The lender’s gain-on-sale margin increased from 1.14% in the third quarter to 1.50% in the fourth quarter, with a rise in originations to boot. Leaders at the company cautioned that some lenders are gaining market share at the expense of earnings.
UWM first made an unsolicited bid for Two Harbors in December 2024. Three other companies subsequently made formal bids for Two Harbors, with UWM prevailing in December 2025.
Servicing for others by banks declined by 0.6% during the fourth quarter of 2025. Meanwhile, the fair value of MSRs classified as serviced for others increased. (Includes data table.)