UWM (UWMC) 10-Q9 Aug 232023 FY Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 04, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-39189
Entity Registrant Name	UWM HOLDINGS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2124167
Entity Address, Address Line One	585 South Boulevard E.
Entity Address, City or Town	Pontiac,
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48341
City Area Code	(800)
Local Phone Number	981-8898
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Fiscal Year Focus	2023
Entity Central Index Key	0001783398
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	UWMC
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		93,114,878
Warrant
Document Information [Line Items]
Title of 12(b) Security	Warrants, each warrant exercisable for one share of Class A Common Stock
Trading Symbol	UWMCWS
Security Exchange Name	NYSE
Common Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,502,069,787

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 634,576	$ 704,898
Mortgage loans at fair value	6,269,924	7,134,960
Derivative assets	61,407	82,869
Investment securities at fair value, pledged	111,625	113,290
Accounts receivable, net	347,865	383,147
Mortgage servicing rights	4,224,207	4,453,261
Premises and equipment, net	149,515	152,477
Operating lease right-of-use asset, net (includes $99,990 and $102,322 with related parties)	101,686	104,181
Finance lease right-of-use asset (includes $25,835 and $26,867 with related parties)	34,947	42,218
Loans eligible for repurchase from Ginnie Mae	409,078	345,490
Other assets	81,089	83,834
Total assets	12,425,919	13,600,625
Liabilities and equity
Warehouse lines of credit	5,732,791	6,443,992
Derivative liabilities	21,734	49,748
Secured lines of credit	500,000	750,000
Borrowings against investment securities	100,901	101,345
Accounts payable, accrued expenses and other	423,407	439,719
Accrued distributions and dividends payable	159,518	159,465
Senior notes	1,986,301	1,984,336
Operating lease liability (includes $107,015 and $109,473 with related parties)	108,711	111,332
Finance lease liability (includes $27,064 and $27,857 with related parties)	36,356	43,505
Loans eligible for repurchase from Ginnie Mae	409,078	345,490
Total liabilities	9,478,797	10,428,932
Equity
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of June 30, 2023 or December 31, 2022	0	0
Additional paid-in capital	1,267	903
Retained earnings	120,379	142,500
Non-controlling interest	2,825,317	3,028,131
Total equity	2,947,122	3,171,693
Total liabilities and equity	12,425,919	13,600,625
Common Class A
Equity
Common stock, $0.0001 par value	9	9
Common Class B
Equity
Common stock, $0.0001 par value	0	0
Common Class C
Equity
Common stock, $0.0001 par value	0	0
Common Class D
Equity
Common stock, $0.0001 par value	$ 150	$ 150

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Related party operating lease right-of-use asset	$ 99,990	$ 102,322
Related party finance lease right-of-use asset	25,835	26,867
Related party operating lease liabilities	107,015	109,473
Related party finance lease liability	$ 27,064	$ 27,857
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Class A
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	4,000,000,000	4,000,000,000
Common stock, shares, issued	93,114,878	92,575,974
Common stock, shares, outstanding	93,114,878	92,575,974
Common Class B
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,700,000,000	1,700,000,000
Common stock, shares, issued	0	0
Common stock, shares, outstanding	0	0
Common Class C
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,700,000,000	1,700,000,000
Common stock, shares, issued	0	0
Common stock, shares, outstanding	0	0
Common Class D
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,700,000,000	1,700,000,000
Common stock, shares, issued	1,502,069,787	1,502,069,787
Common stock, shares, outstanding	1,502,069,787	1,502,069,787

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue
Loan production income	$ 280,757	$ 296,535	$ 486,181	$ 680,406
Loan servicing income	193,220	179,501	411,777	378,066
Change in fair value of mortgage servicing rights	24,648	26,169	(312,639)	198,132
Interest income	88,895	62,020	163,475	129,415
Total revenue, net	587,520	564,225	748,794	1,386,019
Expenses
Salaries, commissions and benefits	131,380	138,983	252,383	299,592
Direct loan production costs	23,618	25,757	40,101	52,475
Marketing, travel, and entertainment	21,588	20,625	38,798	33,462
Depreciation and amortization	11,441	11,181	23,111	22,096
General and administrative	52,691	39,909	87,310	78,232
Servicing costs	31,658	44,435	68,520	91,619
Interest expense	82,437	57,559	145,721	117,933
Other expense	2,703	9,562	2,462	17,064
Total expenses	357,516	348,011	658,406	712,473
Earnings before income taxes	230,004	216,214	90,388	673,546
Provision for income taxes	1,210	769	207	4,814
Net income	228,794	215,445	90,181	668,732
Net income attributable to non-controlling interests	221,236	207,079	94,564	638,436
Net income (loss) attributable to UWM Holdings Corporation	$ 7,558	$ 8,366	$ (4,383)	$ 30,296
Earnings per share of Class A common stock (see Note 16):
Basic (in usd per share)	$ 0.08	$ 0.09	$ (0.05)	$ 0.33
Diluted (in usd per share)	$ 0.08	$ 0.09	$ (0.05)	$ 0.32
Weighted average shares outstanding:
Basic (in shares)	93,107,133	92,533,620	93,014,478	92,374,988
Diluted (in shares)	93,107,133	92,533,620	93,014,478	1,594,444,775

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Remeasurement Due to Change in Parent Ownership and Other	Common Class A	Common Class D	Common Stock Common Class A	Common Stock Common Class D	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Remeasurement Due to Change in Parent Ownership and Other	Non-controlling Interest	Non-controlling Interest Cumulative Effect, Remeasurement Due to Change in Parent Ownership and Other
Balance at beginning of period (in shares) at Dec. 31, 2021					91,612,305	1,502,069,787
Balance at beginning of period at Dec. 31, 2021	$ 3,171,001				$ 9	$ 150	$ 437	$ 141,805		$ 3,028,600
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	453,287							21,930		431,357
Class A common stock dividends	(9,253)							(9,253)
Member distributions to SFS Corp.	(450,621)									(450,621)
Stock-based compensation expense (in shares)					918,768
Stock-based compensation expense	1,828						105			1,723
Re-measurement of non-controlling interest due to change in parent ownership and other		$ 0							$ (15,648)		$ 15,648
Balance at end of period (in shares) at Mar. 31, 2022					92,531,073	1,502,069,787
Balance at end of period at Mar. 31, 2022	3,166,242				$ 9	$ 150	542	138,834		3,026,707
Balance at beginning of period (in shares) at Dec. 31, 2021					91,612,305	1,502,069,787
Balance at beginning of period at Dec. 31, 2021	3,171,001				$ 9	$ 150	437	141,805		3,028,600
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	668,732
Balance at end of period (in shares) at Jun. 30, 2022					92,539,245	1,502,069,787
Balance at end of period at Jun. 30, 2022	3,223,902				$ 9	$ 150	669	137,955		3,085,119
Balance at beginning of period (in shares) at Mar. 31, 2022					92,531,073	1,502,069,787
Balance at beginning of period at Mar. 31, 2022	3,166,242				$ 9	$ 150	542	138,834		3,026,707
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	215,445							8,366		207,079
Class A common stock dividends	(9,254)							(9,254)
Member distributions to SFS Corp.	(150,207)									(150,207)
Stock-based compensation expense (in shares)					8,172
Stock-based compensation expense	1,676						127			1,549
Re-measurement of non-controlling interest due to change in parent ownership and other		0							9		(9)
Balance at end of period (in shares) at Jun. 30, 2022					92,539,245	1,502,069,787
Balance at end of period at Jun. 30, 2022	3,223,902				$ 9	$ 150	669	137,955		3,085,119
Balance at beginning of period (in shares) at Dec. 31, 2022			92,575,974	1,502,069,787	92,575,974	1,502,069,787
Balance at beginning of period at Dec. 31, 2022	3,171,693				$ 9	$ 150	903	142,500		3,028,131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(138,613)							(11,941)		(126,672)
Class A common stock dividends	(9,310)							(9,310)
Member distributions to SFS Corp.	(150,207)									(150,207)
Stock-based compensation expense (in shares)					525,997
Stock-based compensation expense	2,286						133			2,153
Re-measurement of non-controlling interest due to change in parent ownership and other		(1,307)							887		(2,194)
Balance at end of period (in shares) at Mar. 31, 2023					93,101,971	1,502,069,787
Balance at end of period at Mar. 31, 2023	2,874,542				$ 9	$ 150	1,036	122,136		2,751,211
Balance at beginning of period (in shares) at Dec. 31, 2022			92,575,974	1,502,069,787	92,575,974	1,502,069,787
Balance at beginning of period at Dec. 31, 2022	3,171,693				$ 9	$ 150	903	142,500		3,028,131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	90,181
Balance at end of period (in shares) at Jun. 30, 2023			93,114,878	1,502,069,787	93,114,878	1,502,069,787
Balance at end of period at Jun. 30, 2023	2,947,122				$ 9	$ 150	1,267	120,379		2,825,317
Balance at beginning of period (in shares) at Mar. 31, 2023					93,101,971	1,502,069,787
Balance at beginning of period at Mar. 31, 2023	2,874,542				$ 9	$ 150	1,036	122,136		2,751,211
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	228,794							7,558		221,236
Class A common stock dividends	(9,310)							(9,310)
Member distributions to SFS Corp.	(150,207)									(150,207)
Stock-based compensation expense (in shares)					12,907
Stock-based compensation expense	3,303						231			3,072
Re-measurement of non-controlling interest due to change in parent ownership and other		$ 0							$ (5)		$ 5
Balance at end of period (in shares) at Jun. 30, 2023			93,114,878	1,502,069,787	93,114,878	1,502,069,787
Balance at end of period at Jun. 30, 2023	$ 2,947,122				$ 9	$ 150	$ 1,267	$ 120,379		$ 2,825,317

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 90,181	$ 668,732
Adjustments to reconcile net income to net cash provided by operating activities:
Reserve for representations and warranties	27,630	13,739
Capitalization of mortgage servicing rights	(1,166,368)	(1,058,115)
Change in fair value of mortgage servicing rights	312,639	(198,132)
Depreciation & amortization	24,831	24,033
Stock-based compensation expense	6,049	3,504
(Increase) decrease in fair value of investment securities	(1,988)	20,845
Increase (decrease) in fair value of warrants liability	3,273	(6,982)
(Increase) decrease in:
Mortgage loans at fair value	865,036	12,140,942
Derivative assets	21,462	(57,723)
Other assets	41,833	80,239
Increase (decrease) in:
Derivative liabilities	(28,014)	57,217
Other liabilities	(47,954)	(327,598)
Net cash provided by operating activities	148,610	11,360,701
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of premises and equipment	(13,288)	(15,362)
Net proceeds from sale of mortgage servicing rights	1,081,647	824,196
Proceeds from principal payments on investment securities	3,653	6,083
Margin calls on borrowings against investment securities	(1,304)	(12,326)
Net cash provided by investing activities	1,070,708	802,591
CASH FLOWS FROM FINANCING ACTIVITIES
Net repayments under warehouse lines of credit	(711,201)	(11,457,585)
Repayments of finance lease liabilities	(7,148)	(8,570)
Repayments under equipment notes payable	(558)	(493)
Borrowings under secured lines of credit	750,000	0
Repayments under secured lines of credit	(1,000,000)	0
Borrowings against investment securities	72,253	0
Repayments of borrowings against investment securities	(72,697)	0
Dividends paid to Class A common stockholders	(18,568)	(18,425)
Member distributions paid to SFS Corp.	(300,414)	(450,651)
Other financing activities	(1,307)	0
Net cash used in financing activities	(1,289,640)	(11,935,724)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(70,322)	227,568
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD	704,898	731,088
CASH AND CASH EQUIVALENTS, END OF THE PERIOD	634,576	958,656
SUPPLEMENTAL INFORMATION
Cash paid for interest	114,153	81,508
Cash received for taxes	$ (124)	$ 0

