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• Stripe for mortgage originations
• Sysco for independent mortgage brokers

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• Wholesale Mortgage Loans: Provides funding for various types of home purchase and refinance loans exclusively through independent mortgage brokers.
• Mortgage Underwriting Services: Evaluates loan applications, borrower creditworthiness, and property appraisals to approve or deny mortgage loans.
• Mortgage Servicing: Manages the collection of loan payments, escrow accounts, and provides customer support for a portion of originated loans.

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United Wholesale Mortgage (UWMC) primarily sells its mortgage lending services to other companies, specifically independent mortgage brokerage firms and their loan officers.

UWM operates as a wholesale mortgage lender, meaning it does not lend directly to consumers. Instead, it partners with a vast network of independent mortgage brokers who originate loans with individual borrowers and then submit those loan applications to UWM for underwriting, funding, and servicing.

Due to this business model, UWM's customer base is highly fragmented across tens of thousands of independent mortgage brokerage firms throughout the United States. No single mortgage brokerage firm or a small group of firms constitutes a "major customer" that accounts for a significant portion of UWM's revenue (e.g., 10% or more). As such, UWM does not typically disclose specific major customer companies by name or symbol in its public filings, as its success relies on the collective activity of its extensive network of broker partners rather than dependence on a few large entities.

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• Equifax Inc. (EFX)
• TransUnion (TRU)
• Experian plc (EXPGY)
• Fidelity National Financial, Inc. (FNF)
• First American Financial Corporation (FAF)

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Mat Ishbia, Chairman and Chief Executive Officer

Mat Ishbia is the Chairman and CEO of United Wholesale Mortgage (UWM), and also the majority owner and governor of the NBA's Phoenix Suns and the WNBA's Phoenix Mercury. He joined UWM, a company founded by his father, Jeff Ishbia, in 2003, and became CEO in 2013. Under his leadership, UWM went public in January 2021 through a merger with a SPAC, which was the largest SPAC deal at the time. Prior to his business career, Ishbia played basketball for Michigan State University, winning a National Championship in 2000.

Rami Hasani, Chief Financial Officer

Rami Hasani was appointed Chief Financial Officer of UWM Holdings Corporation, effective April 1, 2025. He joined UWM in November 2020 as Vice President of Financial Reporting & Compliance, and later served as Senior Vice President of Financial Reporting, Analysis & Compliance. Before joining UWM, Mr. Hasani spent over 15 years at Deloitte & Touche, LLP, most recently as a Senior Manager in their Advisory practice.

Alex Elezaj, Chief Strategy Officer

Alex Elezaj has served as Executive Vice President and Chief Strategy Officer of UWM since April 2018. Before joining UWM, he served as the Chief Executive Officer of Class Appraisal, Inc., an appraisal management company, from April 2015 to April 2018. During his three-year tenure as CEO, Class Appraisal more than tripled its annual revenue and was subsequently purchased by Narrow Gauge Capital, a private equity firm, in 2018.

Melinda Wilner, Chief Operating Officer

Melinda Wilner has served as Executive Vice President and Chief Operating Officer of UWM since August 2015. She oversees the company's IT, underwriting, and non-underwriting operations teams. Prior to her role as COO, Ms. Wilner held multiple positions at UWM, including Head of Underwriting and Underwriting Manager, from October 2011 to August 2015. Before joining UWM, she was a Mortgage Branch Manager and Underwriter for Bank of Ann Arbor's Wholesale Division.

Laura Lawson, Chief People Officer

Laura Lawson has served as Executive Vice President and Chief People Officer of UWM since August 2014. She initially joined UWM in July 2011, serving in various roles within the Marketing Department. Her background includes a career in TV production for "The Ellen DeGeneres Show" and reality show development for Fox Television. She transitioned into the financial industry, bringing her creativity to UWM's human resources and company culture.

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The key risks to UWM (UWMC) are primarily linked to interest rate fluctuations, regulatory challenges, and concerns regarding its financial health.

1. Interest Rate Volatility and Impact on Mortgage Business: Changes in prevailing interest rates significantly affect UWM's business. Higher interest rates typically lead to a reduction in mortgage refinance volumes and can compress profit margins. Furthermore, interest rate fluctuations can adversely impact the value of UWM's mortgage servicing rights (MSR) portfolio and associated servicing revenue.
2. Regulatory and Compliance Risks: UWM faces substantial regulatory scrutiny and compliance risks. Recent events, such as a revoked municipal advisor registration, could strain relationships with government entities, which are crucial given that government-backed mortgages constituted 80% of its originations in 2024. The company's mortgage servicing operations also face compliance risks, with potential penalties for failing to adhere to evolving state and federal regulations as its servicing portfolio scales.
3. Financial Health and Dividend Sustainability: The company has experienced deteriorating financial performance, including a reported net loss in Q1 2025. This raises concerns about the sustainability of its dividend, especially as equity is shrinking and MSR valuations remain volatile. Analysts have noted that interest payments and dividends are not well covered by earnings or free cash flows.

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UWM (United Wholesale Mortgage), operating under the symbol UWMC, primarily focuses on the wholesale mortgage lending channel in the United States. This involves originating residential mortgage loans exclusively through independent mortgage brokers. The company also generates revenue from servicing these loans.

