“Q2 was a great quarter for us,” said United Wholesale Mortgage’s (UWM) Chief Financial Officer Rami Hasani in the company’s Q2 2025 earnings call Thursday, while touting several other successes in AI, improved tools and services and notable gains in income, revenue and loan originations.
The most obvious and dramatic shift was in the company’s net income. Compared to a loss of $247 million in Q1 2025, the company posted a net income of $314.5 million this quarter. UWM’s total revenue was $758.7 million this quarter, compared to $613.4 million in the previous one. UWM’s total equity reached $1.7 billion this quarter.
UWM’s loan origination volume in Q2 was $39.7 billion, up from $32.4 billion in the previous quarter. Refinancing made up of $12.5 billion of that. Gain margin was 113 basis points, up from 94 in Q1.
UWM stock was trading sharply higher at press time, up about 8% Thursday afternoon.
UWM CEO and President Mat Ishbia, who described Q2 2025 as the company’s best quarter since 2021, attributed the results to UWM’s own decision-making and initiatives more so than “market tailwinds.” The call especially focused on UWM’s AI product launches during the quarter, how these products are already integrating well and how they position UWM even better for the future.
The idea of putting AI into practice as more than a buzzword was one that Ishbia returned to at several points during the call.
One of UWM’s AI products launched this quarter was LEO, or Loan Estimate Optimizer that provides analysis of competitors’ loan estimates so that mortgage brokers can find better deals. The other was MIA, a client-facing AI virtual assistant for mortgage loan officers that handles outbound and inbound calls, appointment booking, etc.
“We’ve been using (MIA) every single day and it’s having so much success where it’s scheduling meetings and helping brokers get more business, and that’s really the game,” said Ishbia on the call. He also cited a stat that, despite UWM clients generally reporting high satisfaction with their loan officer, only about 10% remember their loan officer’s name when they go to refinance.
“MIA changes all that,” claimed Ishbia. “She’ll stay in front of it and we think that 10% number could go to 30%, 40%, maybe even 50% of them know who their mortgage broker is, which just guarantees more business for brokers, which helps UWM and the broker channel continue to grow.”
The company also cited the ongoing success of its chatbot, Chat UWM, “which is similar to chat GPT, but for mortgages. Our brokers and team members now use this as a primary resource for accessing job aids guidelines and other information that arises that they need on a mortgage transaction,” in Ishbia’s words.
Another mega-mortgage player—Rocket Companies, parent company of Rocket Mortgage—also reported a strong Q2 performance. There are continued ongoing signs of optimism for the mortgage industry—the 30-year mortgage rate has recently dropped to about 6.5%, and applications (especially refinance) have seen a resulting uptick.
Ishbia claimed on the call that UWM’s current scaling and offered tools make it well positioned to win even more business as the market heats up. For Q3 2025, he specifically projected originations between $33-40 billion, with a gain margin between 100 to 125 basis points.
“If rates tick down a little bit more, it will impact business greatly today and this year, supplying brokers are the best tools and technology helps them win, and a channel continues to post higher and higher overall market share,” said Ishbia on the call. “We’ll leverage our world-class operating system and industry best technology that we’ve developed for brokers to scale and dominate.”
For the full United Wholesale Mortgage earnings release, click here.
