UWM : Presentation

This presentation contains certain forward-looking statements and information, which reflect management's current beliefs and expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements include statements identified by such terms as "expect", "anticipate", "believe", "ability", "potential", "outlook", "may", "should", "target" or similar terms and variations thereof, statements regarding United Wholesale Mortgage's ("UWM's") financial and operational guidance as well as its expectations and beliefs regarding (1) UWM's strategy for growth and the drivers, timing and sustainability of that growth, (2) the growth of the wholesale market and UWM share of the wholesale and purchase markets in future periods, (3) UWM's intent to continue to diversify and optimize its financing sources and continued portfolio growth, (4) UWM's ability to implement its corporate strategies, including retaining and growing its position in the wholesale and purchase lending channels, and the impact of such strategies on its future operational and financial results, (5) its belief as to advantages of the wholesale market, (6) the impact of various interest rate environments on its future financial results, (7) UWM's position amongst its competitors and ability to capture additional share, (8) UWM's beliefs regarding team member preparedness upon the return of favorable market conditions (9) UWM's ability to perform in different

market cycles and its strategies for doing so and (10) its ability to develop and deploy new technologies and the benefits of new technology to its operations and financial results. These

statements are based on management's current expectations, but are subject to risks and uncertainties, many of which are outside of UWM's control, and could cause future events or results materially differ from those stated or implied in the forward-looking statements, including those risks and uncertainties provided under the heading "Risk Factors" in UWM Holding Corporation's filings with the Securities and Exchange Commission. UWM further wishes to caution readers that certain important factors may have affected and could in the future affect UWM's 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 UWM. The information provided in this presentation is provided as of the date hereof, and UWM undertakes no obligation to update such information or forward-looking statements to reflect events or circumstances after the date of this presentation.

This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA, non-funding debt and non-funding debt to equity ratio. We define Adjusted EBITDA 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. We define "Non-funding debt" as the total of senior notes, 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 total equity. Management believes that these non-GAAP metrics provide useful information to investors. This measure is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for revenue, net income, or any other operating performance measure calculated in accordance with GAAP and may not be comparable to a similarly titled measure reported by other companies. A reconciliation of net income, the most directly comparable U.S. GAAP financial measure, to Adjusted EBITDA, is set forth in the appendix to this presentation and in UWM Holdings Corporation's Annual Report on Form 10-K for the year ended December 31, 2023.

2

Overall mortgage		Wholesale mortgage		Purchase mortgage		Overall market		Wholesale market
lender in the U.S.		lender in the U.S.		lender in the U.S.		share1		share2

2023 Loan		2023 Purchase		2023		Servicing UPB		Net Promoter Score
Production		Production		Net Loss		as of 4Q23		2023

1. Based on 3Q23 Inside Mortgage Finance data published on 12/21/23

3

2. Based on 3Q23 Inside Mortgage Finance data published on 11/22/23 Source: Inside Mortgage Finance, company materials

Capitalizing on lessons learned from being on an NCAA National Championship basketball team, Mat Ishbia runs UWM like a successful sports team with captains, daily huddles, and a team-oriented culture.

4

Our Mission Statement

We are dream makers united to make dreams come true for homeowners, mortgage

brokers, our community, our team members and their families.

Our Pillars

PEOPLE	SERVICE	RELATIONSHIP	THUMB	CONTINUOUS	FUN &
Our people are	Service is	DRIVEN	POINTERS	IMPROVEMENT	FRIENDSHIP
our greatest	everyone's	We are relationship	We are thumb	Continuous	Our path is
asset	responsibility	driven, not transaction	pointers not	improvement is	paved with fun
		driven	finger pointers	essential for long	and friendship
				term success

5

Largest mortgage lender by volume	Through investment in people and	Highly flexible cost structure that
in total originations	technology, UWM has been able to	allows for sustained profitability and
	cultivate "loyalist" brokers who then	growth; long track record
Largest mortgage lender in purchase	expand the customer network	demonstrates the UWM model works
volume	Size, scale, and speed has led to	through various business cycles
	UWM's ability to set prices and gain	Variable costs primarily associated
	market share	with origination, without cost of loan
		officers which allows for scalable
		growth

