New York, Feb 26, 2026, 07:20 EST — Premarket
- UWM Holdings shares slipped in light premarket action, following a steep slide on earnings.
- Investors are sizing up UWM’s first-quarter revenue forecast, along with its mix that leans heavily on refinancing.
- New insider disclosures revealed additional stock sales connected to CEO Mat Ishbia’s vehicle.
UWM Holdings dropped another 0.2% to $4.15 ahead of the open Thursday, following an 8.8% slide to $4.16 at Wednesday’s close.
The decision puts the spotlight back on a mortgage lender looking to expand loan volumes in a market where even minor interest rate changes can swing refinance activity sharply. Investors are eyeing the company’s revenue forecast, weighing if there’s enough cushion for margins to stay intact.
Mortgage names are stirring again. Rocket Companies will post earnings Thursday, a potential tone-setter for the sector following UWM’s drop.
UWM reported $945.2 million in total revenue for the fourth quarter, net income hitting $164.5 million, and $49.6 billion in loan originations—the highest since 2021. The company projects first-quarter total revenue to fall between $650 million and $850 million. A $0.10 per share cash dividend will go out on April 9 to shareholders recorded as of March 19. “We had another strong quarter financially, and an outstanding year overall,” said Chief Executive Mat Ishbia. Uwm
Investors took a closer look at the numbers. Refinance originations jumped to $30.7 billion for the quarter, up from $16.5 billion in the third quarter. Purchase originations, on the other hand, dropped to $18.9 billion from $25.2 billion. The change boosts total volume, yet it also leaves results more exposed to fluctuations in rates.
UWM’s “total gain margin” slipped to 122 basis points for the quarter, compared with 130 in the third. The company measures this as loan production income over origination volume; one basis point equals one-hundredth of a percentage point.
The company’s been touting some bigger-picture moves too, like bringing servicing under its own roof and moving ahead with an acquisition of Two Harbors Investment Corp, an MSR-focused REIT. MSR—mortgage servicing rights—lets firms collect payments and pocket fees, but their value can jump or drop quickly as rates shift.
A new SEC filing complicated things further, disclosing that 632,874 Class A shares were sold on Feb. 24, followed by another batch of 632,874 on Feb. 25. The transactions, linked to SFS Corp and reported under Ishbia’s name, listed weighted-average prices at $4.51 and $4.03.
The backdrop can shift in a hurry. Should mortgage rates refuse to budge—or even climb—refi activity could dry up fast, sending servicing values on a rollercoaster. UWM’s year-end MSR portfolio? It’s linked to $240.8 billion in unpaid principal balance.
Now comes the question of how the company delivers within that broad Q1 revenue outlook — and if management decides to clarify the Two Harbors schedule. Eyes are also on the March 19 dividend record date, with the payment set for April 9.
