United Wholesale Mortgage reported another profitable three months to end 2025, posting net income of $164.5 million for the fourth quarter.

That compares with $12.1 million in net income the Pontiac-based company reported in the third quarter of 2025 and $40.6 million in the fourth quarter of 2024.

For the full year, the company reported net income of $244 million in 2025, down from $329.4 million in 2024.

During an earnings call Wednesday, UWM CEO Mat Ishbia called 2025 an amazing year for the company.

"Reflecting the strength and consistency of our business model, we executed at a high level and delivered industry-leading results throughout the year while still investing in the long term," he said. "It was our fourth consecutive year as the number one overall lender in America, and our 11th consecutive year as the number one wholesale lender. This has never been done in the history of the mortgage industry, and we're really proud of our success and our dominance across the industry in wholesale and overall."

Ishbia said the company finished the year strong and is well-positioned for 2026. He said UWM’s scale and low-cost model, along with in-house servicing, the BILT partnership and the planned acquisition of Two Harbors Investment Corp. "accelerate broker channel growth, drive borrower retention, and strengthen our leadership position."

In December, UWM announced that it would acquire Two Harbors Investment Corp., a major mortgage servicer, in an all-stock deal valued at $1.3 billion. Two Harbors manages home loans for borrowers and specializes in mortgage servicing rights.

"The pending Two Harbors acquisition and process of bringing servicing in house are strategic inflection points, not just operational improvements," he said. "Together these initiatives position us to expand our dominance, deliver high-quality leads to our brokers, increase the recapture rate, while lowering cost per recaptured loan and more data driven personalization tools for our brokers. So you can think about our servicing platform as both a growth and retention engine. We will continue to capitalize on where the market is going. More consumers are entering the broker channel, driven by rate shopping, optionality, speed and mortgage brokers ability to guide them."

UWM reported loan originations of $49.6 billion in the fourth quarter of 2025, up from $41.7 billion in the third quarter and $38.7 billion in the fourth quarter of 2024. Purchase originations were $18.9 billion, down from $25.2 billion in the third quarter, while refinance originations surged to $30.7 billion, up from $16.5 billion in the prior quarter and $16.8 billion a year earlier.

Adjusted EBITDA for the fourth quarter was $232.8 million, up from $211.1 million in the third quarter of 2025 and the $118.2 million reported in the fourth quarter of 2024.

For the full year of 2025, UWM reported total loan originations of $163.4 billion, up from $139.4 billion in 2024. Purchase originations were $93.2 billion, down from $96.1 billion a year earlier. Refinance originations grew to $70.3 billion, up from $43.4 billion in 2024.

Rival Rocket Companies reports its fourth-quarter and full-year 2025 earnings Thursday.

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