000  
Outstanding amount 0 516,889,000
Warehouse Line of Credit | Line of Credit, EF    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 750,000,000  
Outstanding amount $ 1,968,000 $ 718,537,000
v3.22.4
Warehouse And Other Secured Lines Of Credit - Additional Information (Details) - USD ($)
Dec. 31, 2022
Sep. 30, 2022
Aug. 08, 2022
Dec. 31, 2021
Line of Credit Facility [Line Items]        
Outstanding amount $ 750,000,000     $ 0
Warehouse Line of Credit        
Line of Credit Facility [Line Items]        
Outstanding amount 6,443,992,000     15,954,938,000
Warehouse Line of Credit | Line of Credit, ASAP program        
Line of Credit Facility [Line Items]        
Outstanding amount 0     $ 516,889,000
Maximum borrowing capacity 600,000,000      
Warehouse Line of Credit | Line of Credit, EF program        
Line of Credit Facility [Line Items]        
Outstanding amount 2,000,000      
Revolving Credit Facility | MSR Facility | Line of Credit        
Line of Credit Facility [Line Items]        
Outstanding amount $ 750,000,000      
Maximum borrowing capacity   $ 1,500,000,000    
Revolving Credit Facility | Revolving Credit Agreement | Line of Credit        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity     $ 500,000,000  
v3.22.4
Other Borrowings - Summary of Senior Unsecured Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Nov. 22, 2021
Apr. 07, 2021
Nov. 03, 2020
Debt Instrument [Line Items]          
Outstanding Balance $ 2,000,000 $ 2,000,000      
Weighted average interest rate 5.56% 5.56%      
Senior Notes | 2025 Senior Notes, due 11/15/25          
Debt Instrument [Line Items]          
Interest Rate 5.50%       5.50%
Outstanding Balance $ 800,000 $ 800,000      
Unamortized debt issuance costs and discounts $ 6,300 8,500      
Senior Notes | 2029 Senior Notes, due 4/15/29          
Debt Instrument [Line Items]          
Interest Rate 5.50%     5.50%  
Outstanding Balance $ 700,000 700,000      
Unamortized debt issuance costs and discounts $ 5,500 6,400      
Senior Notes | 2027 Senior Notes, due 6/15/27          
Debt Instrument [Line Items]          
Interest Rate 5.75%   5.75%    
Outstanding Balance $ 500,000 500,000      
Unamortized debt issuance costs and discounts $ 3,900 $ 5,000      
v3.22.4
Other Borrowings - Additional Information (Details) - USD ($)
 31 Months Ended 36 Months Ended 60 Months Ended
Jun. 14, 2024
Jun. 15, 2027
Nov. 15, 2025
Apr. 14, 2024
Apr. 15, 2029
Dec. 31, 2022
Aug. 08, 2022
Dec. 31, 2021
Nov. 22, 2021
Apr. 07, 2021
Nov. 03, 2020
Debt Instrument [Line Items]                      
Outstanding Balance           $ 2,000,000,000   $ 2,000,000,000      
Senior Notes | 2025 Senior Notes, due 11/15/25                      
Debt Instrument [Line Items]                      
Face amount                     $ 800,000,000.0
Interest rate           5.50%         5.50%
Outstanding Balance           $ 800,000,000   800,000,000      
Senior Notes | 2025 Senior Notes, due 11/15/25 | Forecast                      
Debt Instrument [Line Items]                      
Debt redemption price (in percent)     100.00%                
Senior Notes | 2025 Senior Notes, due 11/15/25 | Forecast | Debt Instrument, Redemption, Period One                      
Debt Instrument [Line Items]                      
Debt redemption price (in percent)     102.75%                
Senior Notes | 2025 Senior Notes, due 11/15/25 | Forecast | Debt Instrument, Redemption, Period Two                      
Debt Instrument [Line Items]                      
Debt redemption price (in percent)     101.375%                
Senior Notes | 2029 Senior Notes, due 4/15/29                      
Debt Instrument [Line Items]                      
Face amount                   $ 700,000,000  
Interest rate           5.50%       5.50%  
Outstanding Balance           $ 700,000,000   700,000,000      
Senior Notes | 2029 Senior Notes, due 4/15/29 | Forecast                      
Debt Instrument [Line Items]                      
Debt redemption price (in percent)       105.50% 100.00%            
Senior Notes | 2029 Senior Notes, due 4/15/29 | Forecast | Maximum                      
Debt Instrument [Line Items]                      
Debt redemption price (in percent)       40.00%              
Senior Notes | 2029 Senior Notes, due 4/15/29 | Forecast | Debt Instrument, Redemption, Period One                      
Debt Instrument [Line Items]                      
Debt redemption price (in percent)         102.75%            
Senior Notes | 2029 Senior Notes, due 4/15/29 | Forecast | Debt Instrument, Redemption, Period Two                      
Debt Instrument [Line Items]                      
Debt redemption price (in percent)         101.375%            
Senior Notes | 2029 Senior Notes, due 4/15/29 | Forecast | Debt Instrument, Redemption, Period Three                      
Debt Instrument [Line Items]                      