Addressable Market Size for UWM's Main Products and Services (U.S. Region)

The addressable market for UWM's main product, wholesale mortgage lending, is the overall U.S. mortgage origination market. Several estimates and forecasts are available for this market:

• The U.S. home mortgage market was valued at approximately $180.91 billion in 2023. It is projected to reach around $501.67 billion by 2032, growing at an annual compound annual growth rate (CAGR) of about 12.00% between 2024 and 2032.
• Total mortgage origination volume in the U.S. was estimated to be $1.79 trillion in 2024 and is expected to increase to $2.3 trillion in 2025.
• Another estimate for the U.S. home loan market shows it reached $2.29 trillion in 2025 and is forecasted to grow to $3.02 trillion by 2030, advancing at a 5.63% CAGR.
• In 2024, more than 4,600 banks, direct lenders, wholesalers, and credit unions originated nearly $1.3 trillion in home loans in the U.S.

UWM's primary focus is the wholesale channel within this broader market. The wholesale channel's share of the overall U.S. direct-funded mortgage market has been growing, reaching 27.3% during the first nine months of 2024. UWM aims for the broker channel to achieve a 33% market share within three years from May 2025, up from its then-current 27.8%.

UWM's own origination volume highlights its significant position within this market:

• In the full year 2024, UWM originated $139.4 billion in mortgages, making it the largest mortgage lender in the U.S.
• For the first quarter of 2025, UWM's total loan originations were $32.4 billion. The company projects second-quarter 2025 originations to be between $38 billion and $45 billion.
• Looking further ahead, UWM has an ambitious goal to reach $280 billion in mortgage production by 2028.

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UWM (UWMC) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and anticipated market conditions:

1. Expansion of the Wholesale Mortgage Broker Channel and Market Share Growth

   UWM is actively working to grow the wholesale mortgage broker channel and increase its market share. The company's stated goal is for mortgage brokers to originate over half of all mortgage production, a significant increase from the current approximately 30% market share. UWM aims to increase its broker market share to 33% and potentially 40% or higher through strategic initiatives like the "Game On" pricing strategy. This includes supporting the growth of non-delegated correspondent operations, enabling broker partners to control their margins and client experience, thereby recruiting and retaining more brokerages.

2. Continued Investment in and Deployment of AI-Powered Technology and Tools

   UWM has been heavily investing in artificial intelligence (AI) to enhance efficiency and empower mortgage brokers. Key introductions include Mia, an AI loan officer assistant, and an AI-based underwriting system called BOLT. The company also launched a suite of six AI-powered tools, such as Lead Pipeline, Action IQ, Easy Qualifier Redesign, Loan Pipeline Enhancements, Contacts Pipeline, and the LE Optimizer (LEO). These technologies are designed to streamline broker workflows, improve client relationships, and enable brokers to scale their businesses more quickly and competitively, ultimately driving more loan originations.

3. Bringing Mortgage Servicing Operations Entirely In-House

   UWM plans to bring 100% of its mortgage servicing operations in-house by the end of 2026. This strategic move is expected to optimize cost management, enhance customer service continuity, and positively impact UWM's financials starting in 2026, with projected annual savings ranging between $40 million and $100 million. This initiative also serves to protect UWM against competition from retail aggregators.

4. Capitalizing on Potential Increases in Loan Origination Volume from Future Interest Rate Changes

   UWM is preparing to capitalize on potential volume and margin expansion that could arise from future interest rate changes. The company has demonstrated its ability to capture refinance opportunities when rates briefly dipped and has consistently maintained strong purchase mortgage volumes. Analysts anticipate that a sustained decrease in mortgage rates could enhance demand, particularly among first-time homebuyers, which would improve UWM's competitive position. The company provided Q4 2025 production guidance between $43 billion and $50 billion, expecting to benefit from these market shifts.

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Share Repurchases

• UWM's Board of Directors authorized a share repurchase program of up to $300.0 million for Class A common stock on May 9, 2021, effective May 11, 2021.
• As of March 31, 2023, approximately $218.4 million remained authorized under the share repurchase program.
• In November 2021, the company initially intended to use $100 million of its existing $300 million repurchase program to buy equity interests from its controlling shareholder, SFS Holding Corp.; however, this concurrent stock repurchase was later terminated.

Share Issuance

• During the nine months ended September 30, 2025, UWM issued 74,849,478 shares of Class B common stock, which were immediately converted into Class A common stock, primarily due to Exchange Transactions.
• In Q1 2025, the company issued 1,501,465 shares of Class A common stock, net of withholdings, mainly related to the vesting of restricted stock units (RSUs) under its stock-based compensation plan.
• The President and CEO, Mat Ishbia, through SFS Corp., sold significant amounts of Class A shares in November 2025, including 596,356 shares each on November 6, 7, and 10, 2025, under a Rule 10b5-1 plan, following the conversion of UWM Paired Interests into Class A Common Stock.

Outbound Investments

• Subsequent to September 30, 2025, UWM entered into a 10-year, nearly $115 million naming rights partnership for the downtown Phoenix arena (home to the Phoenix Suns and Phoenix Mercury), which is controlled by the company's Chairman, President, and CEO, to promote its consumer-facing brand, Mortgage Matchup.
• In Q3 2025, UWM initiated a strategic collaboration with BILT to enable homeowners to earn rewards on on-time mortgage payments, as part of a broader move to bring mortgage servicing in-house.

Capital Expenditures

• In Q1 2025, UWM announced a strategic decision to bring mortgage servicing in-house, planning to leverage advanced technology and AI, with an anticipated investment leading to estimated cost savings of $40 million to $100 million annually once fully implemented.
• The company continues to invest in technology to enhance its competitive advantage, expecting these investments to eventually lead to decreased costs and increased revenue.
• Significant costs, estimated between $60 million and $100 million, are associated with the transition to in-house servicing, with full realization expected by the end of 2026.