Organization, Basis of Presenta

Organization, Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Summary of Significant Accounting Policies	ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Orga nization UWM Holdings Corporation, through its consolidated subsidiaries (collectively, the “Company”), engages in the origination, sale and servicing of residential mortgage loans. The Company is organized in Delaware but based in Michigan, and originates and services loans throughout the U.S. The Company is approved as a Title II, non-supervised direct endorsement mortgagee with the U.S. Department of Housing and Urban Development (or “HUD”). In addition, the Company is an approved issuer with the Government National Mortgage Association (or “Ginnie Mae”), as well as an approved seller and servicer with the Federal National Mortgage Association (or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (or “Freddie Mac”). The Company (f/k/a Gores Holdings IV, Inc.) was incorporated in Delaware on June 12, 2019. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On September 22, 2020, the Company entered into a Business Combination Agreement (the “Business Combination Agreement”) by and among the Company, SFS Holding Corp., a Michigan corporation (“SFS Corp.”), United Wholesale Mortgage, LLC, a Michigan limited liability company (“UWM”), and UWM Holdings, LLC, a newly formed Delaware limited liability company (“Holdings LLC” and, together with UWM, the “UWM Entities”). The business combination with the UWM Entities closed on January 21, 2021. Prior to the closing of the business combination with the UWM Entities, SFS Corp. was the sole member of UWM, which had one unit authorized, issued and outstanding. On January 21, 2021, SFS Corp. contributed its equity interest in UWM to Holdings LLC and adopted the Amended and Restated Operating Agreement to admit Holdings LLC as UWM's sole member and its manager. Upon completion of the business combination transaction, (i) Holdings LLC issued approximately 6% of its units (Class A Common Units) to the Company, (ii) SFS Corp. retained approximately 94% of the units (Class B Common Units) in Holdings LLC and accordingly retained approximately 94% of the economic ownership interest of the combined company and (iii) Holdings LLC became a consolidated subsidiary of the Company, as the Company is the sole managing member of Holdings LLC. The economic interest in Holdings LLC owned by SFS Corp. is presented as a non-controlling interest in these condensed consolidated financial statements. See Note 10 - Non-Controlling Interests for further information. Following the consummation of the transactions contemplated by the Business Combination Agreement, the Company is organized in an “Up-C” structure in which UWM (the operating subsidiary) is held directly by Holdings LLC, and the Company’s only material direct asset consists of Class A Common Units in Holdings LLC. The Company’s current capital structure authorizes Class A common stock, Class B common stock, Class C common stock and Class D common stock. The Class A common stock and Class C common stock each provide holders with one vote on all matters submitted to a vote of stockholders, and the Class B common stock and Class D common stock each provide holders with 10 votes on all matters submitted to a vote of stockholders. The holders of Class C common stock and Class D common stock do not have any of the economic rights (including rights to dividends and distributions upon liquidation) provided to holders of Class A common stock and Class B common stock. Each Holdings LLC Class B Common Unit held by SFS Corp. may be exchanged at the option of the Company, along with its stapled share of Class D common stock, for either, (a) cash or (b) one share of the Company’s Class B common stock. Each share of Class B common stock is convertible into one share of Class A common stock upon the transfer or assignment of such share from SFS Corp. to a non-affiliated third-party. See Note 10 - Non-Controlling Interests for further information. Pursuant to the Business Combination Agreement, SFS Corp. is entitled to receive an aggregate of up to 90,761,687 earn-out shares in the form of Class B Common Units in Holdings LLC and Class D common shares upon attainment of certain stock price targets prior to January 2026. There are four different triggering events that affect the number of earn-out shares that will be issued based upon the per share price of Class A common stock ranging from $13.00 to $19.00 per share. The Company accounts for the potential earn-out shares as a component of stockholders’ equity in accordance with the applicable guidance in U.S. GAAP. See Note 16 - Earnings Per Share for further information. Upon completion of the business combination transaction, the directors and officers of Gores Holdings IV, Inc. (the “Gores Directors and Officers”) resigned, the Company appointed new directors to its Board, and certain officers of UWM became officers of the Company. Pursuant to the Business Combination Agreement, the Company is obligated to indemnify the Gores Directors and Officers for costs or losses incurred prior to or after the closing of the business combination transaction that arose by reason of the fact that he or she is or was a director or officer of Gores Holdings IV, Inc. The Gores Directors and Officers have been named as defendants in class action suits in Delaware Chancery Court in which it is alleged that they breached their fiduciary duties to shareholders of Gores Holdings, IV. Pursuant to its obligations under the Business Combination Agreement, the Company is indemnifying the Gores Directors and Officers in connection with these lawsuits. The Company has insurance which it believes will cover any material liability that could arise pursuant to its indemnification obligations to the Gores Directors and Officers. Basis of Presentation The condensed consolidated financial statements are unaudited and presented in U.S. dollars. They have been prepared in accordance with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, these condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair statement of our results of operations, financial position and cash flows for the periods presented. However, our results of operations for any interim period are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Loans Eligible for Repurchase from Ginnie Mae When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the previously sold assets are required to be re-recognized on the condensed consolidated balance sheets as ass ets and corresponding liabilities at the loan's unpaid principal balance , regardless of the Company’s intent to exercise its option to repurchase. The recognition of previously sold loans does not impact the accounting for the previously recognized mortgage servicing rights (or “MSRs”). Income Taxes The Company follows the asset and liability method of accounting for income taxes under applicable U.S. GAAP. Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. We are subject to income taxes in the U.S. and various state and local jurisdictions. The tax laws are often complex and may be subject to different interpretations. To determine the financial statement impact of accounting for income taxes, the Company must make assumptions and judgements about how to interpret and apply complex tax laws to numerous transactions and business events, as well as make judgements regarding the timing of when certain items may affect taxable income. Deferred income taxes arise from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. If based upon all available positive and negative evidence, it is more likely than not that the deferred tax assets will not be realized, a valuation allowance is established. The valuation allowance may be reversed in a subsequent reporting period if the Company determines that it is more likely than not that all or part of the deferred tax asset will become realizable. Our interpretations of tax laws are subject to review and examination by various taxing authorities and jurisdictions where the Company operates, and disputes may occur regarding our view on a tax position. These disputes over interpretations with the various tax authorities may be settled by audit, administrative appeals or adjudication in the court systems of the tax jurisdictions in which the Company operates. We regularly review whether we may be assessed additional income taxes as a result of the resolution of these matters, and the Company records additional reserves as appropriate. In addition, the Company may revise its estimate of income taxes due to changes in income tax laws, legal interpretations, and business strategies. We recognize the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. We record interest and penalties related to uncertain tax positions as a component of the income tax provision. See Note 14 – Income Taxes for further information. Tax Receivable Agreement In connection with the Business Combination Agreement, the Company entered into a Tax Receivable Agreement with SFS Corp. that will obligate the Company to make payments to SFS Corp. of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that the Company actually realizes as a result of (i) certain increases in tax basis resulting from exchanges of Holdings LLC Common Units; (ii) imputed interest deemed to be paid by the Company as a result of payments it makes under the tax receivable agreement; (iii) certain increases in tax basis resulting from payments the Company makes under the tax receivable agreement; and (iv) disproportionate allocations (if any) of tax benefits to the Company which arise from, among other things, the sale of certain assets as a result of section 704(c) of the Internal Revenue Code of 1986. The Company will retain the benefit of the remaining 15% of these tax savings. The Company's potential liability under the Tax Receivable Agreement is accounted for as a loss contingency (the liability recorded within "Accounts payable, accrued expenses and other") , with changes in the liability measured and recorded when estimated amounts due under the Tax Receivable Agreement are probable and can be reasonably estimated, and reported as part of "Other expense" in the condensed consolidated statements of operations. As of June 30, 2023, the total liability recorded for the Tax Receivable Agreement was approximately $18.2 million. Related Party Transactions The Company enters into various transactions with related parties. See Note 13 – Related Party Transactions for further information. Public and Private Warrants As part of Gores Holdings IV, Inc.'s initial public offering ("IPO") in January 2020, Gores Holdings IV, Inc. issued to third party investors 42.5 million units, consisting of one share of Class A common stock of Gores Holdings IV, Inc. and one-fourth of one warrant, at a price of $10.00 per unit. Each whole warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share (the “Public Warrants”). Simultaneously with the closing of the IPO, Gores Holdings IV, Inc. completed the private sale of 5.25 million warrants to Gores Holdings IV, Inc.'s sponsor at a purchase price of $2.00 per warrant (the “Private Warrants”). Each Private Warrant allows the sponsor to purchase one share of Class A common stock at $11.50 per share. Upon the closing of the business combination transaction, the Company had 10,624,987 Public Warrants and 5,250,000 Private Warrants outstanding. The Private Warrants and the shares of common stock issuable upon the exercise of the Private Warrants were not transferable, assignable or salable until after the completion of the business combination, subject to certain limited exceptions. Additionally, the Private Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company evaluated the Public and Private Warrants under applicable U.S. GAAP and concluded that they do not meet the criteria to be classified in stockholders’ equity due to certain terms of the warrants. Since the Public and Private Warrants meet the definition of derivatives, the Company recorded these warrants as liabilities on the balance sheet at fair value upon the closing of the business combination transaction and subsequently (recorded within "Accounts payable, accrued expenses and other"), with the change in their respective fair values recognized in the condensed consolidated statement of operations (recorded within "Other expense"). During the three months ended June 30, 2023 and 2022, the Company recognized $1.2 million of other expense a nd $2.8 million of other income, respectively, related to the change in fair value of warrants. During the six months ended June 30, 2023 and 2022, the Company recognized $3.3 million of other expense a nd $7.0 million of other income, respectively, related to the change in fair value of warrants. Stock-Based Compensation Effective upon the closing of the business combination transaction, the Company adopted the UWM Holdings Corporation 2020 Omnibus Incentive Plan (the “2020 Plan”) which was approved by stockholders on January 20, 2021. The 2020 Plan allows for the grant of stock options, restricted stock, restricted stock units (“RSUs”), and stock appreciation rights. Pursuant to the 2020 Plan, the Company reserved a total of 80,000,000 shares of common stock for issuance of stock-based compensation awards, and 72,017,015 s hares remained available for issuance under the 2020 Plan as of June 30, 2023 . Stock-based compensation expense is recognized on a straight-line basis over the requisite service period based on the fair value of the award on the date of grant and is included in "Salaries, commissions and benefits" on the condensed consolidated statements of operations. The Company made a policy election to recognize the effects of forfeitures as they occur. See Note 15 – Stock-based Compensation for further information. Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which was subsequently amended by ASU No. 2021-1, Reference Rate Reform (Topic 848): Scope , which was issued in January 2021 and will remain effective through December 31, 2024. This guidance provides practical expedients to address existing guidance on contract modifications due to the expected market transition from the London Inter-bank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The ASU was effective upon issuance on a prospective basis beginning January 1, 2020. The Company has added alternative base rate language, which may include SOFR to agreements for its derivatives, warehouse and other lines of credit, and debt obligations that use LIBOR. The Company has applied the optional expedients under ASU 2020-04 and accounted for the contract modifications related to reference rate reform prospectively. There was no impact on the Company’s condensed consolidated financial statements from adopting this standard. In March 2023, the FASB issued ASU 2023-1, Leases (Topic 842): Common Control Arrangements , which amends certain provisions of ASU 201 6-2, Leases (Topic 842) , which was issued in February 2016 and will remain effective through December 31, 2024. This guidance addresses existing guidance that applies to the amortization of leasehold improvements made by lessees in lease arrangements between entities under common control. The ASU is effective for fiscal years beginning after December 15, 2023. The Company does not anticipate this will have a material impact on its condensed consolidated financial statements and related disclosures.

Mortgage Loans at Fair Value

Mortgage Loans at Fair Value	6 Months Ended
Mortgage Loans at Fair Value	Jun. 30, 2023
Receivables [Abstract]
Mortgage Loans at Fair Value	MORTGAGE LOANS AT FAIR VALUE The table below includes the estimated fair value and unpaid principal balance (“UPB”) of mortgage loans that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option has been elected for mortgage loans, as this accounting treatment best reflects the economic consequences of the Company’s mortgage origination and related hedging and risk management activities. The difference between the UPB and estimated fair value is made up of the premiums paid on mortgage loans, as well as the fair value adjustment as of the balance sheet date. The change in fair value adjustment is recorded in the “Loan production income” line item of the condensed consolidated statements of operations. (In thousands) June 30, December 31, Mortgage loans, unpaid principal balance $ 6,263,124 $ 7,128,131 Premiums paid on mortgage loans 50,066 70,914 Fair value adjustment (43,266) (64,085) Mortgage loans at fair value $ 6,269,924 $ 7,134,960

Derivatives

Derivatives	6 Months Ended
Derivatives	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	DERIVATIVES The Company enters into Interest Rate Lock Commitments (“IRLCs”) to originate residential mortgage loans at specified interest rates and terms within a specified period of time with customers who have applied for a loan and may meet certain credit and underwriting criteria. To determine the fair value of the IRLCs, each contract is evaluated based upon its stage in the application, approval and origination process for its likelihood of consummating the transaction (or “pullthrough”). Pullthrough is estimated based on changes in market conditions, loan stage, and actual borrower behavior using a historical analysis of IRLC closing rates. Generally, the further into the process the more likely that the IRLC will convert to a loan. The blended average pullthrough rate was 80% and 77%, as of June 30, 2023 and December 31, 2022, respectively. The Company primarily uses Forward-settling Loan Sale Commitments (“FLSCs”) to economically hedge its pipeline of IRLCs and mortgage loans at fair value. The notional amounts and fair values of derivative financial instruments not designated as hedging instruments were as follows (in thousands): June 30, 2023 December 31, 2022 Fair value Fair value Derivative Derivative Notional Derivative Derivative Notional IRLCs $ 8,900 $ 18,878 $ 8,176,425 (a) $ 7,872 $ 32,294 $ 5,359,684 (a) FLSCs 52,507 2,856 12,116,222 74,997 17,454 10,944,875 Total $ 61,407 $ 21,734 $ 82,869 $ 49,748 (a) Notional amounts have been adjusted for pullthrough rates of 80% an d 77%, respectively.

Accounts Receivable, Net

Accounts Receivable, Net	6 Months Ended
Accounts Receivable, Net	Jun. 30, 2023
Receivables [Abstract]
Accounts Receivable, Net	ACCOUNTS RECEIVABLE, NET The following summarizes accounts receivable, net (in thousands): June 30, December 31, Servicing fees $ 120,267 $ 110,891 Servicing advances 109,800 162,896 Receivables from sales of servicing 58,559 56,019 Derivative settlements receivable 29,679 8,204 Origination receivables 19,230 24,179 Investor receivables 13,440 25,701 Other receivables 720 378 Provision for current expected credit losses (3,830) (5,121) Total accounts receivable, net $ 347,865 $ 383,147

