Third Quarter Net Income of $301.0 Million

Loan Origination Volume of $29.7 Billion, including Purchase Volume of $25.9 Billion

UWM Holdings Corporation (NYSE: UWMC) (the "Company"), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), today announced its results for the third quarter ended September 30, 2023. Total loan origination volume for the third quarter was $29.7 billion, of which $25.9 billion was purchase volume. The Company reported 3Q23 net income of $301.0 million, inclusive of a $92.9 million increase in fair value of MSRs, and diluted earnings per share of $0.15.

Mat Ishbia, Chairman and CEO of UWMC, said, "The strength of UWM and the broker channel is on full display. While others choose to dwell on high mortgage rates and low housing inventory, at UWM we remain focused on growing our market share and the broker channel. We are investing in new technology and hiring new team members to ensure that we are prepared for the eventual turn in rates. In the meantime, we expect to continue to generate significant purchase volume and remain highly profitable."

• Originations of $29.7 billion in 3Q23, compared to $31.8 billion in 2Q23 and $33.5 billion in 3Q22
• Purchase originations of $25.9 billion in 3Q23, compared to $28.0 billion in 2Q23 and $27.7 billion in 3Q22
• Total gain margin of 97 bps in 3Q23 compared to 88 bps in 2Q23 and 52 bps in 3Q22
• Net income of $301.0 million in 3Q23 compared to $228.8 million in 2Q23 and $325.6 million 3Q22
• Adjusted EBITDA of $112.1 million in 3Q23 compared to $125.4 million in 2Q23 and $(1.4) million in 3Q22
• Total equity of $3.1 billion at September 30, 2023, compared to $2.9 billion at June 30, 2023, and $3.4 billion at September 30, 2022
• Unpaid principal balance of MSRs of $281.4 billion with a WAC of 4.20% at September 30, 2023, compared to $294.9 billion with a WAC of 3.84% at June 30, 2023, and $306.0 billion with a WAC of 3.44% at September 30, 2022
• Ended 3Q23 with approximately $2.9 billion of available liquidity, including $0.9 billion of cash and self-warehouse, and $2.0 billion of available borrowing capacity, which includes $1.5 billion under lines of credit secured by agency and Ginnie Mae MSRs, and $500 million under an unsecured line of credit

Production and Income Statement Highlights (dollars in thousands, except per share amounts)

Balance Sheet Highlights as of Period-end (dollars in thousands)

Mortgage Servicing Rights (dollars in thousands)

• Investor Flex, UWM’s Debt Service Coverage Ratio ("DSCR") loan product, has been expanded to offer four loan options, up to $2M for purchases and refinances, for real estate investor borrowers.
• Independent mortgage brokers now have access to improved pricing on loans under $200,000 and UWM has removed loan-level pricing adjustments on loans under $100,000.
• Expanded Safe Check to now include government and jumbo loans, as well as conventional loans, further protecting independent mortgage brokers and their borrowers from unwanted excessive credit trigger lead solicitations and helping borrowers save on increasing credit costs.
• Launched Safe Check Complete, allowing brokers to order a pre-qualification based on a three-bureau soft credit check for $23, with UWM offering a tri-merge hard credit report at no additional cost.
• Now accepting FHA/VA loans with FICOs above 580; had previously been at 620 FICO.

Operational Highlights

• Achieved Net Promoter Score of +86.4 in 3Q23.
• Our 1.09% 60+ days delinquency as of September 30, 2023, was significantly better than the industry average of 1.53% (Source: TransUnion, as of August 2023).

Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)

⁽¹⁾ Comprised of non-agency jumbo products and non-qualified mortgage products, including home equity lines of credit ("HELOCs") (which in many instances are second liens) and construction loans.

Mat Ishbia, Chairman and CEO of UWMC, also said, "We certainly recognize that many in the industry are facing challenges. With that said, UWM will continue to embrace this cycle as a time for purchase dominance and investment in our future. We are not resting on any laurels, nor are we relaxing. We will continue to stay on offense while much of the industry is on defense."

Fourth Quarter 2023 Outlook

We anticipate fourth quarter production to be in the $19 to $26 billion range, with gain margin from 75 to 100 basis points.

Full Year 2023 Outlook

We anticipate full year 2023 production to be in the $103 to $110 billion range.

