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This article looks at the UWM mortgage servicing rights strategy, and which institutions have bulk purchased MSRs from UWM.
On March 31st Rocket announced it is acquiring Mr. Cooper to form the largest US mortgage servicer. Rocket competitor UWM acted immediately to move sub-serviced loans from Mr. Cooper, to offer refinance incentives to their brokers to recapture loans, and signed a major new agreement with ICE Mortgage Technology to bring servicing in-house.
In addition to sub-servicing agreements, over 57% of UWMs mortgage servicing rights (MSRs) have been sold to other institutions in the past 10 years.
UWM Mortgage Servicing Strategy
UWM currently retains servicing (MSRs) on the majority of agency originated mortgages – 91%, 95% and 97% in 2024, 2023 and 2022 respectively.
But in SEC filings, UWM notes that “We retain MSRs for a period of time depending on business and liquidity considerations. When we sell MSRs, we typically sell them in the bulk MSR secondary market.“
Bulk Sales of UWM Mortgage Servicing Rights
Since January 2014, UWM agency originations have totaled $970BN and 2,943,307 loans. In the same period, UWM sold $554BN comprising 1,795,976 loans, to the agency servicers in the table below.
The table includes MSR transfers to entities that are now a subsidiary, acquired, or dissolved – including Caliber Home Loans, Shellpoint, Specialized Loan Services, Home Point Financial Corp., Flagstar Bank, Amerihome Mtge Company, Citibank and Ditech Financial, but under their successor entities. This does not reflect current MSR holdings and does not include sub-serviced loans.
Top 10 Servicers Current Holdings of UWM MSRs, April 2025
Top 10 Servicers current holdings of bulk purchased UWM MSRs, with Loan Count, Current Remaining Balance and Original Loan Amount.
Separate tab for each Servicer, with breakdown by State, Agency, WAC, WALA, Delinquency Status & Refinance Incentive.
$575.00
Customer Recapture and Retention
UWM relies on their mortgage brokers and correspondent channel to recapture future refinancing or new purchase business from customers whose MSRs it has sold.
The servicers who now hold these MSRs have direct to consumer (D2C) operations geared to retaining these same customers when they refinance or take out new loans.
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Conclusion on UWM Mortgage Servicing
The focus of recent announcements has been UWM sub-servicing arrangements. But if consolidation continues in the mortgage industry and large servicers are acquired, will the UWM mortgage servicing strategy of bulk MSR sales change?