AI continues to prove itself as the path for future success as United Wholesale Mortgage (UWM) saw another successful quarter due to its own AI initiatives.
The company’s Q3 2025 earnings release showed a total revenue of $843.3 million in Q3, up from $758.7 million in Q2 and $745.6 million last year, and an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $211.1 million, up from $195.7 million in Q2 and $107.2 million last year. The company’s net loss was only $9.6 million, well down from the $249.5 million seen in Q2 and $23.3 million seen last year.
Looking at originations, UWM’s total originations clocked in at $41.7 billion in Q3, up from $39.7 billion in Q2 and $39.5 billion last year. Purchase organizations made up $25.2 billion of this value (down from $27.3 billion in Q2 and $26.2 billion last year), and refinance originations made up $16.5 billion (up from $12.4 billion in Q2 and $13.3 billion last year).
During the investor call Thursday morning, Chairman and CEO Mat Ishbia honed in on the company’s AI Loan Officer Assistant Mia, which UWM debuted back in May.
Ishbia shared that Mia has already made “over 400,000 calls on behalf of our mortgage brokers, helping them stay in touch with past clients,” of which “over 14,000 have already closed.”
“Remember, as I told you before, 97% of all borrowers love their experience with the broker and want to work with them in the future and have a great experience, but only 10% remember who their broker is when they want to refinance again,” he said. “Mia is built to solve that issue, and she’s doing it. She made over 400,000 calls, starting business conversations with borrowers on behalf of the brokers.”
Ishbia noted that Mia has actually seen an answering rate over what UWM forecasted: the company expected 10% – 15%, but have seen an actual answer rate of over 40%.
“Mia has been fantastic. It’s been better than we expected,” he said. “The answer rates are higher. The response has been better, but every day that goes by, she gets better. Every day that goes by, our brokers get more and more comfortable. Consumers get more and more comfortable with AI agents reaching out, and it’s not a human. Every day it’s getting better and better, and it’s only going to be more and more loans.”
When asked in the Q&A if there was room for improvement on Mia, Ishbia said that “everything we do has room for improvement.”
“Mia has been fantastic, and we spend all of our time and investments internally on AI and investments around AI. Once again, it’s not a buzzword for us,” he continued. “We’ve been saying from the beginning that our business is tied to AI, is based on three main issues: enhancing knowledge, which Chat UWM does, along with a couple of other things we’ve done; create efficiency, which BOLT has done; and then the hardest one to solve is growth, which Mia is doing, by solving the issue of brokers missing business from their past clients.”
The company also recently announced a partnership with housing loyalty platform Bilt, allowing UWM customers to earn Bilt points through their mortgage payments and access the platform’s rewards. Ishbia explained that Bilt’s primary offering of rental payment rewards has stopped their business from expanding when it comes to users buying a house, but UWM’s partnership with the platform changes that.
“Bilt has 5 million people making their rental payments through there. About 10% go and buy houses every year. Right now, they just leave Bilt and go buy a house. Now they’re going to have a way to make a mortgage payment through Bilt by working with a mortgage broker,” he explained. “Those turn into great leads and opportunities exclusive to our mortgage brokers. It is a win-win-win.”
All-in-all, Ishbia expressed optimism over the company’s stance in the market due to its commitment to innovation.
“When rates drop, what mortgage company do you believe is most prepared to handle it with AI, with operational capacity, not with buzzwords, but with actual technology, process and preparation that’s already been proven?” he questioned. “When the 10-year dips to 3.75, we’re going to double our business. No other lender can do that…I hope you feel good about what lies ahead for UWM, because I do.”
Looking ahead, UWM stated it expects Q4 loan origination to be in the $43 to $50 billion range.