Mortgage Servicing Rights

Mortgage Servicing Rights	6 Months Ended
Mortgage Servicing Rights	Jun. 30, 2023
Transfers and Servicing [Abstract]
Mortgage Servicing Rights	MORTGAGE SERVICING RIGHTS Mortgage servicing rights are recognize d on the condensed consolidated balance sheets when loans are sold and the associated servicing rights are retained. The Company's MSRs are measured at fair value, which is determined u sing a valuation model that calculates the present value of estimated future net servicing cash flows. The model includes estimates of prepayment speeds, discount rate, cost to service, float earnings, contractual servicing fee income, and ancillary income and late fees, among others. These estimates are supported by market and economic data collected from various external sources. The unpaid principal balance of mortgage loans serviced for others approxima ted $294.9 billion and $312.5 billion at June 30, 2023 and December 31, 2022, respectively. Conforming conventional loans serviced by the Company have previously been sold to Fannie Mae and Freddie Mac on a non-recourse basis, whereby credit losses are generally the responsibility of Fannie Mae and Freddie Mac, and not the Company. Loans serviced for Ginnie Mae are insured by the FHA, guaranteed by the VA, or insured by other applicable government programs. While the above guarantees and insurance are the responsibility of those parties, the Company is still subject to potential losses related to its servicing of these loans. Those estimated losses are incorporated into the valuation of MSRs. The following table summarizes changes in the MSR assets for the three and six months ended June 30, 2023 and 2022 (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Fair value, beginning of period $ 3,974,870 $ 3,514,102 $ 4,453,261 $ 3,314,952 Capitalization of MSRs 640,972 412,678 1,166,368 1,058,115 MSR and excess sales (419,732) (216,126) (1,104,353) (872,796) Changes in fair value: Due to changes in valuation inputs or assumptions 164,526 176,456 (58,389) 567,436 Due to collection/realization of cash flows/other (136,429) (150,751) (232,680) (331,348) Fair value, end of period $ 4,224,207 $ 3,736,359 $ 4,224,207 $ 3,736,359 The following is a summary of the components of change in fair value of servicing rights as reported in the condensed consolidated statements of operations (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Changes in fair value: Due to changes in valuation inputs and assumptions $ 164,526 $ 176,456 $ (58,389) $ 567,436 Due to collection/realization of cash flows and other (136,429) (150,751) (232,680) (331,348) Net reserves and transaction costs on sales of servicing rights (3,449) 464 (21,570) (37,956) Changes in fair value of mortgage servicing rights $ 24,648 $ 26,169 $ (312,639) $ 198,132 During the six months ended June 30, 2023 and 2022, the Company sold MSRs on loans with an aggregate UPB of approximately $61.8 billion and $72.7 billion, respectively, for proceeds of approximately $798.9 million and $871.7 million, respectively. In addition, during the six months ended June 30, 2023, the Company sold excess servicing cash flows on certain agency loans with a total UPB of approximately $63.4 billion for proceeds of approximately $305.5 million, all of which occurred in the three months ended March 31, 2023. During the three months ended June 30, 2023, the Company did not sell any excess servicing cash flows. In connection with these sales, the Company recorded a net $21.6 million and $38.0 million, respectively, for its estimated obligation for protection provisions granted to the buyers and transaction costs, which is reflected as part of the change in fair value of MSRs in the condensed consolidated statements of operations. There were no excess servicing cash flow sales during the six months ended June 30, 2022 . The following table summarizes the loan servicing income recognized during the three and six months ended June 30, 2023 and 2022, respectively (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Contractual servicing fees $ 189,695 $ 177,375 $ 404,451 $ 373,325 Late, ancillary and other fees 3,525 2,126 7,326 4,741 Loan servicing income $ 193,220 $ 179,501 $ 411,777 $ 378,066 The key unobservable inputs used in determining the fair value of the Company’s MSRs were as follows at June 30, 2023 and December 31, 2022, respectively: June 30, December 31, Range Weighted Average Range Weighted Average Discount rates 10.0 % — 15.0 % 10.6 % 9.5 % — 15.0 % 10.1 % Annual prepayment speeds 5.7 % — 18.2 % 7.8 % 6.7 % — 14.0 % 7.9 % Cost of servicing $74 — $113 $82 $75 — $108 $80 The hypothetical effect of adverse changes in these key assumptions would result in a decrease in fair values as follows at June 30, 2023 and December 31, 2022, respectively, (in thousands): June 30, December 31, Discount rate: + 10% adverse change – effect on value $ (174,749) $ (183,972) + 20% adverse change – effect on value (334,881) (353,120) Prepayment speeds: + 10% adverse change – effect on value $ (125,932) $ (143,483) + 20% adverse change – effect on value (243,715) (277,992) Cost of servicing: + 10% adverse change – effect on value $ (36,126) $ (39,362) + 20% adverse change – effect on value (72,251) (78,724) These sensitivities are hypothetical and should be used with caution. As the table demonstrates, the Company’s methodology for estimating the fair value of MSRs is highly sensitive to changes in assumptions. For example, actual prepayment experience may differ, and any difference may have a material effect on MSR fair value. Changes in fair value resulting from changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption of the fair value of the MSRs is calculated without changing any other assumption; in reality, changes in one factor may be associated with changes in another (for example, decreases in market interest rates may indicate higher prepayments; however, this may be partially offset by lower prepayments due to other factors such as a borrower’s diminished opportunity to refinance, or lower discount rates as investors may accept lower returns in a lower interest rate environment), which may magnify or counteract the sensitivities. Thus, any measurement of MSR fair value is limited by the conditions existing and assumptions made as of a particular point in time. Those assumptions may not be appropriate if they are applied to a different point in time.

Warehouse and Other Secured Lin

Warehouse and Other Secured Lines of Credit	6 Months Ended
Warehouse and Other Secured Lines of Credit	Jun. 30, 2023
Debt Disclosure [Abstract]
Warehouse And Other Secured Lines Of Credit	WAREHOUSE AND OTHER SECURED LINES OF CREDIT Warehouse Lines of Credit The Company had the following warehouse lines of credit with financial institutions as of June 30, 2023 and December 31, 2022, respectively, (in thousands): Warehouse Lines of Credit 1 Date of Initial Agreement With Warehouse Lender Current Agreement Expiration Date Total Advanced Against Line as of June 30, Total Advanced Against Line as of December 31, Master Repurchase Agreement ("MRA") Funding Limits as of June 30, 2023: $400 Million 2 8/21/2012 1/18/2023 $ — $ 188,607 $700 Million 7/24/2020 8/30/2023 553,048 642,544 $200 Million 3/30/2018 9/6/2023 81,493 170,478 $200 Million 10/30/2020 9/26/2023 106,601 97,216 $3.0 Billion 5/9/2019 9/29/2023 1,953,810 2,239,591 $300 Million 8/19/2016 11/8/2023 284,380 235,804 $250 Million 2/26/2016 12/21/2023 227,562 193,023 $1.0 Billion 7/10/2012 1/8/2024 260,863 521,440 $2.5 Billion 12/31/2014 2/21/2024 1,519,261 1,588,787 $500 Million 3/7/2019 2/21/2024 321,508 236,462 $250 Million 4/23/2021 4/23/2024 74,153 185,502 $400 Million 2/29/2012 5/17/2024 350,112 142,570 Early Funding: $600 Million (ASAP + - see below) No expiration — — $750 Million (EF - see below) No expiration — 1,968 $ 5,732,791 $ 6,443,992 All interest rates are variable based upon a spread to SOFR or other alternative index. 1 An aggregate of $650.0 million of these line amounts is committed as of June 30, 2023. 2 This warehouse line of credit agreement expired pursuant to its terms prior to June 30, 2023. We are an approved lender for loan early funding facilities with Fannie Mae through its As Soon As Pooled Plus (“ASAP+”) program and Freddie Mac through its Early Funding (“EF”) program. As an approved lender for these early funding programs, we enter into an agreement to deliver closed and funded one-to-four family residential mortgage loans, each secured by related mortgages and deeds of trust, and receive funding in exchange for such mortgage loans in some cases before we have grouped them into pools to be securitized by Fannie Mae or Freddie Mac. All such mortgage loans must adhere to a set of eligibility criteria to be acceptable. As of June 30, 2023, no amounts were outstanding through the ASAP+ program or the EF program. As of June 30, 2023, the Company had pledged mortgage loans at fair value as collateral under the above warehouse lines of credit. The above agreements also contain covenants which include certain financial requirements, including maintenance of minimum tangible net worth, minimum liquidity, maximum debt to net worth ratio, and net income, as defined in the agreements. The Company was in compliance with all of these covenants as of June 30, 2023. MSR Facilities In the third quarter of 2022, the Company's consolidated subsidiary, UWM, entered into a Loan and Security Agreement with Citibank, N.A., providing UWM with up to $1.5 billion of uncommitted borrowing capacity to finance the origination, acquisition or holding of certain mortgage servicing rights (the “MSR Facility”). The MSR Facility is collateralized by all of UWM's mortgage servicing rights that are appurtenant to mortgage loans pooled in securitization by Fannie Mae or Freddie Mac that meet certain criteria. Available borrowings under the MSR Facility are based on the fair market value of the collateral. Borrowings under the MSR Facility will bear interest based on SOFR plus an applicable margin. The MSR Facility contains covenants which include certain financial requirements, including maintenance of minimum tangible net worth, minimum liquidity, maximum debt to net worth ratio, and net incom e as defined in the agreement. As of June 30, 2023, the Company was in compliance with all applicable covenants. T he MSR Facility has an initial maturity date of September 26, 2023 . As of June 30, 2023 and December 31, 2022, $250.0 million and $750.0 million, respectively, was outstanding under the MSR Facility. In the first quarter of 2023, the Company's consolidated subsidiary, UWM, entered into a Credit Agreement with Goldman Sachs Bank USA, providing UWM with up to $500.0 million of uncommitted borrowing capacity to finance the origination. acquisition or holding of certain mortgage servicing rights (the "GNMA MSR facility"). The GNMA MSR facility is collateralized by all of UWM's mortgage servicing rights that are appurtenant to mortgage loans pooled in securitization by Ginnie Mae that meet certain criteria. Available borrowings under the GNMA MSR facility are based on the fair market value of the collateral. Borrowings under the GNMA MSR facility will bear interest based on SOFR plus an applicable margin. The GNMA MSR Facility contains covenants which include certain financial requirements, including maintenance of minimum tangible net worth, minimum liquidity, maximum debt to net worth ratio, and net incom e as defined in the agreement. As of June 30, 2023, the Company was in compliance with all applicable covenants. The GNMA MSR facility has an initial maturity date of March 20, 2025. As of June 30, 2023, $250.0 million was outstanding under the GNMA MSR facility. Outstanding borrowings under the MSR facilities are reported within the "Secured lines of credit" financial statement line item on the condensed consolidated balance sheets.

Other Borrowings

Other Borrowings	6 Months Ended
Other Borrowings	Jun. 30, 2023
Debt Disclosure [Abstract]
Other Borrowings	OTHER BORROWINGS Senior Notes The follo wing is a summary of the senior unsecured notes issued by the Company (in thousands): Facility Type Maturity Date Interest Rate Outstanding Principal at June 30, 2023 Outstanding Principal at December 31, 2022 2025 Senior Unsecured Notes (1) 11/15/2025 5.500 % $ 800,000 $ 800,000 2029 Senior Unsecured Notes (2) 04/15/2029 5.500 % 700,000 700,000 2027 Senior Unsecured Notes (3) 06/15/2027 5.750 % 500,000 500,000 Total Senior Unsecured Notes $ 2,000,000 $ 2,000,000 Weighted average interest rate 5.56 % 5.56 % (1) Unamortized debt issuance costs and discounts are presented net against the 2025 Senior Notes reducing the amount reported on the condensed consolidated balance sheets by $5.2 million and $6.3 million as of June 30, 2023 and December 31, 2022, respectively. (2) Unamortized debt issuance costs and discounts are presented net against the 2029 Senior Notes reducing the amount reported on the condensed consolidated balance sheets by $5.1 million and $5.5 million as of June 30, 2023 and December 31, 2022, respectively. (3) Unamortized debt issuance costs and discounts are presented net against the 2027 Senior Notes reducing the amount reported on the condensed consolidated balance sheets by $3.4 million and $3.9 million as of June 30, 2023 and December 31, 2022, respectively. 2025 Senior Notes On November 3, 2020, the Company's consolidated subsidiary, UWM, issued $800.0 million in aggregate principal amount of senior unsecured notes due November 15, 2025 (the “2025 Senior Notes”). The 2025 Senior Notes accrue interest at a rate of 5.500% per annum. Interest on the 2025 Senior Notes is due semi-annually on May 15 and November 15 of each year. On or after November 15, 2022, the Company may, at its option, redeem the 2025 Senior Notes in whole or in part during the twelve-month period beginning on the following dates at the following redemption prices: November 15, 2022 at 102.750%; November 15, 2023 at 101.375%; or November 15, 2024 until maturity at 100%, of the principal amount of the 2025 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest. 2029 Senior Notes On April 7, 2021, the Company's consolidated subsidiary, UWM, issued $700.0 million in aggregate principal amount of senior unsecured notes due April 15, 2029 (the “2029 Senior Notes”). The 2029 Senior Notes accrue interest at a rate of 5.500% per annum. Interest on the 2029 Senior Notes is due semi-annually on April 15 and October 15 of each year. On or after April 15, 2024, the Company may, at its option, redeem the 2029 Senior Notes in whole or in part during the twelve-month period beginning on the following dates at the following redemption prices: April 15, 2024 at 102.750%; April 15, 2025 at 101.375%; or April 15, 2026 until maturity at 100%, of the principal amount of the 2029 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest. Prior to April 15, 2024, the Company may, at its option, redeem up to 40% of the aggregate principal amount of the 2029 Senior Notes originally issued at a redemption price of 105.500% of the principal amount of the 2029 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest with the net proceeds of certain equity offerings. In addition, the Company may, at its option, redeem the 2029 Senior Notes prior to April 15, 2024 at a price equal to 100% of the principal amount redeemed plus a “make-whole” premium, plus accrued and unpaid interest. 2027 Senior Notes On November 22, 2021, the Company's consolidated subsidiary, UWM, issued $500.0 million in aggregate principal amount of senior unsecured notes due June 15, 2027 (the "2027 Senior Notes"). The 2027 Senior Notes accrue interest at a rate of 5.750% per annum. Interest on the 2027 Senior Notes is due semi-annually on June 15 and December 15 of each year. On or after June 15, 2024, the Company may, at its option, redeem the 2027 Senior Notes in whole or in part during the twelve-month period beginning on the following dates at the following redemption prices: June 15, 2024 at 102.875%; June 15, 2025 at 101.438%; or June 15, 2026 until maturity at 100.000%, of the principal amount of the 2027 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest. Prior to June 15, 2024, the Company may, at its option, redeem up to 40% of the aggregate principal amount of the 2027 Senior Notes originally issued at a redemption price of 105.75% of the principal amount of the 2027 Senior Notes redeemed on the redemption date plus accrued and unpaid interest with the net proceeds of certain equity offerings. In addition, the Company may, at its option, redeem the 2027 Senior Notes prior to June 15, 2024 at a price equal to 100% of the principal amount redeemed plus a "make-whole" premium, plus accrued and unpaid interest. The indentures governing the 2025, 2029 and 2027 Senior Notes contain operating covenants and restrictions, subject to a number of exceptio ns and qualifications. The Company was in compliance with the terms of the indentures as of June 30, 2023. Revolving Credit Facility On August 8, 2022, UWM entered into the Revolving Credit Agreement (the “Revolving Credit Agreement”) between UWM, as the borrower, and SFS Corp., as the lender. The Revolving Credit Agreement provides for, among other things, a $500.0 million unsecured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility had an initial one one The Revolving Credit Agreement contains certain financial and operating covenants and restrictions, subject to a number of exceptions and qualifications, and the availability of funds under the Revolving Credit Facility is subject to our continued compliance with these covenants. The Company was in compliance with these covenants as of June 30, 2023. No amounts were outstanding under the Revolving Credit Facility as of June 30, 2023.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Representations and Warranties Reserve Loans sold to investors which the Company believes met investor and agency underwriting guidelines at the time of sale may be subject to repurchase by the Company in the event of specific default by the borrower or upon subsequent discovery that underwriting or documentation standards were not explicitly satisfied. The Company may, upon mutual agreement, indemnify the investor against future losses on such loans or be subject to other guaranty requirements and subject to loss. The Company initially records its exposure under such guarantees at estimated fair value upon the sale of the related loan, within "Accounts payable, accrued expenses, and other" as well as within loan production income, and continues to evaluate its on-going exposures in subsequent periods. The reserve is estimated based on the Company’s assessment of its contingent and non-contingent obligations, including expected losses, expected frequency, the overall potential remaining exposure, as well as an estimate for a market participant’s potential readiness to stand by to perform on such obligations. The Company repurcha sed $102.9 million and $100.4 million i n UPB of loa ns during the three months ended June 30, 2023 and 2022, respective ly, and $161.5 million an d $188.6 million in UPB of loans during the six months ended June 30, 2023 and 2022, respectively, related to its representations and warranties obligations. The activity of the representations and warranties reserve was as follows (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Balance, beginning of period $ 57,962 $ 84,052 $ 60,495 $ 86,762 Additions 20,103 5,977 27,630 13,739 Losses realized, net (18,972) (19,934) (29,032) (30,406) Balance, end of period $ 59,093 $ 70,095 $ 59,093 $ 70,095 Commitments to Originate Loans As of June 30, 2023, the Company had agreed to extend credit to potential borrowers for approximately $26.5 billion. These contracts represent off-balance sheet credit risk where the Company may be required to extend credit to these borrowers based on the prevailing interest rates and prices at the time of execution.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
Variable Interest Entities	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	VARIABLE INTEREST ENTITIES Upon completion of the business combination transaction described in Note 1, the Company became the managing member of Holdings LLC with 100% of the management and voting power in Holdings LLC. In its capacity as managing member, the Company has the sole authority to make decisions on behalf of Holdings LLC and bind Holdings LLC to signed agreements. Further, Holdings LLC maintains separate capital accounts for its investors as a mechanism for tracking earnings and subsequent distribution rights. Management concluded that the Company is Holdings LLC’s primary beneficiary. As the primary beneficiary, the Company consolidates the results and operations of Holdings LLC for financial reporting purposes under the variable interest entity ( “ VIE ” ) consolidation model. The Company's relationship with Holdings LLC results in no recourse to the general credit of the Company. Holdings LLC and its consolidated subsidiaries represent the Company's sole investment. The Company shares in the income and losses of Holdings LLC in direct proportion to the Company's ownership interest. Further, the Company has no contractual requirement to provide financial support to Holdings LLC. The Company's financial position, performance and cash flows effectively represent those of Holdings LLC and its consolidated subsidiaries as of and for the three and six months ended June 30, 2023 and 2022. In 2021, UWM began selling some of the mortgage loans that it originates through private label securitization transactions. There have been no loan sales through UWM's private label securitization transactions since 2021. In executing these transactions, the Company sells mortgage loans to a securitization trust for cash and, in some cases, retained interests in the trust. The securitization entities are funded through the issuance of beneficial interests in the securitized assets. The beneficial interests take the form of trust certificates, some of which are sold to investors and some of which may be retained by the Company due to regulatory requirements. Retained beneficial interests consist of a 5% vertical interest in the assets of the securitization trusts, in order to comply with the risk retention requirements applicable to certain of the Company's securitization transactions. The Company has elected the fair value option for subsequently measuring the retained beneficial interests in the securitization trusts, and these investments are presented as “Investment securities at fair value, pledged” in the condensed consolidated balance sheet as of June 30, 2023 and December 31, 2022 . Changes in the fair value of these retained beneficial interests are reported as part of "Other expense" in the condensed consolidated statements of operations. The Company also retains the servicing rights on the securitized mortgage loans. The Company has accounted for these transactions as sales of financial assets. The securitization trusts that purchase the mortgage loans from the Company and securitize those mortgage loans are VIEs, and the Company holds variable interests in certain of these entities. Because the Company does not have the obligation to absorb the VIEs’ losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs, the Company is not the primary beneficiary of these securitization trusts and is not required to consolidate these VIEs. The Company separately entered into sale and repurchase agreements for a portion of the retained beneficial interests in the securitization trusts, which have been accounted for as borrowings against investment securities. As of June 30, 2023, $109.7 million of the $111.6 million of investment securities at fair value have been pledged as collateral for these borrowings against investment securities. The outstanding principal balance of these borrowings was approximately $100.9 million with remaining maturities ranging from approximately one

