United Wholesale Mortgage Reports 28% Q4 Origination Growth to $49.6 Billion
United Wholesale Mortgage reported full-year 2025 revenue of $3.2 billion, up from $2.7 billion, with net income of $244 million including a $435 million MSR write-down. Q4 originations rose 28% to $49.6 billion, delivering $164.5 million net income on a 122 basis point gain margin and $232.8 million adjusted EBITDA.
1. Full-Year Financial Performance
United Wholesale Mortgage generated $3.2 billion in revenue for 2025, a 19% increase from $2.7 billion in 2024. Full-year originations climbed 17% to $163.4 billion, while net income totaled $244 million, reflecting a $435 million MSR write-down.
2. Q4 Operating Highlights
In the fourth quarter, originations jumped 28% year-over-year to $49.6 billion with a 122 basis point gain margin. Q4 net income reached $164.5 million (including a $28.8 million MSR write-down), total revenue was $945 million, and adjusted EBITDA stood at $232.8 million.
3. Strategic Initiatives
Management is on track to bring mortgage servicing in-house, expand the Bilt partnership and complete the Two Harbors acquisition. These moves aim to boost broker lead flow, increase recapture rates and enable data-driven personalization through a closed-loop growth engine.
4. Capital Position and Outlook
The company ended Q4 with $1.6 billion in equity and $1.8 billion of available liquidity. Leadership expects the Two Harbors deal, housing affordability measures and AI-driven cost savings to enhance its leverage profile and sustain market leadership.