$215.4 million in 2Q22 Net Income; Second Quarter Loan Origination Volume of $29.9 billion, including Purchase Volume of $22.4 billion

UWM Holdings Corporation (NYSE: UWMC), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), the #1 wholesale and #1 purchase mortgage originator in America, today announced its results for the second quarter ended June 30, 2022. The Company reported 2Q22 net income of $215.4 million and diluted earnings per share of $0.09. Loan origination volume for the quarter was $29.9 billion, which included $22.4 billion in purchase volume. Net income for the second quarter was inclusive of a $26.2 million increase in fair value of MSRs.

Mat Ishbia, Chairman and CEO of UWMC, said, "UWM's scale and agility, coupled with the momentum of the broker channel drove outstanding results in the second quarter. Not only were we able to deliver strong profitability, we also continued our streak of delivering significant purchase volume. We remain committed to providing elite service, technology and speed to enable our clients, independent mortgage brokers, to shine and grow in any market environment."

Second Quarter 2022 Financial Highlights

• Originations of $29.9 billion in 2Q22, compared to $59.2 billion in 2Q21
• Purchase originations of $22.4 billion in 2Q22, a 17% increase compared to $19.1 billion in 1Q22 and a 7% decrease compared to $24.1 billion in 2Q21
• Net income of $215.4 million in 2Q22, a 55% increase compared to $138.7 million of net income in 2Q21
• Total gain margin of 99 bps in 2Q22 compared to 81 bps in 2Q21
• Total equity of $3.2 billion at June 30, 2022, as compared to $2.7 billion at June 30, 2021
• Unpaid principal balance of MSRs increased to $308.1 billion with a WAC of 3.19% at June 30, 2022, as compared to $260.5 billion with a WAC of 2.97% at June 30, 2021

Production and Income Statement Highlights (dollars in thousands)

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

Mortgage Servicing Rights (dollars in thousands)

Technology Update

• BOLT, our latest underwriting technology, launched in Q3 of 2021, saw adoption increase from 1Q22 to 2Q22, and we continue to see this groundbreaking technology cut application to CTC (“Clear to Close”) on conventional loans that utilize BOLT by an average of approximately 4 business days, while also improving underwriting efficiency

Operational Highlights

• We averaged an application to Clear to Close of approximately 19 business days in 2Q22, while management estimates an industry average of 44 days¹ during 1Q22
• Achieved Net Promoter Score of +87.7 in 2Q22, up from +84.8 in 2Q21
• Our 0.69% 60+ days delinquency and our 0.49% forbearance rates, as of June 30, 2022, are significantly better than the industry averages of 1.7%² and 0.81%,³ respectively, highlighting our strong credit quality
• UWM launched Boost, a UWM-exclusive platform which provides independent mortgage brokers with streamlined access to purchase tailored leads, stay in touch with past clients, connect with real estate agents and opt into live call transfers. This new platform is designed to support additional long-term business growth for the wholesale channel.
• On June 22, 2022, launched "Game On" pricing initiative to capture market share and promote and grow the broker channel
• Hosted UWM Live, our inaugural in-person trade show at the UWM Sports Complex. Nearly 5,000 Loan Officers from across America attended for training, networking and presentations.

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1</sup> Source: ICE Mortgage Technology; ² Source: CoreLogic (As of April 2022); ³ Source: Mortgage Bankers Association.

Mat Ishbia, Chairman and CEO of UWMC also said, “As we look forward, I am confident that our strategy to grow the broker channel is working. With our Game On initiative we are already seeing the benefits of new brokers working with us as well as an uptick in new loan officers joining the channel, and an acceleration of traffic to our BeAMortgageBroker.com site. All of this gives us the chance to demonstrate our elite service, speed and technology, helping us further grow the broker channel and our own market share.”

Third Quarter 2022 Outlook

We anticipate third quarter production to be in the $23-$28 billion range, with gain margin from 30 to 60 basis points.

Dividend

Subsequent to June 30, 2022, for the seventh 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 October 10, 2022, to stockholders of record at the close of business on September 20, 2022. Additionally, the Board approved a proportional distribution to SFS Corp. of $150.2 million which is payable on October 10, 2022.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Tuesday, August 9, 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 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 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 23.56% estimated annual effective tax rate. “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, 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):

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) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (3) our growth to be the leading mortgage lender, and the timing of that growth; (4) the benefits and liquidity of our MSR portfolio; (5) our beliefs related to the amount and timing of our dividend; (6) our “Game On” initiative and its impact on our business and industry; (7) our foundation and strategies for success and growth and the drivers of that growth; (8) our expectations related to production and margin in the third quarter and full year 2022; (9) our “All-In” initiative and its impact on our business and industry; (10) our performance in shifting market conditions and the comparison of such performance against our competitors; (11) growth of the wholesale channel and the benefits to our business of such growth; (12) our investments in technology and the impact to our operations and financial results; and (13) 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.

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of June 30, 2022, and the preceding four quarters and Statements of Operations for the quarter ended June 30, 2022, and the preceding four quarters for purposes of providing historical quarterly trending information to investors.

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