$453.3 million in 1Q22 Net Income;
First Quarter Total Loan Volume of $38.8 billion, including
Purchase Volume of $19.1 billion
UWM Holdings Corporation (NYSE: UWMC), the publicly
traded indirect parent of United Wholesale Mortgage (“UWM”), the #1
wholesale mortgage lender in America, today announced its results
for the first quarter ended March 31, 2022. The Company reported
1Q22 net income of $453.3 million and diluted earnings per share of
$0.22. Loan origination volume for the quarter was $38.8 billion,
which included $19.1 billion in purchase volume, a Q1 record for
UWM. Net income for the first quarter was inclusive of a $172.0
million increase in fair value of MSRs.
Mat Ishbia, Chairman and CEO of UWMC said, "This quarter, we
demonstrated that our business can continue to be profitable in
significantly different market conditions than what we've seen over
the past two years. We earned this position by building a business
over the past 36 years that can take advantage of what the market
provides. We are seeing independent mortgage brokers grow in both
their share of market and loan officer population. Our scale and
agility coupled with the momentum in the broker channel is driving
our ability to separate even further from the pack."
First Quarter 2022 Financial Highlights
- Originations of $38.8 billion in 1Q22, a 21% decrease from
$49.1 billion in 1Q21
- Purchase originations of $19.1 billion in 1Q22, a 56% increase
compared to $12.2 billion in 1Q21, and a Q1 record for the
Company
- Net income of $453.3 million in 1Q22 as compared to $860.0
million of net income in 1Q21
- Total gain margin of 99 bps in 1Q22 compared to 219 bps in
1Q21
- Total equity of $3.2 billion at March 31, 2022 as compared to
$2.8 billion at March 31, 2021
- Unpaid principal balance of MSRs increased to $303.4 billion
with a WAC of 3.04% at March 31, 2022 as compared to $221.0 billion
with a WAC of 3.00% at March 31, 2021
Production and Income Statement
Highlights (dollars in thousands)
Q1 2022
Q4 2021
Q1 2021
Funded loan volume(1)
$
38,812,329
$
55,194,365
$
49,094,240
Total gain margin(1)(2)
0.99
%
0.80
%
2.19
%
Net income
$
453,287
$
239,826
$
860,005
Adjusted net income(3)
349,402
177,123
666,889
Adjusted EBITDA(3)
128,407
206,887
711,418
(1)
Key operational metric - see discussion
below.
(2)
Represents total loan production income
divided by funded loan volume.
(3)
Non-GAAP metric - see discussion
below.
Balance Sheet Highlights as of
Period-end (dollars in thousands)
Q1 2022
Q4 2021
Q1 2021
Cash and cash equivalents
$
901,174
$
731,088
$
1,592,663
Mortgage loans at fair value
5,208,167
17,473,324
5,503,271
Mortgage servicing rights
3,514,102
3,314,952
2,300,434
Total assets
10,990,953
22,528,358
10,372,626
Non-funding debt (1)
2,156,641
2,158,911
1,270,167
Total equity
3,166,242
3,171,001
2,778,036
Non-funding debt to equity (1)
0.68
0.68
0.46
(1)
Non-GAAP metric - please see discussion
below.