Dividend

Subsequent to September 30, 2023, for the twelfth consecutive quarter, the Company's Board of Directors declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on January 11, 2024, to stockholders of record at the close of business on December 20, 2023. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or about January 11, 2024.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, November 8, at 10:30 AM ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting:

• https://conferencingportals.com/event/cXqxwDDv

Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and a transcript will be available on the Company's investor relations website at https://investors.uwm.com/.

Key Operational Metrics

“Loan origination volume” and “Total gain margin” are key operational metrics that the Company's management uses to evaluate the performance of the business. “Loan origination volume” is the aggregate principal of the residential mortgage loans originated by the Company during a period. “Total gain margin” represents total loan production income divided by loan origination volume for the applicable periods.

Non-GAAP Metrics

The Company's net income does not reflect the income tax provision that would otherwise be reflected if 100% of the economic interest in UWM was owned by the Company. Therefore, for comparison purposes, the Company provides “Adjusted net income,” which is our pre-tax income adjusted for a 22.21% and 23.03% estimated annual effective tax rate for the periods during 2023 and 2022, respectively. “Adjusted net income” is a non-GAAP metric. "Adjusted diluted EPS" is defined as "Adjusted net income" divided by the weighted average number of shares of Class A common stock outstanding for the applicable period, assuming the exchange and conversion of all outstanding Class D common stock for Class A common stock, and is calculated and presented for periods in which the assumed exchange and conversion of Class D common stock to Class A common stock is anti-dilutive to EPS.

We also disclose Adjusted EBITDA, which we define as earnings before interest expense on non-funding debt, provision for income taxes, depreciation and amortization, stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions, the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the change in Tax Receivable Agreement liability and the change in fair value of retained investment securities. We exclude the change in Tax Receivable Agreement liability, the change in fair value of the Public and Private Warrants, the change in fair value of retained investment securities, and the change in fair value of MSRs due to valuation inputs or assumptions, as these represent non-cash, non-realized adjustments to our earnings, which is not indicative of our performance or results of operations. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of interest expense, as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA.

In addition, we disclose “Non-funding debt” and the “Non-funding debt to equity ratio” as a non-GAAP metric. We define “Non-funding debt” as the total of the Company's senior notes, lines of credit, borrowings against investment securities, equipment note payable, and finance leases and the “Non-funding debt-to-equity ratio” as total non-funding debt divided by the Company’s total equity.

Management believes that these non-GAAP metrics provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies.

The following tables set forth the reconciliations of these non-GAAP financial measures to their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands, except per share amounts):

Cautionary Note Regarding Forward-Looking Statements

This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict” and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this press release and our earnings call include statements regarding: (1) our position amongst our competitors and ability to capture market share; (2) our expectation that we will continue to generate significant purchase volume and remain highly profitable; (3) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (4) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (5) the benefits and liquidity of our MSR portfolio; (6) our beliefs related to the amount and timing of our dividend; (7) our expectations for future market environments, including interest rates, levels of refinance activity and the timing of such market changes; (8) our expectations related to production and margin in the fourth quarter of 2023; (9) the benefits of our business model, strategies and initiatives, and their impact on our results and the industry; (10) our performance in shifting market conditions and the comparison of such performance against our competitors; (11) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (12) our position and ability to capitalize on market opportunities and the impacts to our results; (13) our investments in technology and the impact to our operations, ability to scale and financial results and (14) our purchase production and product portfolio. These statements are based on management’s current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward-looking statements, including; (i) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies that affect interest rates; (ii) UWM’s reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (iii) UWM’s ability to sell loans in the secondary market; (iv) UWM’s dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (v) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vi) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (vii) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (viii) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (ix) UWM’s ability to continue to attract and retain its broker relationships; (x) UWM’s ability to implement technological innovation; (xi) UWM’s ability to continue to comply with the complex state and federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xii) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission including those under “Risk Factors” therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About UWM Holdings Corporation and United Wholesale Mortgage

Headquartered in Pontiac, Michigan, UWM Holdings Corporation (UWMC) is the publicly traded indirect parent of United Wholesale Mortgage, LLC (“UWM”). UWM is the nation’s largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for nine consecutive years and is also the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038.

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of September 30, 2023, and the preceding four quarters and Statements of Operations for the quarter ended September 30, 2023, and the preceding four quarters for purposes of providing historical quarterly trending information to investors.

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