Debt redemption price (in percent)       100.00%              
Senior Notes | 2027 Senior Notes, due 6/15/27                      
Debt Instrument [Line Items]                      
Face amount                 $ 500,000,000    
Interest rate           5.75%     5.75%    
Outstanding Balance           $ 500,000,000   $ 500,000,000      
Senior Notes | 2027 Senior Notes, due 6/15/27 | Forecast                      
Debt Instrument [Line Items]                      
Debt redemption price (in percent) 105.75% 100.00%                  
Senior Notes | 2027 Senior Notes, due 6/15/27 | Forecast | Maximum                      
Debt Instrument [Line Items]                      
Debt redemption price (in percent) 40.00%                    
Senior Notes | 2027 Senior Notes, due 6/15/27 | Forecast | Debt Instrument, Redemption, Period One                      
Debt Instrument [Line Items]                      
Debt redemption price (in percent)   102.875%                  
Senior Notes | 2027 Senior Notes, due 6/15/27 | Forecast | Debt Instrument, Redemption, Period Two                      
Debt Instrument [Line Items]                      
Debt redemption price (in percent)   101.438%                  
Senior Notes | 2027 Senior Notes, due 6/15/27 | 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]                      
Maximum borrowing capacity             $ 500,000,000        
Outstanding Balance           $ 0          
v3.22.4
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]      
Loans repurchased $ 355.8 $ 133.4 $ 53.1
Commitments to extend credit to potential borrowers $ 14,100.0    
v3.22.4
Commitments and Contingencies - Activity of Representation and Warranties Reserve (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Representation And Warranty Reserve [Roll Forward]        
Balance, beginning of period $ 60,495 $ 86,762 $ 69,542 $ 46,322
Additions 57,415 45,301 36,510  
Losses realized, net (83,682) (28,081) (13,290)  
Balance, end of period $ 60,495 $ 86,762 $ 69,542  
v3.22.4
Variable Interest Entities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]    
Percentage of beneficial interests in securitized assets (in percent)   5.00%
Fair value of investment securities pledged $ 111,700  
Investment securities at fair value, pledged 113,290 $ 152,263
Borrowings against investment securities $ 101,345 $ 118,786
Minimum | Secured Debt    
Variable Interest Entity [Line Items]    
Maturity period (in months) 4 months  
Maximum | Secured Debt    
Variable Interest Entity [Line Items]    
Maturity period (in months) 8 months  
Holdings, LLC    
Variable Interest Entity [Line Items]    
Ownership percentage (in percent) 100.00%  
v3.22.4
Non-controlling Interests (Details) - Holdings, LLC - shares
Dec. 31, 2022
Dec. 31, 2021
Noncontrolling Interest [Line Items]    
Common units (in shares) 1,594,645,761 1,593,682,092
Ownership Percentage (in percent) 100.00% 100.00%
Common Class A    
Noncontrolling Interest [Line Items]    
Common units (in shares) 92,575,974 91,612,305
Ownership Percentage by Noncontrolling Owners (in percent) 5.81% 5.75%
Common Class B | SFS Corp    
Noncontrolling Interest [Line Items]    
Common units (in shares) 1,502,069,787 1,502,069,787
Ownership Percentage by Parent (in percent) 94.19% 94.25%
v3.22.4
Regulatory Net Worth Requirements - Additional Details (Details) - Ginnie Mae, Freddie Mac and Fannie Mae
$ in Millions
Dec. 31, 2022
USD ($)
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]  
Minimum net worth requirement $ 783.6
Liquidity requirement $ 101.8
Minimum capital ratio 6.00%
v3.22.4
Employee Benefit Plan (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Retirement Benefits [Abstract]      
Discretionary matching contribution (as a percent) 50.00%    
Annual maximum contribution per team member $ 2,500    
Matching contribution $ 5,500,000 $ 6,800,000 $ 4,800,000
v3.22.4
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Mortgage loans at fair value $ 7,134,960 $ 16,909,901  
Investment securities at fair value, pledged 113,290 152,263  
Total assets 11,784,381 20,444,472  
Public and Private Warrants 1,773 9,456  
Total liabilities 51,521 46,197  
IRLCs      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative asset 7,872 24,899  
Derivative liability 32,294 11,138  
FLSCs      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative asset 74,997 42,457  
Derivative liability 17,454 25,603  
Mortgage servicing rights      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Mortgage servicing rights 4,453,261 3,314,952 $ 1,760,304
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  
Public and Private Warrants 1,328 6,286  
Total liabilities 1,328 6,286  
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 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Mortgage loans at fair value 7,134,960 16,909,901  
Investment securities at fair value, pledged 113,290 152,263  
Total assets 7,323,248 17,104,621  