Mortgage Servicing Rights (dollars in
thousands)
Q1 2022
Q4 2021
Q1 2021
Unpaid principal balance
$
303,425,697
$
319,807,457
$
220,978,670
Weighted average interest rate
3.04
%
2.94
%
3.00
%
Weighted average age (months)
12
9
7
Technology Update
- BOLT, our latest underwriting technology, developed in-house
and launched in Q3 of 2021, saw adoption increase by approximately
52% from 4Q21 to 1Q22, and we continue to see this groundbreaking
technology cut application to CTC (“Clear to Close”) on
conventional loans by an average of approximately 4 calendar days,
while improving underwriting efficiency
Operational Highlights
- We maintained an average Clear to Close of approximately 18
business days in 1Q22, while management estimates an industry
average of 43 days1 during 4Q21
- Our 0.75% 60+ days delinquency and our 0.54% forbearance rates,
as of March 31, 2022, are significantly better than the industry
averages of 2.1%2 and 1.1%,3 respectively, highlighting our strong
credit quality
Product and Investor Mix - Unpaid
Principal Balance of Originations (dollars in thousands)
Purchase:
Q1 2022
Q4 2021
Q1 2021
Conventional
$
13,297,954
$
16,643,586
$
10,310,924
Jumbo
1,532,197
2,861,921
13,264
Government
4,272,747
4,996,092
1,893,354
Total Purchase
$
19,102,898
$
24,501,599
$
12,217,542
Refinance:
Q1 2022
Q4 2021
Q1 2021
Conventional
$
15,597,602
$
25,032,327
$
33,623,348
Jumbo
702,631
2,074,353
5,446
Government
3,409,198
3,586,086
3,247,904
Total Refinance
$
19,709,431
$
30,692,766
$
36,876,698
Total Originations
$
38,812,329
$
55,194,365
$
49,094,240
"UWM has built a strong business that will continue to thrive in
any market environment. This purchase market will act as the
catalyst for accelerated broker channel growth. Brokers are experts
in purchase transactions, making mortgages faster, easier and
cheaper for borrowers across America," said Ishbia, Chairman and
CEO of the Company.
_____________________________
1 Source: ICE Mortgage Technology; 2 Source: CoreLogic (As of
January 2022); 3 Source: Mortgage Bankers Association.
Share Repurchase Program
On May 9, 2021, the Company's Board of Directors authorized a
share repurchase program of up to $300 million in aggregate value
of the Company’s Class A common stock effective May 11, 2021. The
share repurchase program authorizes the Company to repurchase
shares of the Company’s Class A common stock from time to time, in
the open market or through privately negotiated transactions, at
management's discretion based on market and business conditions,
applicable legal and regulatory requirements as well as other
factors. Shares purchased will be retired. The plan will expire on
May 11, 2023 unless otherwise modified or terminated by the
Company's Board of Directors at any time in the Company's sole
discretion.
Through December 31, 2021, total Class A shares repurchased by
the Company were 11,498,330 for $81.6 million, at an average price
per share of $7.10. While approximately $218 million remains on the
authorization and the share price is currently trading lower that
previous purchases, the Company's leadership and the Board of
Directors are conscientious to maintain a reasonable public float.
The Company remains committed to returning value to shareholders in
the form of a dividend, and will continue to assess the right time
for further share repurchases.
Second Quarter 2022 Outlook
We anticipate second quarter production to be in the $26-$33
billion range, with gain margin from 75 to 90 basis points.
Dividend
Subsequent to March 31, 2022, for the sixth consecutive quarter,
the Company's Board of Directors declared a cash dividend of $0.10
per share on the outstanding shares of Class A common stock. The
dividend is payable on July 11, 2022 to stockholders of record at
the close of business on June 21, 2022. Additionally, the Board
approved a proportional distribution to SFS Corp. of $150.2 million
which is payable on July 11, 2022.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call
for financial analysts and investors on Tuesday, May 10, at 10:00
AM ET to review the results and answer questions. Interested
parties may register for a toll-free dial-in number by
visiting:
- https://conferencingportals.com/event/YModynrv
Please dial in at least 15 minutes in advance to ensure a timely
connection to the call. Audio webcast, taped replay and transcript
will be available on the Company's investor relations website at
https://investors.uwm.com/.
Key Operational Metrics
“Funded loan volume” and “Total gain margin” are key operational
metrics that the Company's management uses to evaluate the
performance of the business. “Funded loan volume” is the aggregate
principal of the residential mortgage loans originated by the
Company during a period. “Total gain margin” represents total loan
production income divided by funded loan volume for the applicable
periods.
Non-GAAP Metrics
The Company's net income for periods prior to the first quarter
of 2021 does not reflect a significant income tax provision, since
UWM (the Company's accounting predecessor) is a pass-through entity
not subject to federal and most state income taxes. For periods
commencing with the first quarter of 2021, the Company's net income
does not reflect the income tax provision that would otherwise be
reflected if 100% of the economic interest in UWM was owned by the
Company. Therefore, for comparison purposes, the Company provides
“Adjusted net income,” which is our pre-tax income adjusted for a
23.6% estimated annual effective tax rate. “Adjusted net income” is
a Non-GAAP Metric.
