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Scripps News
- United Wholesale Mortgage reported a net income of $244 million for the 2025 fiscal year.
- Refinancing accounted for 43% of UWM’s business in 2025, up from 31% the previous year.
Pontiac-based United Wholesale Mortgage had a profitable year in 2025 and saw a significant uptick in mortgage refinance activity as interest rates dipped.
UWM, the biggest mortgage lender in the country by total originations, announced its year-end earnings results on Wednesday, Feb. 25, reporting a net income, or profit, of $244 million on $3.1 billion of total revenue.
Mortgage refinancing activity was 43% of UWM’s business, compared to 31% in 2024.
The boost in refi business was a likely result of the dip in mortgages rates in the later half of 2025. The average interest rate on a 30-year, fixed-rate mortgage was nearly 7% at the start of the year and had fallen to 6.15% by year’s end, according to Freddie Mac. Last week, the average rate was about 6%.
UWM CEO Mat Ishbia is to speak with investors Wednesday during a 10:30 a.m. earnings call. UWM competitor Rocket Companies is scheduled to release its earnings on Thursday afternoon, Feb. 26.
In just the fourth quarter, UWM reported doing $164 million in net income on $945 million in total revenue, with refinancings nearly 62% of the firm’s business.
“We had another strong quarter financially and an outstanding year overall,” Ishbia said in a news release. “We have incredible scale, a low-cost model, and, with in-house servicing, the new BILT partnership, and the pending Two Harbors acquisition, you can begin to see our vision of a closed-loop platform.”
UWM announced in December that it plans to acquire Two Harbors Investment Corp., a Minnesota-based mortgage servicing firm, in a all-stock deal valued at $1.3 billion. The acquisition is expected to close in the second quarter.
UWM shares were trading Wednesday morning at $4.38, compared to $6.50 a year ago.
The company previously reported having 9,100 employees at the start of 2025, nearly all of them based at its Pontiac campus.
Contact JC Reindl: 313-378-5460 or jcreindl@freepress.com. Follow him on X @jcreindl