Public and Private Warrants 445 3,170  
Total liabilities 17,899 28,773  
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 74,997 42,457  
Derivative liability 17,454 25,603  
Level 2 | Mortgage servicing rights      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Mortgage servicing rights 0 0  
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 4,461,133 3,339,851  
Public and Private Warrants 0 0  
Total liabilities 32,294 11,138  
Level 3 | IRLCs      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative asset 7,872 24,899  
Derivative liability 32,294 11,138  
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 $ 4,453,261 $ 3,314,952  
v3.22.4
Fair Value Measurements - Quantitative Information (Details)
Dec. 31, 2022
Dec. 31, 2021
IRLCs | Pullthrough rate (weighted avg) | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Pullthrough rate (weighted avg) 0.77 0.86
v3.22.4
Fair Value Measurements - Other Financial Instruments (Details) - Senior Notes - Level 2 - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Carrying Amount    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value $ 1,984,336 $ 1,980,112
Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 1,721,455 2,007,715
2025 Senior Notes, due 11/15/25 | Carrying Amount    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 793,703 791,513
2025 Senior Notes, due 11/15/25 | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 724,928 820,232
2029 Senior Notes, due 4/15/29 | Carrying Amount    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 694,496 693,623
2029 Senior Notes, due 4/15/29 | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 565,607 686,623
2027 Senior Notes, due 6/15/27 | Carrying Amount    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 496,137 494,976
2027 Senior Notes, due 6/15/27 | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value $ 430,920 $ 500,860
v3.22.4
Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Related Party Transaction [Line Items]        
Rent expense   $ 12,300 $ 11,900 $ 10,900
Other general and administrative expenses   179,549 133,334 98,856
Management        
Related Party Transaction [Line Items]        
Contract, initial term 12 months      
Contract, renewal period 12 months      
Affiliated Entity        
Related Party Transaction [Line Items]        
Expenses of various companies related through common ownership   26,400 21,100 15,000
Rent expense   24,900 19,400 13,400
Legal fees   600 600 600
Other general and administrative expenses   $ 900 900 600
Direct origination costs     $ 200 $ 400
v3.22.4
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Income tax expense at the federal statutory rate $ 196,400 $ 331,431 $ 710,842
Income attributable to non-controlling interest (186,931) (308,995) 0
Income attributable to pass-through members 0 0 (710,842)
Other (6,658) (12,595) 2,450
Total provision for income taxes $ 2,811 $ 9,841 $ 2,450
v3.22.4
Income Taxes - Components of Income Tax (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current income tax expense:      
Federal $ (118) $ 73 $ 0
State (569) 1,424 2,450
Total current income tax expense (687) 1,497 2,450
Deferred income tax expense:      
Federal 3,916 7,494 0
State (418) 850 0
Total deferred income tax expense 3,498 8,344 0
Total provision for income taxes $ 2,811 $ 9,841 $ 2,450
v3.22.4
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:    
Net operating losses $ 17,775 $ 10,831
Other 483 104
Total deferred tax assets 18,258 10,935
Deferred tax liabilities:    
Investment in partnership (54,589) (40,817)
Other 0 (2,502)
Total deferred tax liabilities (54,589) (43,319)
Net deferred tax liabilities $ (36,331) $ (32,384)
v3.22.4
Income Taxes (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Jan. 21, 2021
Income Tax Disclosure [Abstract]          
Deferred tax assets $ 18,258,000 $ 10,935,000 $ 18,258,000 $ 10,935,000  
Deferred tax liability (54,589,000) (43,319,000) (54,589,000) (43,319,000)  
Net operating losses 17,775,000 10,831,000 17,775,000 10,831,000  
Net operating loss carryforwards subject to expiration 1,400,000   1,400,000    
Net operating loss carryforwards not subject to expiration 16,400,000   16,400,000    
Unrecognized tax benefits 0   0    
Unrecognized tax benefits, interest on income tax expense 0 0 0 0  
Unrecognized tax benefits, penalties on income tax expense 0 0 0 0  
Tax receivable agreement liability $ 17,100,000 $ 13,900,000 17,100,000 $ 13,900,000 $ 1,900,000
Payments for tax receivable agreement     $ 0    
v3.22.4
Stock-Based Compensation - Summary of RSU Activity (Details) - RSU - $ / shares
 12 Months Ended
Sep. 01, 2022
Dec. 31, 2022
Dec. 31, 2021
Shares      
Unvested - beginning of period (in shares)   2,812,320 0
Granted (in shares) 2,500,000 2,458,883 3,193,510
Vested (in shares)   (963,772) (6,430)
Forfeited (in shares)   (301,630) (374,760)
Unvested - end of period (in shares)   4,005,801 2,812,320