We also disclose Adjusted EBITDA, which we define as earnings
before interest expense on non-funding debt, provision for income
taxes, depreciation and amortization, stock-based compensation
expense, the change in fair value of MSRs due to valuation inputs
or assumptions, the impact of non-cash deferred compensation
expense, the change in fair value of the Public and Private
Warrants, the change in Tax Receivable Agreement liability and the
change in fair value of retained investment securities. We exclude
the change in Tax Receivable Agreement liability, the change in
fair value of the Public and Private Warrants, the change in fair
value of retained investment securities, and the change in fair
value of MSRs due to valuation inputs or assumptions, as these
represent non-cash, non-realized adjustments to our earnings, which
is not indicative of our performance or results of operations.
Adjusted EBITDA includes interest expense on funding facilities,
which are recorded as a component of interest expense, as these
expenses are a direct operating expense driven by loan origination
volume. By contrast, interest expense on non-funding debt is a
function of our capital structure and is therefore excluded from
Adjusted EBITDA.
In addition, we disclose “Non-funding debt” and the “Non-funding
debt to equity ratio” as a non-GAAP metric. We define “Non-funding
debt” as the total of the Company's senior notes, operating lines
of credit, borrowings against investment securities, equipment note
payable, and finance leases and the “Non-funding debt to equity
ratio” as total non-funding debt divided by the Company’s total
equity.
Management believes that these non-GAAP metrics provide useful
information to investors. These measures are not financial measures
calculated in accordance with GAAP and should not be considered as
a substitute for any other operating performance measure calculated
in accordance with GAAP, and may not be comparable to a similarly
titled measure reported by other companies.
The following table presents these non-GAAP financial measures
along with their most directly comparable financial measure
calculated in accordance with GAAP (dollars in thousands):
Adjusted net income
Q1 2022
Q4 2021
Q1 2021
Earnings before income taxes
$
457,332
$
231,836
$
872,891
Impact of estimated annual effective tax
rate of 23.6%
(107,930
)
(54,713
)
(206,002
)
Adjusted net income
$
349,402
$
177,123
$
666,889
Adjusted EBITDA
Q1 2022
Q4 2021
Q1 2021
Net income
$
453,287
$
239,826
$
860,005
Interest expense on non-funding debt
29,558
25,417
16,343
Provision for income taxes
4,045
(7,990
)
12,886
Depreciation and amortization
10,915
10,422
7,289
Stock-based compensation expense
1,828
2,014
—
Change in fair value of MSRs due to
valuation inputs or assumptions
(390,980
)
(65,104
)
(197,802
)
Deferred compensation, net
12,252
(2,135
)
30,000
Change in fair value of Public and Private
Warrants
(4,132
)
(5,161
)
(17,303
)
Change in Tax Receivable Agreement
liability
700
8,537
—
Change in fair value of investment
securities
10,934
1,061
—
Adjusted EBITDA
$
128,407
$
206,887
$
711,418
Non-funding debt and non-funding debt
to equity
Q1 2022
Q4 2021
Q1 2021
Senior notes
$
1,981,106
$
1,980,112
$
789,870
Borrowings against investment
securities
118,786
118,786
—
Operating lines of credit
—
—
400,000
Equipment note payable
1,803
2,046
25,424
Finance lease liability
54,945
57,967
54,873
Total non-funding debt
$
2,156,641
$
2,158,911
$
1,270,167
Total equity
$
3,166,242
$
3,171,001
$
2,778,036
Non-funding debt to equity
0.68
0.68
0.46
Forward-Looking Statements
This press release and our earnings call include forward-looking
statements. These forward-looking statements are generally
identified by the use of words such as “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “plan,” “potential,”
“predict” and similar words indicating that these reflect our views
with respect to future events. Forward-looking statements in this
press release include statements regarding: (1) our foundation and
