UWM Holdings Corporation Announces First Quarter 2022 Results

Rhea-AI Summary

UWM Holdings Corporation (NYSE: UWMC) reported a 1Q22 net income of $453.3 million and diluted earnings per share of $0.22, despite a 21% decrease in loan origination volume to $38.8 billion. Purchase volume reached a record $19.1 billion, marking a 56% increase year-over-year. A $172.0 million increase in the fair value of mortgage servicing rights (MSRs) contributed to net income. Equity rose to $3.2 billion, while total gain margin decreased to 99 bps from 219 bps. UWM anticipates $26-$33 billion in loan production for Q2 2022.

Positive

• 1Q22 purchase originations increased by 56% year-over-year to $19.1 billion.
• Net income of $453.3 million, although down from $860 million in 1Q21, is still significant given market conditions.
• Total equity increased to $3.2 billion from $2.8 billion year-over-year.

Negative

• Total loan origination volume decreased by 21% compared to 1Q21.
• Net income decreased from $860 million in 1Q21 to $453.3 million in 1Q22.
• Total gain margin dropped significantly from 219 bps in 1Q21 to 99 bps in 1Q22.

$453.3 million in 1Q22 Net Income;

First Quarter Total Loan Volume of $38.8 billion, including Purchase Volume of $19.1 billion

PONTIAC, Mich.--(BUSINESS WIRE)-- UWM Holdings Corporation (NYSE: UWMC), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), the #1 wholesale mortgage lender in America, today announced its results for the first quarter ended March 31, 2022. The Company reported 1Q22 net income of $453.3 million and diluted earnings per share of $0.22. Loan origination volume for the quarter was $38.8 billion, which included $19.1 billion in purchase volume, a Q1 record for UWM. Net income for the first quarter was inclusive of a $172.0 million increase in fair value of MSRs.

Mat Ishbia, Chairman and CEO of UWMC said, "This quarter, we demonstrated that our business can continue to be profitable in significantly different market conditions than what we've seen over the past two years. We earned this position by building a business over the past 36 years that can take advantage of what the market provides. We are seeing independent mortgage brokers grow in both their share of market and loan officer population. Our scale and agility coupled with the momentum in the broker channel is driving our ability to separate even further from the pack."

First Quarter 2022 Financial Highlights

• Originations of $38.8 billion in 1Q22, a 21% decrease from $49.1 billion in 1Q21
• Purchase originations of $19.1 billion in 1Q22, a 56% increase compared to $12.2 billion in 1Q21, and a Q1 record for the Company
• Net income of $453.3 million in 1Q22 as compared to $860.0 million of net income in 1Q21
• Total gain margin of 99 bps in 1Q22 compared to 219 bps in 1Q21
• Total equity of $3.2 billion at March 31, 2022 as compared to $2.8 billion at March 31, 2021
• Unpaid principal balance of MSRs increased to $303.4 billion with a WAC of 3.04% at March 31, 2022 as compared to $221.0 billion with a WAC of 3.00% at March 31, 2021

Production and Income Statement Highlights (dollars in thousands)
		Q1 2022				Q4 2021				Q1 2021
Funded loan volume(1)		$	38,812,329			$	55,194,365			$	49,094,240
Total gain margin(1)(2)			0.99	%			0.80	%			2.19	%
Net income		$	453,287			$	239,826			$	860,005
Adjusted net income(3)			349,402				177,123				666,889
Adjusted EBITDA(3)			128,407				206,887				711,418

(1)	Key operational metric - see discussion below.
(2)	Represents total loan production income divided by funded loan volume.
(3)	Non-GAAP metric - see discussion below.

Balance Sheet Highlights as of Period-end (dollars in thousands)
		Q1 2022				Q4 2021				Q1 2021
Cash and cash equivalents		$	901,174			$	731,088			$	1,592,663
Mortgage loans at fair value			5,208,167				17,473,324				5,503,271
Mortgage servicing rights			3,514,102				3,314,952				2,300,434
Total assets			10,990,953				22,528,358				10,372,626
Non-funding debt (1)			2,156,641				2,158,911				1,270,167
Total equity			3,166,242				3,171,001				2,778,036
Non-funding debt to equity (1)			0.68				0.68				0.46

(1)	Non-GAAP metric - please see discussion below.

