Uwm Holdings Corporation · NYSE:UWMC
Uwm — Q4 2025 Earnings Presentation
23 slides from Uwm's earnings presentation, Feb 27, 2026
Slide 1: United Wholesale Mortgage February 2026
UNITED WHOLESALE MORTGAGE February 2026
Slide 2: Forward-looking statements
This presentation contains certain forward-looking statements and information, which reflect management’s current beliefs and expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are generally identified using words suc
Slide 3: Importance of Company Culture
IMPORTANCE OF COMPANY CULTURE Capitalizing on lessons learned from being on an NCAA National Championship basketball team, Mat Ishbia runs UWM like a successful sports team with captains, daily huddles, and a team-oriented culture. 3 3
Slide 4: Largest Mortgage Originator with Dominant Market Position
Overall mortgage lender in the U.S. since 2022 #1 Wholesale mortgage lender in the U.S. since 2015 #1 #1 42.5% 4Q25 Purchase Production $18.9B Net Promoter Score FY 2025 +87.5 4Q25 Adjusted EBITDA Servicing UPB as of Dec. 31, 2025 $240.8B 4Q25 Loan Production Purchase mortgage lender in the U.S. sin
Slide 5: People: Mission Statement and Value System
PEOPLE Our people are our greatest asset Our Mission Statement We are dream makers united to make dreams come true for homeowners, mortgage brokers, our community, our team members, and their families. UWM’s VALUE SYSTEM SERVICE Service is everyone’s responsibility RELATIONSHIP DRIVEN We are relatio
Slide 6: Volume, Scale, Cost Structure, Speed
VOLUME Largest overall mortgage lender with unparalleled leadership position in the wholesale channel for 11 years and counting SCALE COST STRUCTURE SPEED With approximately 9,000 team members UWM believes it is positioned to double the origination volume without requiring additional team member cap
Slide 7: Residential Mortgage Finance Competitive Landscape
RESIDENTIAL MORTGAGE FINANCE COMPETIT IVE L ANDSCAPE UWM’s wholesale market share exceeds the remaining combined top 24 wholesale mortgage lenders Top Mortgage Lenders1 – 3Q25 Top Wholesale Lenders2 – 3Q25 Company 3Q25 ($B) 3Q25 Market Share Company PennyMac Financial Rocket Mortgage Newrez Chase Am
Slide 8: Bringing Servicing In House
BRINGING SERVICING IN HOUSE S t reng then ing Our P la t fo rm Through D i s t r ibu t ion Expans ion and Se r v ic i ng In teg ra t ion • Access to national renter network (~5M homes) • Signed 1-in-4 apartment buildings in the U.S. • Converts renters to homeowners • Enhances borrower acquisition an
Slide 9: Closed Loop Strategy
CLOSED LOOP STRATEGY 9 A True Organ ic Low -Cos t H igh Y ie ld Mode l Integrating Origination, In-House Servicing and Strategic Partnerships to Drive Sustainable Growth Market Leading Origination Engine + BILT Leads World Class Efficiency & Service In-House Servicing, Engagement, and Retention (TWO
Slide 10: Announced Acquisition of Two Harbors Is Highly Compelling
ANNOUNCED ACQUISITION OF TWO HARBORS IS HIGHLY COMPELLING TWO’s $176Bn UPB owned servicing portfolio, featuring a low weighted average loan rate of ~3.58% and 720K customers expands UWM’s connectivity to borrowers Provides additional opportunities for UWM’s broker partners Expands UWM Ecosystem
Slide 11: TWO Transaction on Track for Mid 2Q
Announcement of acquisition HSR Waiting Period Expiration Anticipated Closing Proxy Statement Mailed TWO Shareholder Meeting TWO TRANSAC TION ON TRACK FOR MID 2Q 11 Source: UWMC Announces Strategic Acquisition of TWO 1. Closing subject to customary regulatory approvals and TWO shareholder approval
Slide 12: Balanced Model That Performs in Various Environments
$29.3 $49.8 $42.9 $87.3 $90.8 $93.9 $96.1 $93.2 $103.7 $12.2 $58.0 $139.6 $139.2 $36.5 $14.4 $43.4 $70.3 $107.1 7.1% 8.5% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2018 2019 2020 2021 2022 2023 2024 2025 2026E UWM Purchase Volume ($B) UWM Refinance Volume ($B) UWM Purchase Origination Market Share UWM Overall M
