PONTIAC, Mich., Sept. 17, 2024 (GLOBE NEWSWIRE) -- Time is running out to apply to participate in the Mark Cuban Foundation Artificial Intelligence (AI) Bootcamp hosted by United Wholesale Mortgage (UWM) in Pontiac, Applications for the no-cost bootcamp are closing September 30. The Mark Cuban Foundation, in partnership with UWM is bringing the only artificial intelligence (AI) camp of its kind, free of charge, to high school students in Pontiac. With a custom and highly-relevant curriculum focused on teach ...

August 2024 ■■■■ UNITED WHOLESALE MORTGAGE DISCLAIMER 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 include statements identified by such terms as "expect", "anticipate", "believe", "ability", "potential", "outlook", "may", "should", "target" or similar terms and variations thereof, statements reg ...

Financial Performance - For the three months ended June 30, 2024, the company originated $33.6 billion in loans, an increase of $1.8 billion, or 5.6%, from $31.8 billion in the same period in 2023[79]. - The net income for the three months ended June 30, 2024, was $76.3 million, a decrease of $152.5 million compared to $228.8 million for the same period in 2023[79]. - Adjusted EBITDA for the three months ended June 30, 2024, was $133.1 million, compared to $125.4 million for the same period in 2023[79]. - For the six months ended June 30, 2024, the company originated $61.3 billion in loans, an increase of $7.1 billion, or 13.1%, from $54.2 billion in the same period in 2023[80]. - The net income for the six months ended June 30, 2024, was $256.8 million, an increase of $166.6 million compared to $90.2 million for the same period in 2023[80]. - Adjusted EBITDA for the six months ended June 30, 2024, was $234.6 million, compared to $266.4 million for the same period in 2023[80]. - Total revenue for the six months ended June 30, 2024, was $1,077,050,000, compared to $748,794,000 for the same period in 2023, representing a 43.8% increase[84]. - Net income for Q2 2024 was $76,286,000, down 66.7% from $228,794,000 in Q2 2023[84]. - Loan production income for Q2 2024 was $357,109,000, a 27.2% increase from $280,757,000 in Q2 2023[86]. Loan Origination and Servicing - 89% of loans originated in the three months ended June 30, 2024, were sold to Fannie Mae or Freddie Mac, or transferred to Ginnie Mae pools[73]. - The company retains the majority of the mortgage servicing rights (MSRs) associated with its production but intends to opportunistically sell MSRs depending on market conditions[73]. - The company focuses exclusively on the wholesale channel, which aligns its interests with clients and enhances customer service[74]. - Total loan origination volume for Q2 2024 was $33,628,993,000, up 5.6% from $31,846,800,000 in Q2 2023[85]. - The average loan amount increased to $383,000 in Q2 2024 from $377,000 in Q2 2023[85]. - The weighted average loan-to-value ratio decreased to 81.87% in Q2 2024 from 83.31% in Q2 2023[85]. - Loan servicing income for Q2 2024 was $143.9 million, a decrease of $49.3 million, or 25.5%, compared to $193.2 million in Q2 2023[90]. - Average UPB of loans serviced decreased to $204.4 billion in Q2 2024 from $296.9 billion in Q2 2023, a decline of approximately 31.1%[90]. - The number of loans serviced decreased to 634,679 in Q2 2024 from 916,298 in Q2 2023, a decline of approximately 30.8%[90]. Costs and Expenses - Total revenue decreased by $80.4 million for the three months ended June 30, 2024, while total expenses increased by $72.1 million[100]. - Other costs for Q2 2024 increased to $295.6 million, an increase of $52.2 million, or 21.4%, compared to $243.4 million in Q2 2023[97]. - Salaries, commissions, and benefits increased by $28.9 million, or 22.0%, in Q2 2024, primarily due to an increase in average team member count[97]. - Direct loan production costs rose by $21.9 million, or 92.6%, in Q2 2024, mainly due to costs associated with new programs launched[96]. - The provision for representations and warranties obligations increased by 47.1% to $(13,394,000) in Q2 2024 from $(9,103,000) in Q2 2023[86]. Cash Flow and Liquidity - As of June 30, 2024, the company reported net cash used in operating activities of $3.52 billion, a significant decrease from $148.6 million in the same period of 2023[125]. - Net cash provided by investing activities increased to $2.34 billion for the six months ended June 30, 2024, compared to $1.07 billion for the same period in 2023, driven by higher proceeds from sales of MSRs and excess servicing cash flows[126]. - The company had net cash provided by financing activities of $1.36 billion for the six months ended June 30, 2024, compared to cash used of $1.29 billion in the same period of 2023, primarily due to net borrowings under warehouse lines of credit[127]. - The company believes its cash on hand and liquidity sources will be sufficient to maintain operations and fund loan originations for the next twelve months[104]. Debt and Financing - The company has a total of $750 million committed under early funding programs as of June 30, 2024[112]. - The 2025 Senior Notes issued by UWM amount to $800 million, with a 5.500% interest rate, maturing on November 15, 2025[114]. - The 2029 Senior Notes issued by UWM total $700 million, also at a 5.500% interest rate, maturing on April 15, 2029[115]. - The 2027 Senior Notes issued by UWM are $500 million with a 5.750% interest rate, maturing on June 15, 2027[116]. - As of June 30, 2024, the company had $91.4 million outstanding under sale and repurchase agreements collateralized by investment securities[121]. Market and Risk Factors - The company is subject to credit risk, with repurchase and indemnification obligations for breaches under loan sale agreements[145]. - The company has no losses due to nonperformance by counterparties during the three or six months ended June 30, 2024, or June 30, 2023[147]. - The company utilizes forward agency or Ginnie Mae To Be Announced (TBA) securities as its primary hedge instrument for interest rate risk[141]. - The company’s total market risk is influenced by various factors including market volatility and liquidity[142]. - The company is dependent on macroeconomic conditions and U.S. residential real estate market conditions, which may affect its operations and profitability[136]. - The company has implemented stringent underwriting standards and strong fraud detection tools to mitigate credit risk[145].