Mortgage Servicing Rights (dollars in thousands)
		Q1 2022				Q4 2021				Q1 2021
Unpaid principal balance		$	303,425,697			$	319,807,457			$	220,978,670
Weighted average interest rate			3.04	%			2.94	%			3.00	%
Weighted average age (months)			12				9				7

Technology Update

• BOLT, our latest underwriting technology, developed in-house and launched in Q3 of 2021, saw adoption increase by approximately 52% from 4Q21 to 1Q22, and we continue to see this groundbreaking technology cut application to CTC (“Clear to Close”) on conventional loans by an average of approximately 4 calendar days, while improving underwriting efficiency

Operational Highlights

• We maintained an average Clear to Close of approximately 18 business days in 1Q22, while management estimates an industry average of 43 days¹ during 4Q21
• Our 0.75% 60+ days delinquency and our 0.54% forbearance rates, as of March 31, 2022, are significantly better than the industry averages of 2.1%² and 1.1%,³ respectively, highlighting our strong credit quality

Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase:		Q1 2022				Q4 2021				Q1 2021
Conventional		$	13,297,954			$	16,643,586			$	10,310,924
Jumbo			1,532,197				2,861,921				13,264
Government			4,272,747				4,996,092				1,893,354
Total Purchase		$	19,102,898			$	24,501,599			$	12,217,542
Refinance:		Q1 2022				Q4 2021				Q1 2021
Conventional		$	15,597,602			$	25,032,327			$	33,623,348
Jumbo			702,631				2,074,353				5,446
Government			3,409,198				3,586,086				3,247,904
Total Refinance		$	19,709,431			$	30,692,766			$	36,876,698
Total Originations		$	38,812,329			$	55,194,365			$	49,094,240

"UWM has built a strong business that will continue to thrive in any market environment. This purchase market will act as the catalyst for accelerated broker channel growth. Brokers are experts in purchase transactions, making mortgages faster, easier and cheaper for borrowers across America," said Ishbia, Chairman and CEO of the Company.

^{_____________________________}

¹ Source: ICE Mortgage Technology; ² Source: CoreLogic (As of January 2022); ³ Source: Mortgage Bankers Association.

Share Repurchase Program

On May 9, 2021, the Company's Board of Directors authorized a share repurchase program of up to $300 million in aggregate value of the Company’s Class A common stock effective May 11, 2021. The share repurchase program authorizes the Company to repurchase shares of the Company’s Class A common stock from time to time, in the open market or through privately negotiated transactions, at management's discretion based on market and business conditions, applicable legal and regulatory requirements as well as other factors. Shares purchased will be retired. The plan will expire on May 11, 2023 unless otherwise modified or terminated by the Company's Board of Directors at any time in the Company's sole discretion.

Through December 31, 2021, total Class A shares repurchased by the Company were 11,498,330 for $81.6 million, at an average price per share of $7.10. While approximately $218 million remains on the authorization and the share price is currently trading lower that previous purchases, the Company's leadership and the Board of Directors are conscientious to maintain a reasonable public float. The Company remains committed to returning value to shareholders in the form of a dividend, and will continue to assess the right time for further share repurchases.

Second Quarter 2022 Outlook

We anticipate second quarter production to be in the $26-$33 billion range, with gain margin from 75 to 90 basis points.

Dividend

Subsequent to March 31, 2022, for the sixth 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 July 11, 2022 to stockholders of record at the close of business on June 21, 2022. Additionally, the Board approved a proportional distribution to SFS Corp. of $150.2 million which is payable on July 11, 2022.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Tuesday, May 10, at 10:00 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/YModynrv

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

Key Operational Metrics

“Funded loan volume” and “Total gain margin” are key operational metrics that the Company's management uses to evaluate the performance of the business. “Funded loan 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 funded loan volume for the applicable periods.

