By Dean Seal
Shares of UWM Holdings are on track to close at a two-year low after the company swung to a loss in the first quarter
The stock fell 12% to a low of $4.21 in the morning session. Shares are now down 27% since the start of the year.
The Michigan-based lender, which operates as United Wholesale Mortgage, reported a loss of $13.7 million, or 12 cents a share, compared with a profit of $8.7 million, or 9 cents a share, in the same quarter a year earlier.
On an adjusted basis, the company recorded earnings of 4 cents a share, a penny below the estimates of analysts polled by FactSet.
The company's gain margin on loans it sold was lower than it was last quarter and in the same quarter a year earlier.
Chief Executive Mat Ishbia said costs were higher from investments in the business and that gain margin was lower but is trending higher overall.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 06, 2025 12:21 ET (16:21 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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