Financial Data and Key Metrics Changes - In Q2 2024, UWM Holdings Corporation reported total production of $33.6 billion, a 6% increase year-over-year and a 22% increase sequentially from Q1 2024, marking the highest quarterly production since Q1 2022 [4][9] - The gain margin was 106 basis points, at the higher end of guidance, with net income exceeding $76 million, despite a $115 million decline in the fair value of mortgage servicing rights (MSRs) [5][9] - Year-to-date total production volume reached $61.3 billion, representing a 13% increase from the first half of 2023, with a gain margin of 107 basis points, up from 90 basis points in the same period last year [9][10] Business Line Data and Key Metrics Changes - Over $27 billion of the total production in Q2 2024 came from purchase loans, indicating a strong focus on the purchase-driven market [4] - The company introduced several new products and technologies aimed at enhancing speed and capacity in the broker channel, including Mortgage Matchup and Track Plus, which are expected to significantly improve operational efficiency [5][6][7] Market Data and Key Metrics Changes - The broker channel has achieved its highest market share since 2008, with a notable migration of mortgage loan officers from retail to wholesale [3] - The weighted average coupon of the company's portfolio declined to 4.31% by the end of Q2 2024, despite year-to-date new production occurring at higher rates [10] Company Strategy and Development Direction - UWM aims to make the broker channel the number one choice in the mortgage market, targeting over 50% market share in the coming years [12][13] - The company is heavily investing in technology to prepare for anticipated increases in production when interest rates decline, positioning itself to capitalize on future refinancing opportunities [4][7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for market improvement in 2024 compared to 2023, with expectations of a refi boom if interest rates drop significantly [3][14] - The company remains focused on maintaining profitability while investing in growth and technology, emphasizing that it is well-prepared for various market cycles [11][12] Other Important Information - UWM has generated approximately $2.4 billion in net proceeds from the sale of MSRs, which have been used to deleverage the balance sheet and invest in business growth [10] - The company ended Q2 2024 with total cash of just under $700 million and no outstanding borrowings, indicating strong liquidity [11] Q&A Session Summary Question: Rate expectations and ARM production - Management indicated that if the Fed cuts rates significantly, it could lead to increased demand for adjustable-rate mortgages (ARMs), although the 30-year fixed rate will likely remain the prevailing product [16][17] Question: Savings from TRAC+ program - Consumers can save thousands through the TRAC+ program, which simplifies the closing process and reduces costs [18] Question: Adoption rates of TRAC+ and PA+ - Adoption rates for TRAC+ and PA+ have increased significantly in recent months, with the technology designed to handle increased scale without requiring brokers to hire additional staff [20][21] Question: Guidance on 30-year mortgage rates - Management suggested that a drop in the 10-year yield below 3.75% could trigger a refinancing boom, although they are currently not at that point [22][23] Question: Investments and expense management - The company has been preparing for increased volume without laying off staff, focusing on technology and operational efficiency to manage expenses effectively [25][26] Question: Gain on sale margin stability - Management expressed confidence in maintaining margins between 85 and 110 basis points, with potential for improvement if rates drop further [46][48] Question: Appetite for selling higher coupon loans - The company remains opportunistic regarding MSR sales but is currently focused on origination and growth rather than selling [49] Question: Direct loan production costs - Increased production naturally leads to higher loan production costs, but management emphasized a focus on growth rather than expense reduction [51][53]