Non-controlling Interests

Non-controlling Interests	6 Months Ended
Non-controlling Interests	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Non-controlling Interests	NON-CONTROLLING INTERESTS The non-controlling interest balance represents the economic interest in Holdings LLC held by SFS Corp. The following table summarizes the ownership of units in Holdings LLC as of: June 30, 2023 December 31, 2022 Common Units Ownership Percentage Common Units Ownership Percentage UWM Holdings Corporation ownership of Class A Common Units 93,114,878 5.84 % 92,575,974 5.81 % SFS Corp. ownership of Class B Common Units 1,502,069,787 94.16 % 1,502,069,787 94.19 % Balance at end of period 1,595,184,665 100.00 % 1,594,645,761 100.0 % The non-controlling interest holder has the right to exchange Class B Common Units, together with a corresponding number of shares of our Class D common stock or Class C common stock (together referred to as “Stapled Interests”), for, at the Company's option, (i) shares of the Company's Class B common stock or Class A common stock or (ii) cash from a substantially concurrent public offering or private sale (based on the price of the Company's Class A common stock). As such, future exchanges of Stapled Interests by the non-controlling interest holder will result in a change in ownership and reduce or increase the amount recorded as non-controlling interest and increase or decrease additional paid-in-capital or retained earnings when Holdings LLC has positive or negative net assets, respectivel y. As of June 30, 2023, SFS Corp. has not exchanged any Stapled Interests. During the six months ended June 30, 2023, the Company issued 538,904 shares of Class A common stock, net of withholdings, which primarily related to the vesting of RSUs under its stock-based compensation plan and grants to the Company's non-employee directors . During the six months ended June 30, 2022 , the Company issued 926,940 shares of Class A common stock which primarily related to the vesting of RSUs under its stock-based compensation plan and grants to the Company's non-employee directors. This resulted in an equivalent increase in the number of Class A Common Units of Holdings LLC held by the Company, and a r

Regulatory Net Worth Requiremen

Regulatory Net Worth Requirements	6 Months Ended
Regulatory Net Worth Requirements	Jun. 30, 2023
Mortgage Banking [Abstract]
Regulatory Net Worth Requirements	REGULATORY NET WORTH REQUIREMENTSCertain secondary market agencies and state regulators require UWM to maintain minimum net worth and capital requirements to remain in good standing with the agencies. Noncompliance with an agency’s requirements can result in such agency taking various remedial actions up to and including terminating UWM’s ability to sell loans to and service loans on behalf of the respective agency. UWM is required to maintain certain minimum net worth, minimum capital ratio and minimum liquidity requirements, including those established by HUD, Ginnie Mae, Freddie Mac and Fannie Mae. As of June 30, 2023, the most restrictive of these requirements require UWM to maintain a minimum net worth of $739.9 million, liquidity of $95.5 million and a minimum capital ratio of 6%. At June 30, 2023, UWM was in compliance with these requirements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value is defined under U.S. GAAP as the price that would be received if an asset were sold or the price that would be paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. Required disclosures include classification of fair value measurements within a three-level hierarchy (Level 1, Level 2 and Level 3). Classification of a fair value measurement within the hierarchy is dependent on the classification and significance of the inputs used to determine the fair value measurement. Observable inputs are those that are observed, implied from, or corroborated with externally available market information. Unobservable inputs represent the Company’s estimates of market participants’ assumptions. Fair value measurements are classified in the following manner: Level 1 —Valuation is based on quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 —Valuation is based on either observable prices for identical assets or liabilities in inactive markets, observable prices for similar assets or liabilities, or other inputs that are derived directly from, or through correlation to, observable market data at the measurement date. Level 3 —Valuation is based on the Company’s or others’ models using significant unobservable assumptions at the measurement date that a market participant would use. In determining fair value measurements, the Company uses observable inputs whenever possible. The level of a fair value m easurement within the hierarchy is dependent on the lowest level of input that has a significant impact on the measurement as a whole. If quoted market prices are available at the measurement date or are available for similar instruments, such prices are used in the measurements. If observable market data is not available at the measurement date, judgement is required to measure fair value. The following is a description of measurement techniques for items recorded at fair value on a recurring basis. There were no material items recorded at fair value on a nonrecurring basis as of June 30, 2023 or December 31, 2022. Mortgage loans at fair value : The Company has elected the fair value option for mortgage loans. Accordingly, the fair values of mortgage loans are based on valuation models that use the market price for similar loans sold in the secondary market. As these prices are derived from market observable inputs, they are categorized as Level 2. IRLCs : The Company's interest rate lock commitments are derivative instruments that are recorded at fair value based on valuation models that use the market price for similar loans sold in the secondary market. The interest rate lock commitments are then subject to an estimated loan funding probability, or “pullthrough rate.” Given the significant and unobservable nature of the pullthrough rate assumption, IRLC fair value measurements are classified as Level 3. MSRs : The fair value of MSRs is determined using a valuation model that calculates the present value of estimated future net servicing cash flows. The model includes estimates of prepayment speeds, discount rate, cost to service, float earnings, contractual servicing fee income, and ancillary income and late fees, among others. These estimates are supported by market and economic data collected from various outside sources. These fair value measurements are classified as Level 3. FLSCs : The Company enters into forward loan sales commitments to sell certain mortgage loans which are recorded at fair value based on valuation models. The Company’s expectation of the amount of its interest rate lock commitments that will ultimately close is a factor in determining the position. The valuation models utilize the fair value of related mortgage loans determined using observable market data, and therefore, the fair value measurements of these commitments are categorized as Level 2. Investment securities at fair value, pledged : The Company occasionally sells mortgage loans that it originates through private label securitization transactions. In executing these securitizations, the Company sells mortgage loans to a securitization trust for cash and, in some cases, retained interests in the trust. The Company has elected the fair value option for subsequently measuring the retained beneficial interests in the securitization trusts. The fair value of these investment securities is primarily based on observable market data and therefore categorized as Level 2. Public and Private Warrants : The fair value of Public Warrants is based on the price of trades of these securities in active markets and therefore categorized as Level 1. The fair value of the Private Warrants is based on observable market data and therefore categorized as Level 2. Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis The following are the major categories of financial assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, 2023 Description Level 1 Level 2 Level 3 Total Assets: Mortgage loans at fair value $ — $ 6,269,924 $ — $ 6,269,924 IRLCs — — 8,900 8,900 FLSCs — 52,507 — 52,507 Investment securities at fair value, pledged — 111,625 — 111,625 Mortgage servicing rights — — 4,224,207 4,224,207 Total assets $ — $ 6,434,056 $ 4,233,107 $ 10,667,163 Liabilities: IRLCs $ — $ — $ 18,878 $ 18,878 FLSCs — 2,856 — 2,856 Public and Private Warrants 2,549 2,497 — 5,046 Total liabilities $ 2,549 $ 5,353 $ 18,878 $ 26,780 December 31, 2022 Description Level 1 Level 2 Level 3 Total Assets: Mortgage loans at fair value $ — $ 7,134,960 $ — $ 7,134,960 IRLCs — — 7,872 7,872 FLSCs — 74,997 — 74,997 Investment securities at fair value, pledged — 113,290 — 113,290 Mortgage servicing rights — — 4,453,261 4,453,261 Total assets $ — $ 7,323,248 $ 4,461,133 $ 11,784,381 Liabilities: IRLCs $ — $ — $ 32,294 $ 32,294 FLSCs — 17,454 — 17,454 Public and Private warrants 1,328 445 — 1,773 Total liabilities $ 1,328 $ 17,899 $ 32,294 $ 51,521 The following table presents quantitative information about the inputs used in recurring Level 3 fair value financial instruments and the fair value measurements for IRLCs: Unobservable Input - IRLCs June 30, 2023 December 31, 2022 Pullthrough rate (weighted avg) 80 % 77 % Refer to Note 5 - Mortgage Servicing Rights for further information on the unobservable inputs used in measuring the fair value of the Company’s MSRs and for the roll-forward of MSRs for the three and six months ended June 30, 2023. Level 3 Issuances and Transfers The Company enters into IRLCs which are considered derivatives. If the contract converts to a loan, the implied value, which is solely based upon interest rate changes, is incorporated in the basis of the fair value of the loan. If the IRLC does not convert to a loan, the basis is reduced to zero as the contract has no continuing value. The Company does not track the basis of the individual IRLCs that convert to a loan, as that amount has no relevance to the presented condensed consolidated financial statements. Other Financial Instruments The following table presents the carrying amounts and estimated fair value of the Company's financial liabilities that are not measured at fair value on a recurring or nonrecurring basis (in thousands): June 30, 2023 December 31, 2022 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value 2025 Senior Notes, due 11/15/25 $ 794,798 $ 763,184 $ 793,703 $ 724,928 2029 Senior Notes, due 4/15/29 694,933 598,451 694,496 565,607 2027 Senior Notes, due 6/15/27 496,570 455,730 496,137 430,920 $ 1,986,301 $ 1,817,365 $ 1,984,336 $ 1,721,455 The fair value of the 2025, 2029 and 2027 Senior Notes was estimated using Level 2 inputs, including observable trading information from independent sources. Due to their nature and respective terms (including the variable interest rates on warehouse and other lines of credit and borrowings against investment securities) , the carrying value of cash and cash equivalents, receivables, payables, equipment notes payable, borrowings against investment securities and warehouse and other lines of credit approximate their fair value as of June 30, 2023 and December 31, 2022, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS In the normal course of business, the Company engages in the following significant related party transactions: • The Company’s corporate campus is located in buildings and on land that are owned by entities controlled by the Company’s founder (who is a current member of the Board of Directors) and its CEO and leased by the Company from these entities. The Company also makes leasehold improvements to these properties for the benefit of the Company, for which the Company is responsible pursuant to the terms of the lease agreements; • Legal services are provided to the Company by a law firm in which the Company’s founder is a partner; • The Company leases aircraft owned by entities controlled by the Company’s CEO to facilitate travel of Company executives for busine ss purpos es. Our executive officers (other than the CEO) may, from time to time, be authorized by the CEO to use the aircraft for personal trips; • Employee lease agreements, pursuant to which the Company’s team members provide certain administrative services to entities controlled by the Company’s founder and its CEO in exchange for fees paid by these entities to the Company. For the three months ended June 30, 2023 and 2022, the Company made net payments of approximately $5.8 million and $9.9 million, respectively, to various companies related through common ownership. Such related party payments were comprised of, (i) with respect to the three months ended June 30, 2023, approximately $5.6 million in rent and other occupancy related fees and $0.2 million in legal fees and (ii) with respect to the three months ended June 30, 2022, approximately $9.7 million in rent and other occupancy related fees and $0.2 million in legal fees. Additionally, the Company made payments of $0.1 million to unrelated third parties for pilots and ancillary services related to usage of the aircraft for the three months ended June 30, 2022. For the six months ended June 30, 2023 and 2022, the Company made net payments of approximately $10.7 million and $15.5 million, respectively, to various companies related through common ownership. Such related party payments were comprised of, (i) with respect to the six months ended June 30, 2023, approximately $10.2 million in rent and other occupancy related fees, $0.3 million in legal fees, and $0.2 million in other general and administrative expenses and (ii) with respect to the six months ended June 30, 2022, approximately $15.0 million in rent and other occupancy related fees, $0.3 million in legal fees and $0.2 million in other general and administrative expenses. Additionally, the Company made payments of $0.2 million and $0.2 million to unrelated third parties for pilots and ancillary services related to usage of the aircraft for the six months ended June 30, 2023 and 2022, respectively. UWM entered into a $500.0 million unsecured Revolving Credit Facility with SFS Corp. as the lender during the third quarter of 2022. Refer to Note 7 - Other borrowings