Weighted Average Grant Date Fair Value      
Unvested - beginning of period (in usd per share)   $ 7.75 $ 0
Granted (in usd per share) $ 3.60 3.61 7.75
Vested (in usd per share)   7.72 7.75
Forfeited (in usd per share)   6.57 7.75
Unvested - end of period (in usd per share)   $ 5.30 $ 7.75
v3.22.4
Stock-Based Compensation - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Sep. 01, 2022
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense   $ 7.5 $ 6.5
Award vesting period (in years) 4 years    
RSU      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation related to unvested awards   $ 14.7 $ 15.4
Unvested awards, period for recognition (in years)   2 years 6 months 2 years 1 month 6 days
Granted (in shares) 2,500,000 2,458,883 3,193,510
Granted fair value (in usd per share) $ 3.60 $ 3.61 $ 7.75
RSU | Tranche One      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting percentage (in percent) 25.00%    
RSU | Tranche Two      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting percentage (in percent) 25.00%    
RSU | Tranche Three      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting percentage (in percent) 25.00%    
RSU | Tranche Four      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting percentage (in percent) 25.00%    
v3.22.4
Earnings Per Share - Additional Information (Details) - shares
Dec. 31, 2022
Dec. 31, 2021
Jan. 21, 2021
Common Class B      
Class of Stock [Line Items]      
Common stock outstanding (in shares) 0 0 0
Common Class D      
Class of Stock [Line Items]      
Common stock outstanding (in shares) 1,502,069,787 1,502,069,787 1,502,069,787
v3.22.4
Earnings Per Share - Calculation of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Jan. 20, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Earnings Per Share [Abstract]          
Net income $ 183,756 $ 1,384,644 $ 931,858 $ 1,568,400 $ 3,382,510
Net income attributable to non-controlling interests     890,143 1,469,955  
Net income attributable to UWM Holdings Corporation     41,715 98,445  
Numerator:          
Net income attributable to Class A common shareholders     41,715 98,445  
Net income attributable to Class A common shareholders - diluted     $ 41,715 $ 1,064,606  
Weighted average shares outstanding:          
Weighted average shares of Class A common stock outstanding - basic (in shares)     92,475,170 100,881,094  
Weighted average shares of Class A common stock outstanding - diluted (in shares)     92,475,170 1,603,157,640  
Earnings per share of Class A common stock outstanding - basic (in usd per share)     $ 0.45 $ 0.98  
Earnings per share of Class A common stock outstanding - diluted (in usd per share)     $ 0.45 $ 0.66  
v3.22.4
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Thousands
 2 Months Ended 12 Months Ended
Apr. 11, 2023
Mar. 01, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Subsequent Event [Line Items]          
Mortgage servicing rights     $ 4,453,261 $ 3,314,952  
Net proceeds from sale of mortgage servicing rights     $ 1,311,282 $ 264,028 $ 289,170
Subsequent Event          
Subsequent Event [Line Items]          
Dividends paid $ 150,200        
Subsequent Event | Excess Servicing Cash Flows          
Subsequent Event [Line Items]          
Mortgage servicing rights   $ 33,200,000      
Net proceeds from sale of mortgage servicing rights   156,000      
Subsequent Event | Mortgage Servicing Instrument          
Subsequent Event [Line Items]          
Mortgage servicing rights   23,500,000      
Net proceeds from sale of mortgage servicing rights   $ 269,800      
Subsequent Event | Common Class A          
Subsequent Event [Line Items]          
Dividends declared (in usd per share)   $ 0.10      
v3.22.4
Label Element Value
Partners' Capital Account, Distributions us-gaap_PartnersCapitalAccountDistributions $ 1,100,000,000
Partners' Capital Account, Acquisitions us-gaap_PartnersCapitalAccountAcquisitions 879,122,000
Revision of Prior Period, Reclassification, Adjustment [Member]  
Noncontrolling Interest, Increase from Sale of Parent Equity Interest us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest 4,936,000
Noncontrolling Interest [Member] | Revision of Prior Period, Reclassification, Adjustment [Member]  
Noncontrolling Interest, Increase from Sale of Parent Equity Interest us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest (7,890,000)
Retained Earnings [Member]  
Partners' Capital Account, Distributions us-gaap_PartnersCapitalAccountDistributions 1,100,000,000
Partners' Capital Account, Acquisitions us-gaap_PartnersCapitalAccountAcquisitions 879,122,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest us-gaap_ProfitLoss 183,756,000
Retained Earnings [Member] | Revision of Prior Period, Reclassification, Adjustment [Member]  
Noncontrolling Interest, Increase from Sale of Parent Equity Interest us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest $ 12,826,000