Slide 13: Refinance Share Outpaces Servicing Footprint
$12.2 $58.0 $139.6 $139.2 $36.5 $14.4 $43.4 $70.3 $107.1 0% 2% 4% 6% 8% 10% 12% 14% 2018 2019 2020 2021 2022 2023 2024 2025 2026E UWM Refinance Volume ($B) UWM Refinance Market Share UWM MSR Market Share REFINANCE SHARE OUTPACES SERV ICING FOOTPR INT Source: Internal Company Data; Inside Mortgage Fi
Slide 14: UWM Well Positioned for Any Market
UWM WELL POSITIONED FOR ANY MARKET INVESTED FOR FUTURE GROWTH PURCHASE FOCUSED STICKY PARTNER BASE BROKER CHANNEL Grew market share as rates rose Efficient process keeps broker partners sticky to UWM Embedded in local communities and growing Durability of purchase originations in varying rate enviro
Slide 15: UWM Helping Grow the Broker Channel
UWM HELPING GROW THE BROKER CHANNEL 15 LO PARTNER POINTS SUCCESS TRACK BROKER SERVICES Program for clients to earn points by participating in ongoing training and taking advantage of products & services designed to get the borrower to the closing table faster and ultimately grow the client’s busines
Slide 16: Wholesale Channel Market Share
25.7% 18.9% 15.3% 15.8% 14.5% 14.4% 15.0% 14.6% 16.3% 17.1% 19.8% 18.2% 20.6% 19.7% 23.6% 27.8% 28.1% 15.7% 12.4% 10.2% 11.3% 10.3% 9.8% 10.0% 10.0% 10.9% 11.6% 14.0% 14.1% 15.8% 14.8% 16.9% 19.5% 19.7% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 YTD Sh ar e
Slide 17: Refinances Provide Financial Opportunity
REFINANCES PROVIDE F INANCIAL OPPORTUNITY With home equity at an all-time high, borrowers are uniquely positioned to consolidate rising outstanding non-housing debt balances 17 $- $1 $2 $3 $4 $5 $6 $- $5 $10 $15 $20 $25 $30 $35 $40 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201
Slide 18: U.S. Existing Home Sales Remain Near Trough
- 50,000 100,000 150,000 200,000 250,000 300,000 - 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 2019 2020 2021 2022 2023 2024 2025 2026E U.S Existing Home Sale (left axis) UWM Purchase Units (right axis) 18 U.S . EX IST ING HOME SALES REMAIN NEAR TROUGH Market Poised for Pur
Slide 19: Innovating Technology to Create Efficiencies & Differentiate
Brand 360 Gives brokers the ability to customize marketing materials for borrowers, real estate agents & builders Blink+ All-in-one LOS, POS and CRM with a free online borrower mortgage application UWM Portal Industry-first self-service portal that clears brokers’ path for easier & faster loan appro
Slide 20: Commitment to AI Advancement
COMMITMENT TO AI ADVANCEMENT 20 ChatUWM ChatUWM, designed for independent mortgage brokers and powered by AI, offers real-time insights that guide brokers through documentation and loan processing Loan Estimator Optimizer (LEO) LEO is the ultimate Loan Officer tool that provides brokers the opportun
Slide 21: Key Investment Highlights
Market Position UWM is the market leader with the largest share of the wholesale and overall market, is positioned to become the largest refinance lender1 Customer Base Unique, pure-play B2B model at scale minimizes customer acquisition cost and capitalizes on lifetime customer value2 Competitive Mo
Slide 22: Company Strategy: Brokers Are Better
COMPANY STRATEGY BROKERS ARE BETTER UWM is 100% committed to brokers we believe are motivated to find the best solution for their borrowers HIGH QUALITY LOANS UWM’s focus is high credit quality and low-risk loans ELITE SERVICE With an NPS score of +87.5, UWM is dedicated to world- class service. Beg
Slide 23: Adjusted EBITDA, Non-funding Debt and Non-funding Debt to Equity
Adjusted EBITDA Non-funding Debt and Non-funding Debt to Equity 23 1. Reflects the change ((increase)/decrease) in fair value of MSRs due to changes in valuation inputs or assumptions. For additional information, see Note 5 - Mortgage Servicing Rights to the consolidated financial statements in UWMC