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES UWM is treated as single member LLC owned by Holdings LLC. As a single member LLC, all taxable income or loss generated by UWM will pass through and be included in the income or loss of Holdings LLC. Holdings LLC is treated as a partnership for federal and most state and local income tax jurisdictions. Due to its partnership tax treatment, Holdings LLC is not subject to U.S. federal or most state and local incomes taxes. Any taxable income or loss generated by Holdings LLC after the Company’s acquisition of its portion of Holdings LLC is passed through and included i n the taxable income or loss of its members, including the Company. The Company is a C Corporation and is subject to U.S. federal, state and local income taxes with respect to its attributable share of any taxable income of Holdings LLC. The tax provision for interim periods is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of its annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The quarterly tax provision and estimate of the Company’s annual effective tax rate are subject to variation due to several factors including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, changes in how the Company conducts business, and tax law developments. For the three mont hs ended June 30, 2023 and 2022, the Company’s effective tax rate was 0.53% and 0.36%, respectively. For the six months ended June 30, 2023 and 2022, the Company’s effective tax rate was 0.23% and 0.71% respectively. The variations between the Company’s effective tax rate and the U.S. statutory rate are primarily due to the portion (approximately 94%) of the Company’s earnings attributable to non-controlling interests. The Company recognizes deferred tax assets to the extent it believes these assets are more-likely-than-not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. The Company recognizes uncertain income tax positions when it is not more-likely-than-not that a tax position will be sustained upon examination. As of June 30, 2023, the Company has not recognized any uncertain tax positions. The Company accrues interest and penalties related to uncertain tax positions as a component of the income tax provision. No interest or penalties were recognized in income tax expense for the six months ended June 30, 2023 or 2022. The Company may be subject to potential examination by U.S. federal or state jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income amounts in various tax jurisdictions and compliance with U.S. federal or state tax laws. Tax years 2019 and forward remain open under applicable statute of limitations with relevant taxing authorities.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION The following is a summary of RSU activity for the three and six months ended June 30, 2023 and 2022 : For the three months ended June 30, 2023 2022 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested - beginning of period 3,674,430 $ 4.64 1,826,136 $ 7.75 Granted 2,680,554 6.00 7,508 4.13 Vested (12,907) 4.92 (8,172) 4.42 Forfeited (146,673) 4.84 (79,796) 7.75 Unvested - end of period 6,195,404 $ 5.20 1,745,676 $ 7.75 For the six months ended June 30, 2023 2022 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested - beginning of period 4,005,801 $ 5.30 2,812,320 $ 7.75 Granted 3,266,350 5.70 7,508 4.13 Vested (817,608) 7.71 (926,940) 7.72 Forfeited (259,139) 4.81 (147,212) 7.75 Unvested - end of period 6,195,404 $ 5.20 1,745,676 $ 7.75 Stock-based compensation expense recognized for the three months ended June 30, 2023 and 2022 was $3.7 million and $1.7 million, respectively. Stock-based compensation expense recognized for the six months ended June 30, 2023 and 2022 was $6.0 million an d $3.5 million, respectively. As of June 30, 2023, there w as $26.6 million of unrecognized compensation expense related to unvested awards which is expected to be recognized over a weighted average period of 3.1 years.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE As of June 30, 2023, the Company had two classes of economic shares authorized - Class A and Class B common stock. The Company applies the two-class method for calculating earnings per share for Class A common stock and Class B common stock. In applying the two-class method, the Company allocates undistributed earnings equally on a per share basis between Class A and Class B common stock. According to the Company’s certificate of incorporation, the holders of the Class A and Class B common stock are entitled to participate in earnings equally on a per-share basis, as if all shares of common stock were of a single class, and in such dividends as may be declared by the Board of Directors. RSUs awarded as part of the Company’s stock compensation plan are included in weighted-average Class A shares outstanding in the calculation of basic earnings per share once the RSUs are vested and shares are issued. Basic earnings per share of Class A common stock and Class B common stock is computed by dividing net income attributable to UWM Holdings Corporation by the weighted-average number of shares of Class A common stock and Class B common stock outstanding during the period. Diluted earnings per share of Class A common stock and Class B common stock is computed by dividing net income by the weighted-average number of shares of Class A common stock or Class B common stock, respectively, outstanding adjusted to give effect to potentially dilutive securities. See Note 10, Non-Controlling Interests for a description of the Stapled Interests. Refer to Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies - for additional information related to the Company's capital structure. There was no Class B common stock outstanding as of June 30, 2023 or June 30, 2022. The following table sets forth the calculation of basic and diluted earnings per share for the three and six month periods ended June 30, 2023 and 2022 (in thousands, except shares and per share amounts): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Net income $ 228,794 $ 215,445 $ 90,181 $ 668,732 Net income attributable to non-controlling interests 221,236 207,079 94,564 638,436 Net income (loss) attributable to UWMC 7,558 8,366 (4,383) 30,296 Numerator: Net income (loss) attributable to Class A common shareholders $ 7,558 $ 8,366 $ (4,383) $ 30,296 Net income (loss) attributable to Class A common shareholders - diluted $ 7,558 $ 8,366 $ (4,383) $ 515,712 Denominator: Weighted average shares of Class A common stock outstanding - basic 93,107,133 92,533,620 93,014,478 92,374,988 Weighted average shares of Class A common stock outstanding - diluted 93,107,133 92,533,620 93,014,478 1,594,444,775 Earnings (loss) per share of Class A common stock outstanding - basic $ 0.08 $ 0.09 $ (0.05) $ 0.33 Earnings (loss) per share of Class A common stock outstanding - diluted $ 0.08 $ 0.09 $ (0.05) $ 0.32 For purposes of calculating diluted earnings per share, it was assumed that the 1,502,069,787 shares of Class D common stock were exchanged for Class B common stock and converted to Class A common stock under the if-converted method, and it was determined that the conversion would be anti-dilutive for all periods except for the six months ended June 30, 2022. Under the if-converted method, all of the Company's net income for the applicable periods is attributable to Class A common shareholders. The net income of the Company under the if-converted method is calculated including an estimated income tax provision which is determined using a blended statutory effective tax rate. The Public and Private Warrants were not in the money and the triggering events for the issuance of earn-out shares were not met during the three or six months ended June 30, 2023 or 2022. Therefore, these potentially dilutive securities were excluded from the computation of diluted earnings per share. Unvested RSUs have been considered in the calculations of diluted earnings per share for the three and six months ended June 30, 2023 and 2022 using the treasury stock method and the impact was either anti-dilutive or immaterial .

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Subsequent to June 30, 2023, the Board declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on October 11, 2023 to stockholders of record at the close of business on September 20, 2023. Additionally, the Board approved a proportional distribution to SFS Corp. of $150.2 million which is payable on or about October 11, 2023 . Subsequent to June 30, 2023, the Company sold MSRs on certain agency loans with a total UPB of approximately $26.2 billion for gross proceeds of approximately $346.3 million .

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,558	$ 8,366	$ (4,383)	$ 30,296

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization, Basis of Presen_2

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Orga nization UWM Holdings Corporation, through its consolidated subsidiaries (collectively, the “Company”), engages in the origination, sale and servicing of residential mortgage loans. The Company is organized in Delaware but based in Michigan, and originates and services loans throughout the U.S. The Company is approved as a Title II, non-supervised direct endorsement mortgagee with the U.S. Department of Housing and Urban Development (or “HUD”). In addition, the Company is an approved issuer with the Government National Mortgage Association (or “Ginnie Mae”), as well as an approved seller and servicer with the Federal National Mortgage Association (or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (or “Freddie Mac”). The Company (f/k/a Gores Holdings IV, Inc.) was incorporated in Delaware on June 12, 2019. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On September 22, 2020, the Company entered into a Business Combination Agreement (the “Business Combination Agreement”) by and among the Company, SFS Holding Corp., a Michigan corporation (“SFS Corp.”), United Wholesale Mortgage, LLC, a Michigan limited liability company (“UWM”), and UWM Holdings, LLC, a newly formed Delaware limited liability company (“Holdings LLC” and, together with UWM, the “UWM Entities”). The business combination with the UWM Entities closed on January 21, 2021. Prior to the closing of the business combination with the UWM Entities, SFS Corp. was the sole member of UWM, which had one unit authorized, issued and outstanding. On January 21, 2021, SFS Corp. contributed its equity interest in UWM to Holdings LLC and adopted the Amended and Restated Operating Agreement to admit Holdings LLC as UWM's sole member and its manager. Upon completion of the business combination transaction, (i) Holdings LLC issued approximately 6% of its units (Class A Common Units) to the Company, (ii) SFS Corp. retained approximately 94% of the units (Class B Common Units) in Holdings LLC and accordingly retained approximately 94% of the economic ownership interest of the combined company and (iii) Holdings LLC became a consolidated subsidiary of the Company, as the Company is the sole managing member of Holdings LLC. The economic interest in Holdings LLC owned by SFS Corp. is presented as a non-controlling interest in these condensed consolidated financial statements. See Note 10 - Non-Controlling Interests for further information. Following the consummation of the transactions contemplated by the Business Combination Agreement, the Company is organized in an “Up-C” structure in which UWM (the operating subsidiary) is held directly by Holdings LLC, and the Company’s only material direct asset consists of Class A Common Units in Holdings LLC. The Company’s current capital structure authorizes Class A common stock, Class B common stock, Class C common stock and Class D common stock. The Class A common stock and Class C common stock each provide holders with one vote on all matters submitted to a vote of stockholders, and the Class B common stock and Class D common stock each provide holders with 10 votes on all matters submitted to a vote of stockholders. The holders of Class C common stock and Class D common stock do not have any of the economic rights (including rights to dividends and distributions upon liquidation) provided to holders of Class A common stock and Class B common stock. Each Holdings LLC Class B Common Unit held by SFS Corp. may be exchanged at the option of the Company, along with its stapled share of Class D common stock, for either, (a) cash or (b) one share of the Company’s Class B common stock. Each share of Class B common stock is convertible into one share of Class A common stock upon the transfer or assignment of such share from SFS Corp. to a non-affiliated third-party. See Note 10 - Non-Controlling Interests for further information. Pursuant to the Business Combination Agreement, SFS Corp. is entitled to receive an aggregate of up to 90,761,687 earn-out shares in the form of Class B Common Units in Holdings LLC and Class D common shares upon attainment of certain stock price targets prior to January 2026. There are four different triggering events that affect the number of earn-out shares that will be issued based upon the per share price of Class A common stock ranging from $13.00 to $19.00 per share. The Company accounts for the potential earn-out shares as a component of stockholders’ equity in accordance with the applicable guidance in U.S. GAAP. See Note 16 - Earnings Per Share for further information. Upon completion of the business combination transaction, the directors and officers of Gores Holdings IV, Inc. (the “Gores Directors and Officers”) resigned, the Company appointed new directors to its Board, and certain officers of UWM became officers of the Company. Pursuant to the Business Combination Agreement, the Company is obligated to indemnify the Gores Directors and Officers for costs or losses incurred prior to or after the closing of the business combination transaction that arose by reason of the fact that he or she is or was a director or officer of Gores Holdings IV, Inc. The Gores Directors and
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements are unaudited and presented in U.S. dollars. They have been prepared in accordance with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, these condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair statement of our results of operations, financial position and cash flows for the periods presented. However, our results of operations for any interim period are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period.
Use of Estimates	Use of EstimatesThe preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Loans Eligible for Repurchase from Ginnie Mae	Loans Eligible for Repurchase from Ginnie Mae When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the previously sold assets are required to be re-recognized on the condensed consolidated balance sheets as ass ets and corresponding liabilities at the loan's unpaid principal balance
Income Taxes And Tax Receivable Agreement	Income Taxes The Company follows the asset and liability method of accounting for income taxes under applicable U.S. GAAP. Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. We are subject to income taxes in the U.S. and various state and local jurisdictions. The tax laws are often complex and may be subject to different interpretations. To determine the financial statement impact of accounting for income taxes, the Company must make assumptions and judgements about how to interpret and apply complex tax laws to numerous transactions and business events, as well as make judgements regarding the timing of when certain items may affect taxable income. Deferred income taxes arise from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. If based upon all available positive and negative evidence, it is more likely than not that the deferred tax assets will not be realized, a valuation allowance is established. The valuation allowance may be reversed in a subsequent reporting period if the Company determines that it is more likely than not that all or part of the deferred tax asset will become realizable. Our interpretations of tax laws are subject to review and examination by various taxing authorities and jurisdictions where the Company operates, and disputes may occur regarding our view on a tax position. These disputes over interpretations with the various tax authorities may be settled by audit, administrative appeals or adjudication in the court systems of the tax jurisdictions in which the Company operates. We regularly review whether we may be assessed additional income taxes as a result of the resolution of these matters, and the Company records additional reserves as appropriate. In addition, the Company may revise its estimate of income taxes due to changes in income tax laws, legal interpretations, and business strategies. We recognize the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. We record interest and penalties related to uncertain tax positions as a component of the income tax provision. See Note 14 – Income Taxes for further information. In connection with the Business Combination Agreement, the Company entered into a Tax Receivable Agreement with SFS Corp. that will obligate the Company to make payments to SFS Corp. of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that the Company actually realizes as a result of (i) certain increases in tax basis resulting from exchanges of Holdings LLC Common Units; (ii) imputed interest deemed to be paid by the Company as a result of payments it makes under the tax receivable agreement; (iii) certain increases in tax basis resulting from payments the Company makes under the tax receivable agreement; and (iv) disproportionate allocations (if any) of tax benefits to the Company which arise from, among other things, the sale of certain assets as a result of section 704(c) of the Internal Revenue Code of 1986. The Company will retain the benefit of the remaining 15% of these tax savings. The Company's potential liability under the Tax Receivable Agreement is accounted for as a loss contingency (the liability recorded within "Accounts payable, accrued expenses and other")
Related Party Transactions	Related Party Transactions The Company enters into various transactions with related parties. See Note 13 – Related Party Transactions for further information.
Public and Private Warrants	Public and Private Warrants As part of Gores Holdings IV, Inc.'s initial public offering ("IPO") in January 2020, Gores Holdings IV, Inc. issued to third party investors 42.5 million units, consisting of one share of Class A common stock of Gores Holdings IV, Inc. and one-fourth of one warrant, at a price of $10.00 per unit. Each whole warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share (the “Public Warrants”). Simultaneously with the closing of the IPO, Gores Holdings IV, Inc. completed the private sale of 5.25 million warrants to Gores Holdings IV, Inc.'s sponsor at a purchase price of $2.00 per warrant (the “Private Warrants”). Each Private Warrant allows the sponsor to purchase one share of Class A common stock at $11.50 per share. Upon the closing of the business combination transaction, the Company had 10,624,987 Public Warrants and 5,250,000 Private Warrants outstanding. The Private Warrants and the shares of common stock issuable upon the exercise of the Private Warrants were not transferable, assignable or salable until after the completion of the business combination, subject to certain limited exceptions. Additionally, the Private Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
Stock-Based Compensation	Stock-Based Compensation Effective upon the closing of the business combination transaction, the Company adopted the UWM Holdings Corporation 2020 Omnibus Incentive Plan (the “2020 Plan”) which was approved by stockholders on January 20, 2021. The 2020 Plan allows for the grant of stock options, restricted stock, restricted stock units (“RSUs”), and stock appreciation rights. Pursuant to the 2020 Plan, the Company reserved a total of 80,000,000 shares of common stock for issuance of stock-based compensation awards, and 72,017,015 s hares remained available for issuance under the 2020 Plan as of June 30, 2023 . Stock-based compensation expense is recognized on a straight-line basis over the requisite service period based on the fair value of the award on the date of grant and is included in "Salaries, commissions and benefits" on the condensed consolidated statements of operations. The Company made a policy election to recognize the effects of forfeitures as they occur. See Note 15 – Stock-based Compensation for further information.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which was subsequently amended by ASU No. 2021-1, Reference Rate Reform (Topic 848): Scope , which was issued in January 2021 and will remain effective through December 31, 2024. This guidance provides practical expedients to address existing guidance on contract modifications due to the expected market transition from the London Inter-bank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The ASU was effective upon issuance on a prospective basis beginning January 1, 2020. The Company has added alternative base rate language, which may include SOFR to agreements for its derivatives, warehouse and other lines of credit, and debt obligations that use LIBOR. The Company has applied the optional expedients under ASU 2020-04 and accounted for the contract modifications related to reference rate reform prospectively. There was no impact on the Company’s condensed consolidated financial statements from adopting this standard. In March 2023, the FASB issued ASU 2023-1, Leases (Topic 842): Common Control Arrangements , which amends certain provisions of ASU 201 6-2, Leases (Topic 842) , which was issued in February 2016 and will remain effective through December 31, 2024. This guidance addresses existing guidance that applies to the amortization of leasehold improvements made by lessees in lease arrangements between entities under common control. The ASU is effective for fiscal years beginning after December 15, 2023. The Company does not anticipate this will have a material impact on its condensed consolidated financial statements and related disclosures.

