What UWM Holdings Corporation told the SEC could break it.

UWM sells substantially all originated loans to the GSEs (Fannie Mae, Freddie Mac), FHA/VA-insured into Ginnie Mae securities, or to private investors; it depends on continued secondary-market demand and faces repurchase/indemnity obligations on non-conforming loans.

“Substantially all of our mortgage loans are sold to GSEs, insured by FHA or VA and sold into Ginnie Mae securities or sold to private investors.”

Substantially all of UWM's operations are housed on one campus in Pontiac, Michigan, which could be rendered inoperable by natural or man-made disasters.

“Substantially all of our operations are housed on one campus in Pontiac, Michigan.”

UWM funds loan originations through warehouse facilities; inability to renew them or access funds could force it to curtail originations or dispose of assets.

“If we are not able to renew our then existing warehouse facilities or arrange for new financing on terms acceptable to us, or if we default on our covenants or are otherwise unable to access funds under this type of financing, we may have to curtail our loan origination activities and/or dispose of assets.”

Changes in regulatory capital, liquidity and net-worth requirements applicable to non-bank mortgage companies could materially affect UWM's ability to operate and grow.

“Changes in regulatory capital, liquidity, and net worth requirements applicable to non-bank mortgage companies could materially affect our ability to operate and grow our business.”

UWM relies on a single third-party sub-servicer to service all mortgage loans for which it holds MSRs; that sub-servicer's failure to perform could adversely affect UWM's financial performance.

“We rely on a third party sub-servicer who services all the mortgage loans for which we hold MSRs, and our financial performance may be adversely affected by its inability to adequately perform its servicing functions.”