United Wholesale Mortgage (UWM) has, during its previous quarterly earnings calls in 2025, touted a strong performance. Despite a year-over-year decline in annual net income, Q4 did not break this winning streak. During Q4 2025, UWM originated $49.2 billion in loans, compared to $41.7 billion in Q3 2025 and $38.7 billion in Q4 2024. UWM also generated $163.4 billion in loan volume over the entire year of 2025, compared to $139.4 billion in 2024.
During UWM’s Q4 investor earnings call, CEO Mathew Ishbia described 2025 as “(UWM’s) fourth consecutive year as the number one overall lender in America, and our eleventh consecutive year as the number one wholesale lender.” He noted that “there is a big tailwind behind all of us,” as mortgage rates dipped lower towards the end of 2025, encouraging more consumers.
As of early 2026, mortgages have continued dropping and have even fallen below 6%. Another sign of falling rates was UWM’s refinancing originations, which almost doubled in 2025: UWM refinancing originations were $30.7 billion in Q4 2025, compared to $16.5 billion in Q3 and $16.8 billion in Q4 2024. Refinancing made up the bulk of UWM’s loan originations this quarter, whereas purchase originations (which came in at $18.9 billion) dipped down compared to Q3 2025 ($25.2 billion) and Q4 2024 ($21.9 billion).
UWM’s total revenue increased in Q4 2025 at $945.2 million, up from $843.3 million in Q3 and from $720.6 million in Q4 2024. The company’s quarterly net income was $164.5 million in Q4, compared to $12.1 million in Q3 2025. Annual net income, though, was down from $329 million in 2024 to $244 million in 2025. UWM’s Adjusted Earnings Before Interest, Taxes, Deductions or Amortization (EBITDA) in Q4 was $232.8 million, compared to $211.1 million in Q3 and $118.2 million in Q4 2024.
Even so, Ishbia was rather celebratory during the earnings call: “(It was) an amazing fourth quarter. Really proud of what we did, and now we are going to continue to dominate going forward.”
But notably, he declined to take questions from investors, saying that “the short Q&A doesn’t necessarily do it justice…to explain the complexity of our business.” He referred investors to the company’s regulatory filings, while acknowledging that UWM executives previously took questions on these calls.
UWM Chief Financial Officer Rami Hasani also said the company will continue to invest in its growth, and offering servicing in-house, going forward. Hasani cited UWM’s current liquidity of $1.8 billion as putting the company in a strong position going forward, and added the company’s acquisition of the investment firm Two Harbors is still underway.
“Upon completion of our acquisition of Two Harbors, we expect that our capital, liquidity and leverage ratios will be further enhanced,” Hasani predicted. Ishbia also highlighted the continued success of UWM’s partnership with housing loyalty program BILT, where mortgage holders can pay through BILT to earn loyalty points (which also increases lead generation for UWM mortgage brokers).
“More consumers are entering the broker channel, driven by rate shopping, optionality, speed and a mortgage broker’s ability to guide them.” Ishbia noted. “We put our business in position in a more organic way to dominate than any of our competitors, and we are excited about the growth going forward.”
For UWM’s full Q4 2025 earnings results, click here.