Mortgage Loans at Fair Value (T

Mortgage Loans at Fair Value (Tables)	6 Months Ended
Mortgage Loans at Fair Value (Tables)	Jun. 30, 2023
Receivables [Abstract]
Summary of Reconciliation of Changes in Mortgage Loans at Fair Value	The change in fair value adjustment is recorded in the “Loan production income” line item of the condensed consolidated statements of operations. (In thousands) June 30, December 31, Mortgage loans, unpaid principal balance $ 6,263,124 $ 7,128,131 Premiums paid on mortgage loans 50,066 70,914 Fair value adjustment (43,266) (64,085) Mortgage loans at fair value $ 6,269,924 $ 7,134,960

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
Derivatives (Tables)	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The notional amounts and fair values of derivative financial instruments not designated as hedging instruments were as follows (in thousands): June 30, 2023 December 31, 2022 Fair value Fair value Derivative Derivative Notional Derivative Derivative Notional IRLCs $ 8,900 $ 18,878 $ 8,176,425 (a) $ 7,872 $ 32,294 $ 5,359,684 (a) FLSCs 52,507 2,856 12,116,222 74,997 17,454 10,944,875 Total $ 61,407 $ 21,734 $ 82,869 $ 49,748 (a) Notional amounts have been adjusted for pullthrough rates of 80% an d 77%, respectively.

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	6 Months Ended
Accounts Receivable, Net (Tables)	Jun. 30, 2023
Receivables [Abstract]
Schedule of Accounts Receivable	The following summarizes accounts receivable, net (in thousands): June 30, December 31, Servicing fees $ 120,267 $ 110,891 Servicing advances 109,800 162,896 Receivables from sales of servicing 58,559 56,019 Derivative settlements receivable 29,679 8,204 Origination receivables 19,230 24,179 Investor receivables 13,440 25,701 Other receivables 720 378 Provision for current expected credit losses (3,830) (5,121) Total accounts receivable, net $ 347,865 $ 383,147

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	6 Months Ended
Mortgage Servicing Rights (Tables)	Jun. 30, 2023
Transfers and Servicing [Abstract]
Summary of Mortgage Servicing Rights	The following table summarizes changes in the MSR assets for the three and six months ended June 30, 2023 and 2022 (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Fair value, beginning of period $ 3,974,870 $ 3,514,102 $ 4,453,261 $ 3,314,952 Capitalization of MSRs 640,972 412,678 1,166,368 1,058,115 MSR and excess sales (419,732) (216,126) (1,104,353) (872,796) Changes in fair value: Due to changes in valuation inputs or assumptions 164,526 176,456 (58,389) 567,436 Due to collection/realization of cash flows/other (136,429) (150,751) (232,680) (331,348) Fair value, end of period $ 4,224,207 $ 3,736,359 $ 4,224,207 $ 3,736,359 The following is a summary of the components of change in fair value of servicing rights as reported in the condensed consolidated statements of operations (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Changes in fair value: Due to changes in valuation inputs and assumptions $ 164,526 $ 176,456 $ (58,389) $ 567,436 Due to collection/realization of cash flows and other (136,429) (150,751) (232,680) (331,348) Net reserves and transaction costs on sales of servicing rights (3,449) 464 (21,570) (37,956) Changes in fair value of mortgage servicing rights $ 24,648 $ 26,169 $ (312,639) $ 198,132
Summary of Loan Servicing Income	The following table summarizes the loan servicing income recognized during the three and six months ended June 30, 2023 and 2022, respectively (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Contractual servicing fees $ 189,695 $ 177,375 $ 404,451 $ 373,325 Late, ancillary and other fees 3,525 2,126 7,326 4,741 Loan servicing income $ 193,220 $ 179,501 $ 411,777 $ 378,066
Summary of Key Assumptions Used in Determining the Fair Value	The key unobservable inputs used in determining the fair value of the Company’s MSRs were as follows at June 30, 2023 and December 31, 2022, respectively: June 30, December 31, Range Weighted Average Range Weighted Average Discount rates 10.0 % — 15.0 % 10.6 % 9.5 % — 15.0 % 10.1 % Annual prepayment speeds 5.7 % — 18.2 % 7.8 % 6.7 % — 14.0 % 7.9 % Cost of servicing $74 — $113 $82 $75 — $108 $80
Schedule of Analysis of Change in Fair Value	The hypothetical effect of adverse changes in these key assumptions would result in a decrease in fair values as follows at June 30, 2023 and December 31, 2022, respectively, (in thousands): June 30, December 31, Discount rate: + 10% adverse change – effect on value $ (174,749) $ (183,972) + 20% adverse change – effect on value (334,881) (353,120) Prepayment speeds: + 10% adverse change – effect on value $ (125,932) $ (143,483) + 20% adverse change – effect on value (243,715) (277,992) Cost of servicing: + 10% adverse change – effect on value $ (36,126) $ (39,362) + 20% adverse change – effect on value (72,251) (78,724)

Warehouse and Other Secured L_2

Warehouse and Other Secured Lines of Credit (Tables)	6 Months Ended
Warehouse and Other Secured Lines of Credit (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Lines of Credit	The Company had the following warehouse lines of credit with financial institutions as of June 30, 2023 and December 31, 2022, respectively, (in thousands): Warehouse Lines of Credit 1 Date of Initial Agreement With Warehouse Lender Current Agreement Expiration Date Total Advanced Against Line as of June 30, Total Advanced Against Line as of December 31, Master Repurchase Agreement ("MRA") Funding Limits as of June 30, 2023: $400 Million 2 8/21/2012 1/18/2023 $ — $ 188,607 $700 Million 7/24/2020 8/30/2023 553,048 642,544 $200 Million 3/30/2018 9/6/2023 81,493 170,478 $200 Million 10/30/2020 9/26/2023 106,601 97,216 $3.0 Billion 5/9/2019 9/29/2023 1,953,810 2,239,591 $300 Million 8/19/2016 11/8/2023 284,380 235,804 $250 Million 2/26/2016 12/21/2023 227,562 193,023 $1.0 Billion 7/10/2012 1/8/2024 260,863 521,440 $2.5 Billion 12/31/2014 2/21/2024 1,519,261 1,588,787 $500 Million 3/7/2019 2/21/2024 321,508 236,462 $250 Million 4/23/2021 4/23/2024 74,153 185,502 $400 Million 2/29/2012 5/17/2024 350,112 142,570 Early Funding: $600 Million (ASAP + - see below) No expiration — — $750 Million (EF - see below) No expiration — 1,968 $ 5,732,791 $ 6,443,992 All interest rates are variable based upon a spread to SOFR or other alternative index. 1 An aggregate of $650.0 million of these line amounts is committed as of June 30, 2023. 2 This warehouse line of credit agreement expired pursuant to its terms prior to June 30, 2023.

Other Borrowings (Tables)

Other Borrowings (Tables)	6 Months Ended
Other Borrowings (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Senior Unsecured Notes	The follo wing is a summary of the senior unsecured notes issued by the Company (in thousands): Facility Type Maturity Date Interest Rate Outstanding Principal at June 30, 2023 Outstanding Principal at December 31, 2022 2025 Senior Unsecured Notes (1) 11/15/2025 5.500 % $ 800,000 $ 800,000 2029 Senior Unsecured Notes (2) 04/15/2029 5.500 % 700,000 700,000 2027 Senior Unsecured Notes (3) 06/15/2027 5.750 % 500,000 500,000 Total Senior Unsecured Notes $ 2,000,000 $ 2,000,000 Weighted average interest rate 5.56 % 5.56 % (1) Unamortized debt issuance costs and discounts are presented net against the 2025 Senior Notes reducing the amount reported on the condensed consolidated balance sheets by $5.2 million and $6.3 million as of June 30, 2023 and December 31, 2022, respectively. (2) Unamortized debt issuance costs and discounts are presented net against the 2029 Senior Notes reducing the amount reported on the condensed consolidated balance sheets by $5.1 million and $5.5 million as of June 30, 2023 and December 31, 2022, respectively. (3) Unamortized debt issuance costs and discounts are presented net against the 2027 Senior Notes reducing the amount reported on the condensed consolidated balance sheets by $3.4 million and $3.9 million as of June 30, 2023 and December 31, 2022, respectively.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
Commitment and Contingencies (Tables)	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Activity of Representation and Warranties Reserve	The activity of the representations and warranties reserve was as follows (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Balance, beginning of period $ 57,962 $ 84,052 $ 60,495 $ 86,762 Additions 20,103 5,977 27,630 13,739 Losses realized, net (18,972) (19,934) (29,032) (30,406) Balance, end of period $ 59,093 $ 70,095 $ 59,093 $ 70,095

Non-controlling Interests (Tabl

Non-controlling Interests (Tables)	6 Months Ended
Non-controlling Interests (Tables)	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Summary of Ownership of Units	The following table summarizes the ownership of units in Holdings LLC as of: June 30, 2023 December 31, 2022 Common Units Ownership Percentage Common Units Ownership Percentage UWM Holdings Corporation ownership of Class A Common Units 93,114,878 5.84 % 92,575,974 5.81 % SFS Corp. ownership of Class B Common Units 1,502,069,787 94.16 % 1,502,069,787 94.19 % Balance at end of period 1,595,184,665 100.00 % 1,594,645,761 100.0 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The following are the major categories of financial assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, 2023 Description Level 1 Level 2 Level 3 Total Assets: Mortgage loans at fair value $ — $ 6,269,924 $ — $ 6,269,924 IRLCs — — 8,900 8,900 FLSCs — 52,507 — 52,507 Investment securities at fair value, pledged — 111,625 — 111,625 Mortgage servicing rights — — 4,224,207 4,224,207 Total assets $ — $ 6,434,056 $ 4,233,107 $ 10,667,163 Liabilities: IRLCs $ — $ — $ 18,878 $ 18,878 FLSCs — 2,856 — 2,856 Public and Private Warrants 2,549 2,497 — 5,046 Total liabilities $ 2,549 $ 5,353 $ 18,878 $ 26,780 December 31, 2022 Description Level 1 Level 2 Level 3 Total Assets: Mortgage loans at fair value $ — $ 7,134,960 $ — $ 7,134,960 IRLCs — — 7,872 7,872 FLSCs — 74,997 — 74,997 Investment securities at fair value, pledged — 113,290 — 113,290 Mortgage servicing rights — — 4,453,261 4,453,261 Total assets $ — $ 7,323,248 $ 4,461,133 $ 11,784,381 Liabilities: IRLCs $ — $ — $ 32,294 $ 32,294 FLSCs — 17,454 — 17,454 Public and Private warrants 1,328 445 — 1,773 Total liabilities $ 1,328 $ 17,899 $ 32,294 $ 51,521
Quantitative Information on Recurring Level 3 Fair Value Financial Instruments	The following table presents quantitative information about the inputs used in recurring Level 3 fair value financial instruments and the fair value measurements for IRLCs: Unobservable Input - IRLCs June 30, 2023 December 31, 2022 Pullthrough rate (weighted avg) 80 % 77 %
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis	The following table presents the carrying amounts and estimated fair value of the Company's financial liabilities that are not measured at fair value on a recurring or nonrecurring basis (in thousands): June 30, 2023 December 31, 2022 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value 2025 Senior Notes, due 11/15/25 $ 794,798 $ 763,184 $ 793,703 $ 724,928 2029 Senior Notes, due 4/15/29 694,933 598,451 694,496 565,607 2027 Senior Notes, due 6/15/27 496,570 455,730 496,137 430,920 $ 1,986,301 $ 1,817,365 $ 1,984,336 $ 1,721,455