Non-GAAP Metrics

The Company's net income for periods prior to the first quarter of 2021 does not reflect a significant income tax provision, since UWM (the Company's accounting predecessor) is a pass-through entity not subject to federal and most state income taxes. For periods commencing with the first quarter of 2021, 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 23.6% estimated annual effective tax rate. “Adjusted net income” is a Non-GAAP Metric.

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, operating 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 table presents these non-GAAP financial measures along with their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands):

Adjusted net income		Q1 2022				Q4 2021				Q1 2021
Earnings before income taxes		$	457,332			$	231,836			$	872,891
Impact of estimated annual effective tax rate of 23.6%			(107,930	)			(54,713	)			(206,002	)
Adjusted net income		$	349,402			$	177,123			$	666,889

Adjusted EBITDA		Q1 2022				Q4 2021				Q1 2021
Net income		$	453,287			$	239,826			$	860,005
Interest expense on non-funding debt			29,558				25,417				16,343
Provision for income taxes			4,045				(7,990	)			12,886
Depreciation and amortization			10,915				10,422				7,289
Stock-based compensation expense			1,828				2,014				—
Change in fair value of MSRs due to valuation inputs or assumptions			(390,980	)			(65,104	)			(197,802	)
Deferred compensation, net			12,252				(2,135	)			30,000
Change in fair value of Public and Private Warrants			(4,132	)			(5,161	)			(17,303	)
Change in Tax Receivable Agreement liability			700				8,537				—
Change in fair value of investment securities			10,934				1,061				—
Adjusted EBITDA		$	128,407			$	206,887			$	711,418

Non-funding debt and non-funding debt to equity		Q1 2022				Q4 2021				Q1 2021
Senior notes		$	1,981,106			$	1,980,112			$	789,870
Borrowings against investment securities			118,786				118,786				—
Operating lines of credit			—				—				400,000
Equipment note payable			1,803				2,046				25,424
Finance lease liability			54,945				57,967				54,873
Total non-funding debt		$	2,156,641			$	2,158,911			$	1,270,167
Total equity		$	3,166,242			$	3,171,001			$	2,778,036
Non-funding debt to equity			0.68				0.68				0.46

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 include statements regarding: (1) our foundation and strategies for growth and the drivers of that growth; (2) our “All-In” initiative and its impact on our business and industry; (3) our performance in shifting market conditions and the comparison of such performance against our competitors; (4) growth of the wholesale channel and the benefits to our business of such growth; (5) our investments in technology and the impact to our operations and financial results; and (6) our purchase production and product mix. 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 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 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 Independent Mortgage Advisor 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. With respect to expectations regarding the share repurchase program, the amount and timing of share repurchases will depend upon, among other things, market conditions, share price, liquidity targets and regulatory requirements. 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 (the Company) is the publicly traded indirect parent of United Wholesale Mortgage, LLC (“UWM”). UWM is the largest wholesale mortgage lender in the United States, originating mortgage loans exclusively through the wholesale channel. 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.

UWM HOLDINGS CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share amounts)
	March 31, 2022				December 31, 2021
Assets
Cash and cash equivalents	$	901,174			$	731,088
Mortgage loans at fair value		5,208,167				17,473,324
Derivative assets		241,932				67,356
Investment securities at fair value, pledged		138,417				152,263
Accounts receivable, net		617,608				415,691
Mortgage servicing rights		3,514,102				3,314,952
Premises and equipment, net		151,206				151,687
Operating lease right-of-use asset, net (includes $103,513 and $104,595 with related parties)		103,670				104,828
Finance lease right-of-use asset (includes $28,416 and $28,619 with related parties)		53,857				57,024
Other assets		60,820				60,145
Total assets	$	10,990,953			$	22,528,358
Liabilities and Equity
Warehouse lines of credit	$	4,076,829			$	15,954,938
Derivative liabilities		115,430				36,741
Borrowings against investment securities		118,786				118,786
Accounts payable, accrued expenses and other		1,207,145				1,087,411
Accrued distributions and dividends payable		159,460				9,171
Senior notes		1,981,106				1,980,112
Operating lease liability (includes $110,854 and $111,999 with related parties)		111,010				112,231
Finance lease liability (includes $29,015 and $29,087 with related parties)		54,945				57,967
Total liabilities		7,824,711				19,357,357
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2022		—				—
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 92,531,073 shares issued and outstanding as of March 31, 2022		9				9
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2022		—				—
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2022		—				—
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of March 31, 2022		150				150
Additional paid-in capital		542				437
Retained earnings		138,834				141,805
Non-controlling interest		3,026,707				3,028,600
Total equity		3,166,242				3,171,001
Total liabilities and equity	$	10,990,953			$	22,528,358

