UWM Holdings (NYSE: UWMC) lines up MSR sale and trims revenue view

What happened

UWM Holdings Corporation (NYSE: UWMC) said it expects third-quarter revenue of $800 million to $825 million. It also expects loan origination volume of $33.4 billion, net income of $205 million to $220 million and adjusted EBITDA of $170 million to $190 million. The company said the preliminary estimates may change as it finishes closing procedures for the quarter ended September 30, 2026. It also said the figures were not reviewed by its independent registered accounting firm.

The filing says the mortgage servicing rights portfolio had about $270 billion of unpaid principal balance. It puts the weighted average coupon at about 5.97% and the weighted average servicing fee at about 40 basis points. The company said it will originate about 8% of total residential mortgage production in the United States during 2026. Total preferred and common equity was about $2.8 billion at September 30, 2026, and net non-funding debt to that equity was 1.75x to 1.80x.

Key numbers

Metric	Latest	Change	Source
Loan origination volume	$33.4 billion		SEC 8-K press release
Total revenue	between $800 million and $825 million		SEC 8-K press release
Net income	between $205 million and $220 million		SEC 8-K press release
Adjusted EBITDA	between $170 million and $190 million		SEC 8-K press release
Full-year revenue	about $3.35 billion to $3.50 billion		SEC 8-K press release
Planned MSR sale	between $70 billion and $80 billion		SEC 8-K press release

Read more: UWM (UWMC) stock analysis and investment case

Why it matters

UWM also updated its full-year 2026 outlook. It said total revenue for the year ending December 31, 2026 will be about $3.35 billion to $3.50 billion. That is lower than expected earlier in 2026 because of lower origination volume throughout the industry. It said the company will end the year with an MSR portfolio between $210 billion and $230 billion in UPB.

The company said it will sell between $70 billion and $80 billion of MSRs in Q4 2026 and expects proceeds in excess of $1.8 billion. Those proceeds, along with $400 million of gross proceeds from the rights offering, will support paydown of non-funding debt. The filing also says the rights offering started on October 5, 2026, and that gross proceeds from the offering and the backstop would be at least $400 million.

Stock perps: every US stock that trades as a perpetual future, by leverage, live

What's next

The company says it will not update these figures before it files its Form 10-Q for the quarter ended September 30, 2026. Investors will then see final results and the reconciliations the filing says are coming with that report.

The key test is whether final results stay near the preliminary range and whether UWM completes the planned MSR sale and debt paydown.

More from OptimistFi

• UWMC stock: the UWM thesis, its status and the next test to watch
• Stock research on every company OptimistFi covers

From OptimistFi Perps