v3.26.1
Warehouse and Other Secured Lines of Credit
 6 Months Ended
Jun. 30, 2026
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, 2026 and December 31, 2025 (in thousands):
Warehouse Lines of Credit 1, 2
Date of Initial Agreement With Warehouse LenderCurrent Agreement Expiration DateTotal Advanced Against Line as of June 30,
2026		Total Advanced Against Line as of December 31,
2025
Master Repurchase Agreement ("MRA") Funding Limits as of June 30, 2026:
$2.0 Billion
7/10/20129/29/2026$990,038 $898,190 
$750 Million
4/23/202110/08/2026153,287 167,375 
$325 Million
2/26/201612/17/2026256,929 288,777 
$1.5 Billion
2/7/20252/5/2027963,193 827,941 
$1.0 Billion
2/9/20262/9/2027506,673 — 
$3.0 Billion
12/31/20142/17/20271,314,608 1,353,618 
$1.0 Billion
3/7/20192/19/2027661,696 709,683 
$500 Million
2/29/20125/14/2027244,332 396,734 
$— 3
10/30/20206/15/2027— 123,379 
$2.0 Billion
7/24/20208/3/20271,056,961 1,319,244 
$3.5 Billion
5/9/201911/26/20272,207,548 2,807,107 
Early Funding:
$600 Million (ASAP + - see below)No expiration— — 
$750 Million (EF - see below)No expiration244,813 20,448 
8,600,078 8,912,496 
All interest rates are variable based upon a spread to SOFR.
1 An aggregate of $900.0 million of these line amounts is committed as of June 30, 2026.
2 Interest rates under these funding facilities are based on SOFR plus a spread, which ranged from 1.00% to 1.75% for substantially all of our loan production volume as of June 30, 2026 and 1.15% to 1.75% as of December 31, 2025.
3 The combined funding limit with this counterparty is $2.0 billion, which can be allocated between the MRA Facility and the Conventional MSR Facility (see below) at UWM's discretion. As of June 30, 2026, all of this combined funding capacity was allocated to the Conventional MSR Facility.
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, 2026, we had no balance outstanding through the ASAP+ program and $244.8 million was outstanding through the EF program.
As of June 30, 2026, the Company had pledged mortgage loans at fair value as collateral under its 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, 2026.
MSR Facilities
In 2022, the Company's consolidated subsidiary, UWM, entered into a Loan and Security Agreement with Citibank which currently provides UWM with up to $2.0 billion of uncommitted borrowing capacity to finance the origination, acquisition or holding of certain mortgage servicing rights (the “Conventional MSR Facility”). The Conventional 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 Conventional MSR Facility are based on advance rates on the fair market value of the collateral. Borrowings under the Conventional MSR Facility bear interest based on SOFR plus an applicable margin. The current maturity date of the Conventional MSR Facility is July 15, 2027. As of June 30, 2026, $1.875 billion was outstanding under the Conventional MSR Facility, and as of December 31, 2025, $900.0 million was outstanding under the Conventional MSR Facility. The Conventional 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 income as defined in the agreement. As of June 30, 2026, we were in compliance with all applicable covenants under the Conventional MSR Facility.
In 2023, the Company's consolidated subsidiary, UWM, entered into a Credit Agreement with Goldman Sachs Bank USA, which currently provides UWM with up to $1.25 billion of uncommitted borrowing capacity to finance the origination, acquisition or holding of certain mortgage servicing rights (the "Ginnie Mae MSR Facility"). The Ginnie Mae 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 Ginnie Mae MSR Facility are based on advance rates on the fair market value of the collateral. Borrowings under the Ginnie Mae MSR Facility bear interest based on SOFR plus an applicable margin. Currently, the draw period for the Ginnie Mae MSR Facility extends to March 20, 2028, and the maturity date is March 20, 2029. As of June 30, 2026, $1.075 billion was outstanding under the Ginnie Mae MSR Facility and as of December 31, 2025, $300.0 million was outstanding under the Ginnie Mae MSR Facility. The Ginnie Mae 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 income as defined in the agreement. As of June 30, 2026, the Company was in compliance with all applicable covenants.
The weighted average interest rate charged for borrowings under our MSR facilities was 6.14% and 7.32% for the three months ended June 30, 2026 and 2025, respectively. The weighted average interest rate charged for borrowings under our MSR facilities was 6.16% and 7.32% for the six months ended June 30, 2026 and 2025 , respectively.
Outstanding borrowings under the MSR facilities are reported within the "Secured lines of credit" financial statement line item on the condensed consolidated balance sheets.