strategies for growth and the drivers of that growth; (2) our
“All-In” initiative and its impact on our business and industry;
(3) our performance in shifting market conditions and the
comparison of such performance against our competitors; (4) growth
of the wholesale channel and the benefits to our business of such
growth; (5) our investments in technology and the impact to our
operations and financial results; and (6) our purchase production
and product mix. These statements are based on management’s current
expectations, but are subject to risks and uncertainties, many of
which are outside of our control, and could cause future events or
results materially differ from those stated or implied in the
forward-looking statements, including (i) UWM’s dependence on
macroeconomic and U.S. residential real estate market conditions,
including changes in U.S. monetary policies that affect interest
rates; (ii) UWM’s reliance on its warehouse facilities and the risk
of a decrease in the value of the collateral underlying certain of
its facilities causing an unanticipated margin call; (iii) UWM’s
ability to sell loans in the secondary market; (iv) UWM’s
dependence on the government-sponsored entities such as Fannie Mae
and Freddie Mac; (v) changes in the GSEs’, FHA, USDA and VA
guidelines or GSE and Ginnie Mae guarantees; (vi) UWM’s dependence
on Independent Mortgage Advisors to originate mortgage loans; (vii)
the risk that an increase in the value of the MBS UWM sells in
forward markets to hedge its pipeline may result in an
unanticipated margin call; (viii) UWM’s inability to continue to
grow, or to effectively manage the growth of its loan origination
volume; (ix) UWM’s ability to continue to attract and retain its
Independent Mortgage Advisor relationships; (x) UWM’s ability to
implement technological innovation; (xi) UWM’s ability to continue
to comply with the complex state and federal laws, regulations or
practices applicable to mortgage loan origination and servicing in
general; and (xii) other risks and uncertainties indicated from
time to time in our filings with the Securities and Exchange
Commission including those under “Risk Factors” therein. With
respect to expectations regarding the share repurchase program, the
amount and timing of share repurchases will depend upon, among
other things, market conditions, share price, liquidity targets and
regulatory requirements. We wish to caution readers that certain
important factors may have affected and could in the future affect
our results and could cause actual results for subsequent periods
to differ materially from those expressed in any forward-looking
statement made by or on behalf of us. We undertake no obligation to
update forward-looking statements to reflect events or
circumstances after the date hereof.
About UWM Holdings Corporation and United Wholesale
Mortgage
Headquartered in Pontiac, Michigan, UWM Holdings Corporation
(the Company) is the publicly traded indirect parent of United
Wholesale Mortgage, LLC (“UWM”). UWM is the largest wholesale
mortgage lender in the United States, originating mortgage loans
exclusively through the wholesale channel. With a culture of
continuous innovation of technology and enhanced client experience,
UWM leads the market by building upon its proprietary and
exclusively licensed technology platforms, superior service and
focused partnership with the independent mortgage broker community.
UWM originates primarily conforming and government loans across all
50 states and the District of Columbia.
UWM HOLDINGS
CORPORATION
CONSOLIDATED BALANCE
SHEETS
(in thousands, except shares
and per share amounts)
March 31, 2022
December 31,
2021
Assets
Cash and cash equivalents
$
901,174
$
731,088
Mortgage loans at fair value
5,208,167
17,473,324
Derivative assets
241,932
67,356
Investment securities at fair value,
pledged
138,417
152,263
Accounts receivable, net
617,608
415,691
Mortgage servicing rights
3,514,102
3,314,952
Premises and equipment, net
151,206
151,687