UWM HOLDINGS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) (Unaudited)
	For the three months ended
	March 31, 2022				December 31, 2021				March 31, 2021
Revenue
Loan production income	$	383,871			$	442,407			$	1,074,665
Loan servicing income		198,565				194,976				123,789
Change in fair value of mortgage servicing rights		171,963				(138,988	)			(59,259	)
Gain (loss) on sale of mortgage servicing rights		—				2,461				4,763
Interest income		67,395				104,601				45,912
Total revenue, net		821,794				605,457				1,189,870
Expenses
Salaries, commissions and benefits		160,609				146,697				213,061
Direct loan production costs		26,718				25,292				13,162
Marketing, travel, and entertainment		12,837				25,334				10,495
Depreciation and amortization		10,915				10,422				7,289
General and administrative		38,323				36,467				16,778
Servicing costs		47,184				36,200				20,508
Interest expense		60,374				88,772				52,990
Other (income)/expense		7,502				4,437				(17,304	)
Total expenses		364,462				373,621				316,979
Earnings before income taxes		457,332				231,836				872,891
Provision for income taxes		4,045				(7,990	)			12,886
Net income		453,287				239,826				860,005
Net income attributable to non-controlling interest		431,357				222,876				812,020
Net income attributable to UWMC	$	21,930			$	16,950			$	47,985
Earnings per share of Class A common stock:
Basic	$	0.24			$	0.17			$	0.47
Diluted	$	0.22			$	0.11			$	0.33
Weighted average shares outstanding:
Basic		92,214,594				97,138,073				103,104,205
Diluted		1,594,284,381				1,599,785,759				1,605,173,992

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of March 31, 2022, and the preceding four quarters and Statements of Operations for the quarter ended March 31, 2022, and the preceding four quarters for purposes of providing historical quarterly trending information to investors.

CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share amounts)
	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Assets	(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
Cash and cash equivalents	$	901,174		$	731,088		$	950,910		$	1,048,177		$	1,592,663
Mortgage loans at fair value		5,208,167			17,473,324			11,736,642			12,404,112			5,503,271
Derivative assets		241,932			67,356			143,807			75,438			113,168
Investment securities at fair value, pledged		138,417			152,263			41,809			—			—
Accounts receivable, net		617,608			415,691			340,028			317,458			549,381
Mortgage servicing rights		3,514,102			3,314,952			2,900,310			2,662,556			2,300,434
Premises and equipment, net		151,206			151,687			145,774			130,864			111,964
Operating lease right-of-use asset, net		103,670			104,828			105,902			87,130			87,896
Finance lease right-of-use asset		53,857			57,024			60,113			61,356			54,456
Other assets		60,820			60,145			55,655			57,007			59,393
Total assets	$	10,990,953		$	22,528,358		$	16,480,950		$	16,844,098		$	10,372,626
Liabilities and Equity
Warehouse lines of credit	$	4,076,829		$	15,954,938		$	10,487,950		$	11,249,213		$	4,823,740
Derivative liabilities		115,430			36,741			61,434			82,551			55,479
Operating lines of credit		—			—			—			—			400,000
Borrowings against investment securities		118,786			118,786			32,560			—			—
Accounts payable, accrued expenses and other		1,207,145			1,087,411			1,231,826			1,021,119			1,210,923
Accrued distributions and dividends payable		159,460			9,171			10,087			160,444			160,517
Senior notes		1,981,106			1,980,112			1,484,370			1,483,587			789,870
Operating lease liability		111,010			112,231			117,824			98,280			99,188
Finance lease liability		54,945			57,967			60,871			61,918			54,873
Total liabilities		7,824,711			19,357,357			13,486,922			14,157,112			7,594,590
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2022		—			—			—			—			—
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 92,531,073 shares issued and outstanding as of March 31, 2022		9			9			10			10			10
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2022		—			—			—			—			—
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2022		—			—			—			—			—
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of March 31, 2022		150			150			150			150			150
Additional paid-in capital		542			437			313			187			—
Retained earnings		138,834			141,805			129,815			109,397			113,078
Non-controlling interest		3,026,707			3,028,600			2,863,740			2,577,242			2,664,798
Total equity		3,166,242			3,171,001			2,994,028			2,686,986			2,778,036
Total liabilities and equity	$	10,990,953		$	22,528,358		$	16,480,950		$	16,844,098		$	10,372,626

CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) (Unaudited)
	For the three months ended
	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Revenue
Loan production income	$	383,871		$	442,407		$	589,461		$	479,274		$	1,074,665
Loan servicing income		198,565			194,976			174,695			145,278			123,789
Change in fair value of mortgage servicing rights		171,963			(138,988	)		(170,462	)		(219,104	)		(59,259	)
Gain (loss) on sale of mortgage servicing rights		—			2,461			(5,443	)		10			4,763
Interest income		67,395			104,601			102,063			79,194			45,912
Total revenue, net		821,794			605,457			690,314			484,652			1,189,870
Expenses
Salaries, commissions and benefits		160,609			146,697			164,971			172,951			213,061
Direct loan production costs		26,718			25,292			18,980			15,518			13,162
Marketing, travel, and entertainment		12,837			25,334			14,138			11,330			10,495
Depreciation and amortization		10,915			10,422			9,034			8,353			7,289
General and administrative		38,323			36,467			39,148			42,116			16,778
Servicing costs		47,184			36,200			29,192			23,067			20,508
Interest expense		60,374			88,772			90,221			72,673			52,990
Other (income) expense		7,502			4,437			(8,710	)		(1,530	)		(17,304	)
Total expenses		364,462			373,621			356,974			344,478			316,979
Earnings before income taxes		457,332			231,836			333,340			140,174			872,891
Provision for income taxes		4,045			(7,990	)		3,483			1,462			12,886
Net income		453,287			239,826			329,857			138,712			860,005
Net income attributable to non-controlling interest		431,357			222,876			304,611			130,448			812,020
Net income attributable to UWMC		21,930			16,950			25,246			8,264		$	47,985
Earnings per share of Class A common stock:
Basic	$	0.24		$	0.17		$	0.25		$	0.08		$	0.47
Diluted	$	0.22		$	0.11		$	0.16		$	0.07		$	0.33
Weighted average shares outstanding:
Basic		92,214,594			97,138,073			101,106,023			102,760,823			103,104,205
Diluted		1,594,284,381			1,599,785,759			1,603,710,511			1,605,067,478			1,605,173,992

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220510005545/en/

For inquiries regarding UWM, please contact:

INVESTOR CONTACT

BLAKE KOLO

InvestorRelations@uwm.com



MEDIA CONTACT

NICOLE YELLAND

Media@uwm.com

Source: UWM Holdings Corporation

FAQ

What was UWM's net income for the first quarter of 2022?

UWM reported a net income of $453.3 million for 1Q22.

How did UWM's loan volume perform in 1Q22?

UWM's total loan volume in 1Q22 was $38.8 billion, a 21% decrease from $49.1 billion in 1Q21.

What is the purchase volume for UWM in 1Q22?

UWM achieved a purchase volume of $19.1 billion in 1Q22, which is a record and a 56% increase compared to 1Q21.

What is the anticipated loan production for UWM in Q2 2022?

UWM anticipates loan production to be in the range of $26 to $33 billion for Q2 2022.

What is UWM's total equity as of March 31, 2022?

As of March 31, 2022, UWM's total equity was $3.2 billion.