53,600+ active loan officers		$2.5 book value as of		200-acre HQ with 2		~$2.2B
with approximately 34,500		December 31, 2023		million sq ft connected by		1
that submitted a loan during				a 1,000 ft bridge
2023

6

1. Includes $.5 billion of cash and $1.8 billion of available borrowing capacity Source: Internal Company Data

Founded in 1986 as a family	Post-2014, UWM started to invest	Strategic investments and	Already the #1 wholesale lender
decisions enabled UWM to	for 8 consecutive years, UWM
business-Mat Ishbia started in	significantly more in culture and
become 100% wholesale with the	became the #1 overall mortgage
2003 and became CEO in 2013	technology
ability to scale	lender in 2022

UWM's relatively higher purchase mix drives a balanced model that is positioned to

remains stable when rates are not conducive to refinance activity

Purchase ($B)		Refinance ($B)

7

UWM has achieved leading market share in the wholesale channel and is the #1 overall lender

Top Direct Lenders - 9M2023

9M23 9M23

CompanyMarket ($bn) Share

1		$83.9	7.8%
2	Rocket Mortgage	$59.5	5.5%
3	Guaranteed Rate	$27.4	2.5%
4	Chase	$22.5	2.1%
5	Fairway Independent	$20.4	1.9%
6	Wells Fargo	$19.7	1.8%
7	LoanDepot	$16.9	1.6%
8	DH Mortgage	$16.8	1.6%
9	U.S Bank	$16.4	1.5%
10	CrossCountry	$16.2	1.5%

Top Wholesale Lenders - 9M2023

9M23 9M23

CompanyMarket ($bn) Share

1		$83.9	47.9%
2	Rocket Mortgage	$20.6	11.8%
3	PennyMac Financial	$5.9	3.4%
4	NewRez/Caliber	$3.8	2.2%
5	Plaza Home Mortgage	$2.7	1.5%
6	LoanStream	$2.7	1.5%
7	Kind Lending	$2.4	1.3%
8	Freedom Mortgage	$2.1	1.2%
9	Plains Commerce Bank	$2.1	1.1%
10	NYCB/Flagstar	$1.9	1.1%

Wholesale Market Share - 9M2023

9M23 9M23

CompanyMarket ($bn) Share

1		$83.9	47.9%
2	Rocket Mortgage	$20.6	11.8%
3	PennyMac Financial	$5.9	3.4%
4	NewRez/Caliber	$3.8	2.2%
5	Plaza Home Mortgage	$2.7	1.5%
6	LoanStream	$2.7	1.5%
7	Kind Lending	$2.4	1.3%
8	Freedom Mortgage	$2.1	1.2%
9	Plains Commerce Bank	$2.1	1.3%
10	NYCB/Flagstar	$1.9	1.2%

8

Source: Inside Mortgage Finance data published on 12/21/23 and 11/22/23

Winning & Investing Now

Growing market sharePurchase Focused as rates rise

2023		Broker Channel
Operationally profitable in a volatile		Embedded in local community
market

9

App-to-CTC1

UWM - 17 days2

Industry - 41 days3

2023 Interest Rates4

UWM - 6.65%5

Industry - 6.81%6

1. Application to Clear to Close
2. Business days for 4Q23
3. Calendar days; Source: Management's estimates for 4Q23 based on Intercontinental Exchange, Inc. (ICE)
4. Weighted average
5. Internal Company Data
6. Based on the 30-year fixed mortgage rate published by the Federal Reserve Bank of St. Louis
7. 2021 HMDA, Compiled by AIME and NDP Analytics; Comparisons based on conventional conforming 30-year fixed loans for debt-to-income ratio 41-45% between top 10 wholesalers and top 10 non-bank retailers; interest savings assumes full term of loan

Technology

Process

Service

Estimated Average

Cost Savings to

Borrowers Using a

Mortgage Broker7

10