Operating lease right-of-use asset, net
(includes $103,513 and $104,595 with related parties)
103,670
104,828
Finance lease right-of-use asset (includes
$28,416 and $28,619 with related parties)
53,857
57,024
Other assets
60,820
60,145
Total assets
$
10,990,953
$
22,528,358
Liabilities and Equity
Warehouse lines of credit
$
4,076,829
$
15,954,938
Derivative liabilities
115,430
36,741
Borrowings against investment
securities
118,786
118,786
Accounts payable, accrued expenses and
other
1,207,145
1,087,411
Accrued distributions and dividends
payable
159,460
9,171
Senior notes
1,981,106
1,980,112
Operating lease liability (includes
$110,854 and $111,999 with related parties)
111,010
112,231
Finance lease liability (includes $29,015
and $29,087 with related parties)
54,945
57,967
Total liabilities
7,824,711
19,357,357
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
March 31, 2022
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 92,531,073 shares issued and
outstanding as of March 31, 2022
9
9
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
March 31, 2022
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
March 31, 2022
—
—
Class D common stock, $0.0001 par value -
1,700,000,000 shares authorized, 1,502,069,787 shares issued and
outstanding as of March 31, 2022
150
150
Additional paid-in capital
542
437
Retained earnings
138,834
141,805
Non-controlling interest
3,026,707
3,028,600
Total equity
3,166,242
3,171,001
Total liabilities and equity
$
10,990,953
$
22,528,358
UWM HOLDINGS
CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
March 31, 2022
December 31,
2021
March 31, 2021
Revenue
Loan production income
$
383,871
$
442,407
$
1,074,665
Loan servicing income
198,565
194,976
123,789
Change in fair value of mortgage servicing
rights
171,963
(138,988
)
(59,259
)
Gain (loss) on sale of mortgage servicing
rights
—
2,461
4,763
Interest income
67,395
104,601
45,912
Total revenue, net
821,794
605,457
1,189,870
Expenses
Salaries, commissions and benefits
160,609
146,697
213,061
Direct loan production costs
26,718
25,292
13,162
Marketing, travel, and entertainment
12,837
25,334
10,495
Depreciation and amortization
10,915
10,422
7,289
General and administrative
38,323
36,467
16,778
Servicing costs
47,184
36,200
20,508
Interest expense
60,374
88,772
52,990
Other (income)/expense
7,502
4,437
(17,304
)
Total expenses
364,462
373,621
316,979
Earnings before income taxes
457,332
231,836
872,891
Provision for income taxes
4,045
(7,990
)
12,886
Net income
453,287
239,826
860,005
Net income attributable to
non-controlling interest
431,357
222,876
812,020
Net income attributable to UWMC
$
21,930
$
16,950
$
47,985
Earnings per share of Class A common
stock:
Basic
$
0.24
$
0.17
$
0.47
Diluted
$
0.22
$
0.11
$
0.33
Weighted average shares
outstanding:
Basic
92,214,594
97,138,073
103,104,205
Diluted
1,594,284,381
1,599,785,759
1,605,173,992
Addendum to Exhibit 99.1
This addendum includes the Company's Consolidated Balance Sheets
as of March 31, 2022, and the preceding four quarters and
Statements of Operations for the quarter ended March 31, 2022, and
the preceding four quarters for purposes of providing historical
quarterly trending information to investors.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except shares
and per share amounts)
March 31, 2022
December 31,
2021
September 30,
2021
June 30, 2021
March 31, 2021
Assets
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Cash and cash equivalents
$
901,174
$
731,088
$
950,910
$
1,048,177
$
1,592,663
Mortgage loans at fair value
5,208,167
17,473,324
11,736,642
12,404,112
5,503,271
Derivative assets
241,932
67,356
143,807
75,438
113,168
Investment securities at fair value,
pledged
138,417
152,263
41,809
—
—
Accounts receivable, net
617,608
415,691
340,028
317,458
549,381
Mortgage servicing rights
3,514,102
3,314,952
2,900,310
2,662,556
2,300,434
Premises and equipment, net
151,206
151,687
145,774
130,864
111,964
Operating lease right-of-use asset,
net
103,670
104,828
105,902
87,130
87,896