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of RSU Activity	The following is a summary of RSU activity for the three and six months ended June 30, 2023 and 2022 : For the three months ended June 30, 2023 2022 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested - beginning of period 3,674,430 $ 4.64 1,826,136 $ 7.75 Granted 2,680,554 6.00 7,508 4.13 Vested (12,907) 4.92 (8,172) 4.42 Forfeited (146,673) 4.84 (79,796) 7.75 Unvested - end of period 6,195,404 $ 5.20 1,745,676 $ 7.75 For the six months ended June 30, 2023 2022 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested - beginning of period 4,005,801 $ 5.30 2,812,320 $ 7.75 Granted 3,266,350 5.70 7,508 4.13 Vested (817,608) 7.71 (926,940) 7.72 Forfeited (259,139) 4.81 (147,212) 7.75 Unvested - end of period 6,195,404 $ 5.20 1,745,676 $ 7.75

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Earnings per Share	The following table sets forth the calculation of basic and diluted earnings per share for the three and six month periods ended June 30, 2023 and 2022 (in thousands, except shares and per share amounts): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Net income $ 228,794 $ 215,445 $ 90,181 $ 668,732 Net income attributable to non-controlling interests 221,236 207,079 94,564 638,436 Net income (loss) attributable to UWMC 7,558 8,366 (4,383) 30,296 Numerator: Net income (loss) attributable to Class A common shareholders $ 7,558 $ 8,366 $ (4,383) $ 30,296 Net income (loss) attributable to Class A common shareholders - diluted $ 7,558 $ 8,366 $ (4,383) $ 515,712 Denominator: Weighted average shares of Class A common stock outstanding - basic 93,107,133 92,533,620 93,014,478 92,374,988 Weighted average shares of Class A common stock outstanding - diluted 93,107,133 92,533,620 93,014,478 1,594,444,775 Earnings (loss) per share of Class A common stock outstanding - basic $ 0.08 $ 0.09 $ (0.05) $ 0.33 Earnings (loss) per share of Class A common stock outstanding - diluted $ 0.08 $ 0.09 $ (0.05) $ 0.32

Organization, Basis of Presen_3

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Organization (Details)		6 Months Ended
	Jan. 21, 2021 vote event $ / shares shares	Jun. 30, 2023 shares	Jan. 20, 2021 shares
Common Class A
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of votes \| vote	1
Conversion ratio		1
Number of trigger events \| event	4
Common Class A \| Minimum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Share price (in usd per share) \| $ / shares	$ 13
Common Class A \| Maximum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Share price (in usd per share) \| $ / shares	$ 19
Common Class C
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of votes \| vote	1
Common Class B
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of votes \| vote	10
Exchange ratio (in shares)		1
Common Class D
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of votes \| vote	10
SFS Corp
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Ownership percent	6%
UWM Holdings Corporation
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Ownership percent	94%
UWM
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of units authorized (in shares)			1
Number of units issued (in shares)			1
Number of units outstanding (in shares)			1
SFS Corp \| UWM Holdings Corporation \| Class B and Class D
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of earn-out shares to be issued	90,761,687

Organization, Basis of Presen_4

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Tax Receivable Agreement (Details) $ in Millions	Jun. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Tax receivable agreement liability	$ 18.2

Organization, Basis of Presen_5

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Public and Private Warrants (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2020 $ / shares $ / unit $ / warrant shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 shares	Jan. 21, 2021 shares
Class of Warrant or Right [Line Items]
Increase (decrease) in fair value of warrants liability \| $				$ (3,273)	$ 6,982
Public Warrants
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)							10,624,987
Private Warrants
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)							5,250,000
Common Class A
Class of Warrant or Right [Line Items]
Number of common shares issued		93,114,878		93,114,878		92,575,974
Gores Holdings IV, Inc.
Class of Warrant or Right [Line Items]
Increase (decrease) in fair value of warrants liability \| $		$ 1,200	$ 2,800	$ 3,300	$ 7,000
Gores Holdings IV, Inc. \| Public Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in usd per share) \| $ / shares	$ 11.50
Gores Holdings IV, Inc. \| Private Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in usd per share) \| $ / shares	$ 11.50
Number of warrants outstanding (in shares)	5,250,000
Purchase price of warrants (in usd per warrant) \| $ / warrant	2
Gores Holdings IV, Inc. \| Common Class A \| Public Warrants
Class of Warrant or Right [Line Items]
Number of shares called by each warrant	1
Gores Holdings IV, Inc. \| IPO
Class of Warrant or Right [Line Items]
Number of units issued during period (in shares)	42,500,000
Number of warrants issued (in shares)	0.25
Unit price (in usd per unit) \| $ / unit	10
Gores Holdings IV, Inc. \| IPO \| Common Class A
Class of Warrant or Right [Line Items]
Number of common shares issued	1

Organization, Basis of Presen_6

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Stock-Based Compensation (Details) - 2020 Plan	Jun. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance	80,000,000
Number of share available for issuance	72,017,015

Mortgage Loans at Fair Value (D

Mortgage Loans at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Mortgage loans, unpaid principal balance	$ 6,263,124	$ 7,128,131
Premiums paid on mortgage loans	50,066	70,914
Fair value adjustment	(43,266)	(64,085)
Mortgage loans at fair value	$ 6,269,924	$ 7,134,960

Derivatives - Additional Inform

Derivatives - Additional Information (Details)	6 Months Ended		12 Months Ended
Derivatives - Additional Information (Details)	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative blended weighted average pullthrough rate (in percent)	80%	77%	77%

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative [Line Items]
Derivative assets	$ 61,407		$ 82,869
Derivative liabilities	$ 21,734		$ 49,748
Derivative blended weighted average pullthrough rate (in percent)	80%	77%	77%
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative assets	$ 61,407		$ 82,869
Derivative liabilities	21,734		49,748
Not Designated as Hedging Instrument \| IRLCs
Derivative [Line Items]
Derivative assets	8,900		7,872
Derivative liabilities	18,878		32,294
Notional Amount	8,176,425		5,359,684
Not Designated as Hedging Instrument \| FLSCs
Derivative [Line Items]
Derivative assets	52,507		74,997
Derivative liabilities	2,856		17,454
Notional Amount	$ 12,116,222		$ 10,944,875

Accounts Receivable, Net (Detai

Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Servicing fees	$ 120,267	$ 110,891
Servicing advances	109,800	162,896
Receivables from sales of servicing	58,559	56,019
Derivative settlements receivable	29,679	8,204
Origination receivables	19,230	24,179
Investor receivables	13,440	25,701
Other receivables	720	378
Provision for current expected credit losses	(3,830)	(5,121)
Total accounts receivable, net	$ 347,865	$ 383,147

Mortgage Servicing Rights - Add

Mortgage Servicing Rights - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Mortgage Servicing Rights [Line Items]
Aggregate unpaid principal balance	$ 4,224,207			$ 4,224,207		$ 4,453,261
Net proceeds from sale of mortgage servicing rights				1,081,647	$ 824,196
MSR
Mortgage Servicing Rights [Line Items]
Aggregate unpaid principal balance	294,900,000			294,900,000		$ 312,500,000
MSRs sold				61,800,000	72,700,000
Net proceeds from sale of mortgage servicing rights				798,900	871,700
Net reserves and transaction costs on sales of servicing rights	3,449		$ (464)	21,570	$ 37,956
Excess Servicing Cash Flows
Mortgage Servicing Rights [Line Items]
Aggregate unpaid principal balance	63,400,000			$ 63,400,000
Net proceeds from sale of mortgage servicing rights	$ 0	$ 305,500

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of Mortgage Servicing Rights Activity (Details) - MSR - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value, beginning of period	$ 3,974,870	$ 3,514,102	$ 4,453,261	$ 3,314,952
Capitalization of MSRs	640,972	412,678	1,166,368	1,058,115
MSR and excess sales	(419,732)	(216,126)	(1,104,353)	(872,796)
Due to changes in valuation inputs or assumptions	164,526	176,456	(58,389)	567,436
Due to collection/realization of cash flows/other	(136,429)	(150,751)	(232,680)	(331,348)
Fair value, end of period	4,224,207	3,736,359	4,224,207	3,736,359
Changes in fair value:
Due to changes in valuation inputs and assumptions	164,526	176,456	(58,389)	567,436
Due to collection/realization of cash flows and other	(136,429)	(150,751)	(232,680)	(331,348)
Net reserves and transaction costs on sales of servicing rights	(3,449)	464	(21,570)	(37,956)
Changes in fair value of mortgage servicing rights	$ 24,648	$ 26,169	$ (312,639)	$ 198,132

Mortgage Servicing Rights - S_2

Mortgage Servicing Rights - Summary of Loan Servicing Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Transfers and Servicing [Abstract]
Contractual servicing fees	$ 189,695	$ 177,375	$ 404,451	$ 373,325
Late, ancillary and other fees	3,525	2,126	7,326	4,741
Loan servicing income	$ 193,220	$ 179,501	$ 411,777	$ 378,066

Mortgage Servicing Rights - S_3

Mortgage Servicing Rights - Summary of Key Unobservable Inputs Used in Determining the Fair Value (Details) - MSR - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Minimum
Servicing Assets at Fair Value [Line Items]
Discount rates (as a percent)	10%	9.50%
Annual prepayment speeds (as a percent)	5.70%	6.70%
Cost of servicing	$ 74	$ 75
Maximum
Servicing Assets at Fair Value [Line Items]
Discount rates (as a percent)	15%	15%
Annual prepayment speeds (as a percent)	18.20%	14%
Cost of servicing	$ 113	$ 108
Weighted Average
Servicing Assets at Fair Value [Line Items]
Discount rates (as a percent)	10.60%	10.10%
Annual prepayment speeds (as a percent)	7.80%	7.90%
Cost of servicing	$ 82	$ 80

Mortgage Servicing Rights - Sch

Mortgage Servicing Rights - Schedule of Analysis of Change in Fair Value (Details) - MSR - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
+ 10% adverse change – effect on value, discount rate	$ (174,749)	$ (183,972)
+ 20% adverse change – effect on value, discount rate	(334,881)	(353,120)
+ 10% adverse change – effect on value, prepayment speeds	(125,932)	(143,483)
+ 20% adverse change – effect on value, prepayment speeds	(243,715)	(277,992)
+ 10% adverse change – effect on value, cost of servicing	(36,126)	(39,362)
+ 20% adverse change – effect on value, cost of servicing	$ (72,251)	$ (78,724)

Warehouse and Other Secured L_3

Warehouse and Other Secured Lines of Credit - Summary of Line of Credit (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Outstanding amount	$ 500,000,000	$ 750,000,000
Warehouse Line of Credit
Line of Credit Facility [Line Items]
Outstanding amount	5,732,791,000	6,443,992,000
Current aggregate committed amount	650,000,000
Warehouse Line of Credit \| Line of Credit Due January 18, 2023
Line of Credit Facility [Line Items]
Maximum borrowing capacity	400,000,000
Outstanding amount	0	188,607,000
Warehouse Line of Credit \| Line Of Credit Due August 30, 2023
Line of Credit Facility [Line Items]
Maximum borrowing capacity	700,000,000
Outstanding amount	553,048,000	642,544,000
Warehouse Line of Credit \| Line of Credit Due September 6, 2022
Line of Credit Facility [Line Items]
Maximum borrowing capacity	200,000,000
Outstanding amount	81,493,000	170,478,000
Warehouse Line of Credit \| Line of Credit Due September 26, 2023
Line of Credit Facility [Line Items]
Maximum borrowing capacity	200,000,000
Outstanding amount	106,601,000	97,216,000
Warehouse Line of Credit \| Line of Credit Due September 29, 2023
Line of Credit Facility [Line Items]
Maximum borrowing capacity	3,000,000,000
Outstanding amount	1,953,810,000	2,239,591,000
Warehouse Line of Credit \| Line of Credit Due November 8, 2023
Line of Credit Facility [Line Items]
Maximum borrowing capacity	300,000,000
Outstanding amount	284,380,000	235,804,000
Warehouse Line of Credit \| Line of Credit Due December 21, 2022
Line of Credit Facility [Line Items]
Maximum borrowing capacity	250,000,000
Outstanding amount	227,562,000	193,023,000
Warehouse Line of Credit \| Line of Credit Due January 8, 2024
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,000,000,000
Outstanding amount	260,863,000	521,440,000
Warehouse Line of Credit \| Line of Credit Due February 21, 2024
Line of Credit Facility [Line Items]
Maximum borrowing capacity	2,500,000,000
Outstanding amount	1,519,261,000	1,588,787,000
Warehouse Line of Credit \| Line Of Credit Due February 21, 2024
Line of Credit Facility [Line Items]
Maximum borrowing capacity	500,000,000
Outstanding amount	321,508,000	236,462,000
Warehouse Line of Credit \| Line of Credit Due April 23, 2024
Line of Credit Facility [Line Items]
Maximum borrowing capacity	250,000,000
Outstanding amount	74,153,000	185,502,000
Warehouse Line of Credit \| Line of Credit Due May 17, 2024
Line of Credit Facility [Line Items]
Maximum borrowing capacity	400,000,000
Outstanding amount	350,112,000	142,570,000
Warehouse Line of Credit \| Line of Credit, ASAP program
Line of Credit Facility [Line Items]
Maximum borrowing capacity	600,000,000
Outstanding amount	0	0
Warehouse Line of Credit \| Line of Credit, EF
Line of Credit Facility [Line Items]
Maximum borrowing capacity	750,000,000
Outstanding amount	$ 0	$ 1,968,000