UWM Holdings Corporation (UWMC) reported $507.09 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 13.7%. EPS of $0.04 for the same period compares to $0.11 a year ago. The reported revenue represents a surprise of -6.15% over the Zacks Consensus Estimate of $540.31 million. With the consensus EPS estimate being $0.06, the EPS surprise was -33.33%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compa ...

UWM Holdings Corporation (UWMC) came out with quarterly earnings of $0.04 per share, missing the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -33.33%. A quarter ago, it was expected that this company would post earnings of $0.04 per share when it actually produced break-even earnings, delivering a surprise of -100%. Over the last four quarters, ...

Exhibit 99.1 UWM Holdings Corporation Announces Second Quarter 2024 Results Second Quarter Net Income of $76.3 Million. Loan Origination Volume of $33.6 Billion, Including Purchase Volume of $27.2 Billion. PONTIAC, MI, August 6, 2024 - UWM Holdings Corporation (NYSE: UWMC) (the "Company"), the publicly traded indirect parent of United Wholesale Mortgage ("UWM"), today announced its results for the second quarter ended June 30, 2024. Total loan origination volume for the second quarter 2024 was $33.6 billion ...

OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number 001-39189 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 UWM HOLDINGS CORPORATION (Exact name of registrant as specified in its c ...

UWM Holdings Corporation (NYSE:UWMC) Q1 2024 Earnings Conference Call May 9, 2024 10:00 AM ET Company Participants Blake Kolo - Chief Business Officer and Head-Investor Relations Mat Ishbia - Chairman and Chief Executive Officer Andrew Hubacker - Chief Financial Officer Conference Call Participants Kyle Joseph - Jefferies Eric Hagen - BTIG Doug Harter - UBS Bose George - KBW Brad Capuzzi - Piper Sandler Operator Good morning. My name is Crysta and I will be your conference operator today. At this time, I wo ...

For the quarter ended March 2024, UWM Holdings Corporation (UWMC) reported revenue of $569.96 million, up 253.4% over the same period last year. EPS came in at $0.00, compared to -$0.07 in the year-ago quarter.The reported revenue represents a surprise of +22.13% over the Zacks Consensus Estimate of $466.69 million. With the consensus EPS estimate being $0.04, the EPS surprise was -100.00%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compar ...