Finance lease right-of-use asset
53,857
57,024
60,113
61,356
54,456
Other assets
60,820
60,145
55,655
57,007
59,393
Total assets
$
10,990,953
$
22,528,358
$
16,480,950
$
16,844,098
$
10,372,626
Liabilities and Equity
Warehouse lines of credit
$
4,076,829
$
15,954,938
$
10,487,950
$
11,249,213
$
4,823,740
Derivative liabilities
115,430
36,741
61,434
82,551
55,479
Operating lines of credit
—
—
—
—
400,000
Borrowings against investment
securities
118,786
118,786
32,560
—
—
Accounts payable, accrued expenses and
other
1,207,145
1,087,411
1,231,826
1,021,119
1,210,923
Accrued distributions and dividends
payable
159,460
9,171
10,087
160,444
160,517
Senior notes
1,981,106
1,980,112
1,484,370
1,483,587
789,870
Operating lease liability
111,010
112,231
117,824
98,280
99,188
Finance lease liability
54,945
57,967
60,871
61,918
54,873
Total liabilities
7,824,711
19,357,357
13,486,922
14,157,112
7,594,590
Equity:
Preferred stock, $0.0001 par value -
100,000,000 shares authorized, none issued and outstanding as of
March 31, 2022
—
—
—
—
—
Class A common stock, $0.0001 par value -
4,000,000,000 shares authorized, 92,531,073 shares issued and
outstanding as of March 31, 2022
9
9
10
10
10
Class B common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
March 31, 2022
—
—
—
—
—
Class C common stock, $0.0001 par value -
1,700,000,000 shares authorized, none issued and outstanding as of
March 31, 2022
—
—
—
—
—
Class D common stock, $0.0001 par value -
1,700,000,000 shares authorized, 1,502,069,787 shares issued and
outstanding as of March 31, 2022
150
150
150
150
150
Additional paid-in capital
542
437
313
187
—
Retained earnings
138,834
141,805
129,815
109,397
113,078
Non-controlling interest
3,026,707
3,028,600
2,863,740
2,577,242
2,664,798
Total equity
3,166,242
3,171,001
2,994,028
2,686,986
2,778,036
Total liabilities and equity
$
10,990,953
$
22,528,358
$
16,480,950
$
16,844,098
$
10,372,626
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except shares
and per share amounts)
(Unaudited)
For the three months
ended
March 31, 2022
December 31,
2021
September 30,
2021
June 30, 2021
March 31, 2021
Revenue
Loan production income
$
383,871
$
442,407
$
589,461
$
479,274
$
1,074,665
Loan servicing income
198,565
194,976
174,695
145,278
123,789
Change in fair value of mortgage servicing
rights
171,963
(138,988
)
(170,462
)
(219,104
)
(59,259
)
Gain (loss) on sale of mortgage servicing
rights
—
2,461
(5,443
)
10
4,763
Interest income
67,395
104,601
102,063
79,194
45,912
Total revenue, net
821,794
605,457
690,314
484,652
1,189,870
Expenses
Salaries, commissions and benefits
160,609
146,697
164,971
172,951
213,061
Direct loan production costs
26,718
25,292
18,980
15,518
13,162
Marketing, travel, and entertainment
12,837
25,334
14,138
11,330
10,495
Depreciation and amortization
10,915
10,422
9,034
8,353
7,289
General and administrative
38,323
36,467
39,148
42,116
16,778
Servicing costs
47,184
36,200
29,192
23,067
20,508
Interest expense
60,374
88,772
90,221
72,673
52,990
Other (income) expense
7,502
4,437
(8,710
)
(1,530
)
(17,304
)
Total expenses
364,462
373,621
356,974
344,478
316,979
Earnings before income taxes
457,332
231,836
333,340
140,174
872,891
Provision for income taxes
4,045
(7,990
)
3,483
1,462
12,886
Net income
453,287
239,826
329,857
138,712
860,005
Net income attributable to
non-controlling interest
431,357
222,876
304,611
130,448
812,020
Net income attributable to UWMC
21,930
16,950
25,246
8,264
$
47,985
Earnings per share of Class A common
stock:
Basic
$
0.24
$
0.17
$
0.25
$
0.08
$
0.47
Diluted
$
0.22
$
0.11
$
0.16
$
0.07
$
0.33
Weighted average shares
outstanding:
Basic
92,214,594
97,138,073
101,106,023
102,760,823
103,104,205
Diluted
1,594,284,381
1,599,785,759
1,603,710,511
1,605,067,478
1,605,173,992
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220510005545/en/
For inquiries regarding UWM, please contact: INVESTOR
CONTACT BLAKE KOLO InvestorRelations@uwm.com MEDIA
CONTACT NICOLE YELLAND Media@uwm.com
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