Warehouse and Other Secured L_4

Warehouse and Other Secured Lines of Credit - Additional Information (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
Line of Credit Facility [Line Items]
Outstanding amount	$ 500,000,000		$ 750,000,000
Warehouse Line of Credit
Line of Credit Facility [Line Items]
Outstanding amount	5,732,791,000		6,443,992,000
Warehouse Line of Credit \| Line of Credit, ASAP program
Line of Credit Facility [Line Items]
Outstanding amount	0		0
Maximum borrowing capacity	600,000,000
Warehouse Line of Credit \| Line of Credit, EF program
Line of Credit Facility [Line Items]
Outstanding amount	0
Revolving Credit Facility \| MSR Facility \| Line of Credit
Line of Credit Facility [Line Items]
Outstanding amount	250,000,000		$ 750,000,000
Maximum borrowing capacity				$ 1,500,000,000
Revolving Credit Facility \| GNMA MSR Facility \| Line of Credit
Line of Credit Facility [Line Items]
Outstanding amount	$ 250,000,000
Maximum borrowing capacity		$ 500,000,000

Other Borrowings - Summary of S

Other Borrowings - Summary of Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Nov. 22, 2021	Apr. 07, 2021	Nov. 03, 2020
Debt Instrument [Line Items]
Outstanding Balance	$ 2,000,000	$ 2,000,000
Weighted average interest rate	5.56%	5.56%
Senior Notes \| 2025 Senior Notes, due 11/15/25
Debt Instrument [Line Items]
Interest Rate	5.50%				5.50%
Outstanding Balance	$ 800,000	$ 800,000
Unamortized debt issuance costs and discounts	$ 5,200	6,300
Senior Notes \| 2029 Senior Notes, due 4/15/29
Debt Instrument [Line Items]
Interest Rate	5.50%			5.50%
Outstanding Balance	$ 700,000	700,000
Unamortized debt issuance costs and discounts	$ 5,100	5,500
Senior Notes \| 2027 Senior Notes, due 6/15/27
Debt Instrument [Line Items]
Interest Rate	5.75%		5.75%
Outstanding Balance	$ 500,000	500,000
Unamortized debt issuance costs and discounts	$ 3,400	$ 3,900

Other Borrowings - Additional I

Other Borrowings - Additional Information (Details) - USD ($)	31 Months Ended	36 Months Ended			60 Months Ended
	Jun. 14, 2024	Jun. 15, 2027	Nov. 15, 2025	Apr. 14, 2024	Apr. 15, 2029	Jun. 30, 2023	Dec. 31, 2022	Aug. 08, 2022	Nov. 22, 2021	Apr. 07, 2021	Nov. 03, 2020
Debt Instrument [Line Items]
Outstanding Balance						$ 2,000,000,000	$ 2,000,000,000
Senior Notes \| 2025 Senior Notes, due 11/15/25
Debt Instrument [Line Items]
Face amount											$ 800,000,000
Interest rate						5.50%					5.50%
Outstanding Balance						$ 800,000,000	800,000,000
Senior Notes \| 2025 Senior Notes, due 11/15/25 \| Forecast
Debt Instrument [Line Items]
Debt redemption price (in percent)			100%
Senior Notes \| 2025 Senior Notes, due 11/15/25 \| Forecast \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt redemption price (in percent)			102.75%
Senior Notes \| 2025 Senior Notes, due 11/15/25 \| Forecast \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt redemption price (in percent)			101.375%
Senior Notes \| 2029 Senior Notes, due 4/15/29
Debt Instrument [Line Items]
Face amount										$ 700,000,000
Interest rate						5.50%				5.50%
Outstanding Balance						$ 700,000,000	700,000,000
Senior Notes \| 2029 Senior Notes, due 4/15/29 \| Forecast
Debt Instrument [Line Items]
Debt redemption price (in percent)				105.50%	100%
Senior Notes \| 2029 Senior Notes, due 4/15/29 \| Forecast \| Maximum
Debt Instrument [Line Items]
Debt redemption price (in percent)				40%
Senior Notes \| 2029 Senior Notes, due 4/15/29 \| Forecast \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt redemption price (in percent)					102.75%
Senior Notes \| 2029 Senior Notes, due 4/15/29 \| Forecast \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt redemption price (in percent)					101.375%
Senior Notes \| 2029 Senior Notes, due 4/15/29 \| Forecast \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt redemption price (in percent)				100%
Senior Notes \| 2027 Senior Notes, due 6/15/27
Debt Instrument [Line Items]
Face amount									$ 500,000,000
Interest rate						5.75%			5.75%
Outstanding Balance						$ 500,000,000	$ 500,000,000
Senior Notes \| 2027 Senior Notes, due 6/15/27 \| Forecast
Debt Instrument [Line Items]
Debt redemption price (in percent)	105.75%	100%
Senior Notes \| 2027 Senior Notes, due 6/15/27 \| Forecast \| Maximum
Debt Instrument [Line Items]
Debt redemption price (in percent)	40%
Senior Notes \| 2027 Senior Notes, due 6/15/27 \| Forecast \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt redemption price (in percent)		102.875%
Senior Notes \| 2027 Senior Notes, due 6/15/27 \| Forecast \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt redemption price (in percent)		101.438%
Senior Notes \| 2027 Senior Notes, due 6/15/27 \| Forecast \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt redemption price (in percent)	100%
Line of Credit \| Revolving Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding Balance						$ 0
Line of Credit \| Revolving Credit Agreement \| Revolving Credit Facility \| Related Party \| SFS Corp
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 500,000,000
Initial term								1 year
Renewal term								1 year

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Loans repurchased	$ 102.9	$ 100.4	$ 161.5	$ 188.6
Commitments to extend credit to potential borrowers	$ 26,500		$ 26,500

Commitments and Contingencies_2

Commitments and Contingencies - Activity of Representation and Warranties Reserve (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Representation And Warranty Reserve [Roll Forward]
Balance, beginning of period	$ 59,093	$ 70,095	$ 59,093	$ 70,095	$ 57,962	$ 60,495	$ 84,052	$ 86,762
Additions	20,103	5,977	27,630	13,739
Losses realized, net	(18,972)	(19,934)	(29,032)	(30,406)
Balance, end of period	$ 59,093	$ 70,095	$ 59,093	$ 70,095

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Percentage of beneficial interests in securitized assets (in percent)	5%
Fair value of investment securities pledged		$ 109,700
Investment securities at fair value, pledged		111,625	$ 113,290
Borrowings against investment securities		$ 100,901	$ 101,345
Minimum \| Secured Debt
Variable Interest Entity [Line Items]
Maturity period (in months)		1 month
Maximum \| Secured Debt
Variable Interest Entity [Line Items]
Maturity period (in months)		5 months
Holdings, LLC
Variable Interest Entity [Line Items]
Ownership percentage (in percent)		100%

Non-controlling Interests (Deta

Non-controlling Interests (Details) - shares	6 Months Ended
Non-controlling Interests (Details) - shares	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
RSU
Noncontrolling Interest [Line Items]
Vested (in shares)	538,904	926,940
Holdings, LLC
Noncontrolling Interest [Line Items]
Common units (in shares)	1,595,184,665		1,594,645,761
Ownership Percentage (in percent)	100%		100%
Holdings, LLC \| Common Class A
Noncontrolling Interest [Line Items]
Common units (in shares)	93,114,878		92,575,974
Ownership Percentage by Noncontrolling Owners (in percent)	5.84%		5.81%
Holdings, LLC \| Common Class B \| SFS Corp
Noncontrolling Interest [Line Items]
Common units (in shares)	1,502,069,787		1,502,069,787
Ownership Percentage by Parent (in percent)	94.16%		94.19%

Regulatory Net Worth Requirem_2

Regulatory Net Worth Requirements - Additional Details (Details) - Ginnie Mae, Freddie Mac and Fannie Mae $ in Millions	Jun. 30, 2023 USD ($)
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Minimum net worth requirement	$ 739.9
Liquidity requirement	$ 95.5
Minimum capital ratio	6%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans at fair value	$ 6,269,924		$ 7,134,960
Investment securities at fair value, pledged	111,625		113,290
Total assets	10,667,163		11,784,381
Public and Private Warrants	5,046		1,773
Total liabilities	26,780		51,521
IRLCs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	8,900		7,872
Derivative liability	18,878		32,294
FLSCs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	52,507		74,997
Derivative liability	2,856		17,454
Mortgage servicing rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	4,224,207	$ 3,974,870	4,453,261	$ 3,736,359	$ 3,514,102	$ 3,314,952
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans at fair value	0		0
Investment securities at fair value, pledged	0		0
Total assets	0		0
Public and Private Warrants	2,549		1,328
Total liabilities	2,549		1,328
Level 1 \| IRLCs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0		0
Derivative liability	0		0
Level 1 \| FLSCs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0		0
Derivative liability	0		0
Level 1 \| Mortgage servicing rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	0		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans at fair value	6,269,924		7,134,960
Investment securities at fair value, pledged	111,625		113,290
Total assets	6,434,056		7,323,248
Public and Private Warrants	2,497		445
Total liabilities	5,353		17,899
Level 2 \| IRLCs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0		0
Derivative liability	0		0
Level 2 \| FLSCs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	52,507		74,997
Derivative liability	2,856		17,454
Level 2 \| Mortgage servicing rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	0		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans at fair value	0		0
Investment securities at fair value, pledged	0		0
Total assets	4,233,107		4,461,133
Public and Private Warrants	0		0
Total liabilities	18,878		32,294
Level 3 \| IRLCs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	8,900		7,872
Derivative liability	18,878		32,294
Level 3 \| FLSCs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0		0
Derivative liability	0		0
Level 3 \| Mortgage servicing rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	$ 4,224,207		$ 4,453,261

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information (Details)	Jun. 30, 2023	Dec. 31, 2022
IRLCs \| Pullthrough rate (weighted avg) \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Pullthrough rate (weighted avg)	0.80	0.77

Fair Value Measurements - Other

Fair Value Measurements - Other Financial Instruments (Details) - Senior Notes - Level 2 - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Amount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	$ 1,986,301	$ 1,984,336
Estimated Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	1,817,365	1,721,455
2025 Senior Notes, due 11/15/25 \| Carrying Amount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	794,798	793,703
2025 Senior Notes, due 11/15/25 \| Estimated Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	763,184	724,928
2029 Senior Notes, due 4/15/29 \| Carrying Amount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	694,933	694,496
2029 Senior Notes, due 4/15/29 \| Estimated Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	598,451	565,607
2027 Senior Notes, due 6/15/27 \| Carrying Amount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	496,570	496,137
2027 Senior Notes, due 6/15/27 \| Estimated Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	$ 455,730	$ 430,920

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Aug. 08, 2022
Related Party Transaction [Line Items]
General and administrative	$ 52,691	$ 39,909	$ 87,310	$ 78,232
Aircraft usage fee		100
Related Party
Related Party Transaction [Line Items]
Expenses of various companies related through common ownership	5,800	9,900	10,700	15,500
Rent expense	5,600	9,700	10,200	15,000
Legal fees	$ 200	$ 200	300	300
General and administrative			200	200
Related Party \| Revolving Credit Facility \| Revolving Credit Agreement \| Line of Credit \| SFS Corp
Related Party Transaction [Line Items]
Maximum borrowing capacity					$ 500,000
Nonrelated Party
Related Party Transaction [Line Items]
Payments for aircraft rental fees			$ 200	$ 200

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (in percent)	0.53%	0.36%	0.23%	0.71%
Effective tax rate attributable to non-controlling interests (in percent)			94%	94%
Unrecognized tax benefits	$ 0		$ 0
Unrecognized tax benefits, interest on income tax expense	$ 0	$ 0	0	$ 0
Unrecognized tax benefits, penalties on income tax expense			$ 0	$ 0

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of RSU Activity (Details) - RSU - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Shares
Unvested - beginning of period (in shares)	3,674,430	1,826,136	4,005,801	2,812,320
Granted (in shares)	2,680,554	7,508	3,266,350	7,508
Vested (in shares)	(12,907)	(8,172)	(817,608)	(926,940)
Forfeited (in shares)	(146,673)	(79,796)	(259,139)	(147,212)
Unvested - end of period (in shares)	6,195,404	1,745,676	6,195,404	1,745,676
Weighted Average Grant Date Fair Value
Unvested - beginning of period (in usd per share)	$ 4.64	$ 7.75	$ 5.30	$ 7.75
Granted (in usd per share)	6	4.13	5.70	4.13
Vested (in usd per share)	4.92	4.42	7.71	7.72
Forfeited (in usd per share)	4.84	7.75	4.81	7.75
Unvested - end of period (in usd per share)	$ 5.20	$ 7.75	$ 5.20	$ 7.75

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3.7	$ 1.7	$ 6	$ 3.5
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation related to unvested awards	$ 26.6		$ 26.6
Unvested awards, period for recognition (in years)			3 years 1 month 6 days
Granted (in shares)	2,680,554	7,508	3,266,350	7,508
Granted fair value (in usd per share)	$ 6	$ 4.13	$ 5.70	$ 4.13

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Jan. 21, 2021
Common Class B
Class of Stock [Line Items]
Common stock outstanding (in shares)	0	0	0
Common Class D
Class of Stock [Line Items]
Common stock outstanding (in shares)	1,502,069,787	1,502,069,787		1,502,069,787

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 228,794	$ (138,613)	$ 215,445	$ 453,287	$ 90,181	$ 668,732
Net income attributable to non-controlling interests	221,236		207,079		94,564	638,436
Net income (loss) attributable to UWM Holdings Corporation	7,558		8,366		(4,383)	30,296
Numerator:
Net income (loss) attributable to Class A common shareholders	7,558		8,366		(4,383)	30,296
Net income (loss) attributable to Class A common shareholders - diluted	$ 7,558		$ 8,366		$ (4,383)	$ 515,712
Weighted average shares outstanding:
Weighted average shares of Class A common stock outstanding - basic (in shares)	93,107,133		92,533,620		93,014,478	92,374,988
Weighted average shares of Class A common stock outstanding - diluted (in shares)	93,107,133		92,533,620		93,014,478	1,594,444,775
Earnings (loss) per share of Class A common stock outstanding - basic (in usd per share)	$ 0.08		$ 0.09		$ (0.05)	$ 0.33
Earnings (loss) per share of Class A common stock outstanding - diluted (in usd per share)	$ 0.08		$ 0.09		$ (0.05)	$ 0.32

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Aug. 09, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Subsequent Event [Line Items]
Mortgage servicing rights		$ 4,224,207		$ 4,453,261
Net proceeds from sale of mortgage servicing rights		$ 1,081,647	$ 824,196
Subsequent Event
Subsequent Event [Line Items]
Dividends paid	$ 150,200
Subsequent Event \| Mortgage Servicing Instrument
Subsequent Event [Line Items]
Mortgage servicing rights	26,200,000
Net proceeds from sale of mortgage servicing rights	$ 346,300
Subsequent Event \| Common Class A
Subsequent Event [Line Items]
Dividends declared (in usd per share)	$ 0.10