UWM, Gores Deal Done – Clearing Way For IPO

United Wholesale mortgage and Gores Holdings IV, Inc., announced Thursday the closing of their previously announced $16 billion business merging, clearing the way for UWM to go public Friday in the largest deal of its kind. The new company – UWM Holdings Corporation – will trade under the ticker symbol “UWMC” beginning Friday. “Today is a historic day for the entire UWM team and all independent mortgage broker partners throughout America,” UWM CEO and President Mat Ishbia said. “We are grateful to The Gores Group for their expertise in the SPAC process, they are the experts in these things and we’ve appreciated all of the guidance they’ve provided to get us to our listing day.” Read also: It’s Good To Be…

It’s Good To Be Mat Ishbia

By Elise Daniel United Wholesale Mortgage is slated to go public Friday. The Wall Street debut will turn Mat Ishbia into a billionaire overnight.  Ishbia is the 40-year-old President and CEO of UWM, the second-largest mortgage lender in the country. After playing college basketball at Michigan State University, Ishbia joined his dad’s mortgage company, United Shore, in 2003 and worked his way up. Ten years later, his father, Jeff Ishbia, made him president of United Shore’s primary business unit, UWM.   Ishbia is considered the biggest player in the wholesale sector. He was named one of the “Most Influential Mortgage Professionals Under 40” by National Mortgage Professional magazine in 2019. Merging with special purpose acquisition company (SPAC) Gores Holdings IV and going public will likely make him even…

VRBO Won’t Bar DC Inauguration Week Bookings

Days after Airbnb announced it would cancel all Washington, DC, reservations during Inauguration week, VRBO signaled that it would not follow its competitor’s lead. In a blog post, VRBO instead said, “If you mistreat people, there’s no space for you on Vrbo. We reserve the right to remove anyone from our marketplace who violates these principles, and we are encouraging hosts to cancel bookings during this time if they believe a guest intends to violate these policies.” VRBO noted that authorities have warned that there is a potential for violence and armed protests around the Inauguration following the Jan. 6 siege of the Capitol. “The safety of our guests and hosts is of the utmost importance to us. If you plan…

There’s A Mortgage Industry IPO Boom. Why?

By Elise Daniel Even in the middle of an economic recession, IPOs are booming and mortgage companies don’t want to miss out. The mortgage industry at large is at a peculiar crossroads and companies and investors are jumping to cash in on a unique set of circumstances, at least in the short term.  Though some public debuts went on hold in the fall, likely due to market uncertainty surrounding COVID stimulus negotiations and the election, IPOs are back in 2021. Several lenders either went public or announced their plans to go public last year and many are expected to go public in the first quarter.  Between jaw-droppingly low interest rates and a booming stock market, many experts aren’t surprised so…

Airbnb Cancels All DC Inaugural Bookings

Airbnb announced Wednesday that is cancelling all booked reservations in the Washington, D.C., metropolitan area during Inauguration week. The online rental site also will take no new reservations in the Capitol region during that week. Airbnb implemented the ban in response to officials asking people not to travel to Washington for the Inauguration in the wake of last week’s siege on the Capitol, in addition to the ongoing Covid-19 pandemic. “Guests whose reservations are canceled will be refunded in full,” Airbnb said in a statement. “We also will reimburse hosts, at Airbnb’s expense, the money they would have earned from these cancelled reservations.” On Monday, DC Mayor Muriel Bowser, Maryland Gov. Larry Hogan and Virginia Gov. Ralph Northam issued a…

Amazon Invests $2B On Affordable Housing

Amazon on Wednesday announced a $2 billion investment in affordable housing in communities where it has a significant business presence. The online retail giant created the Housing Equity Fund, which is designed to “preserve and create over 20,000 affordable housing units” in the Puget Sound region in Washington state, as well as Nashville and Arlington, Virginia. Amazon has or expects to have at least 5,000 employees in each of these areas in the near future. “Amazon has a long-standing commitment to helping people in need, including the Mary’s Place family shelter we built inside our Puget Sound headquarters. The shelter now supports over 200 women and children experiencing homelessness every night,” said Jeff Bezos, Amazon founder and CEO. “This new…

Former Compass Agent Sues Startup

A California agent has filed a lawsuit against real estate startup Compass, accusing the company of engaging in bait-and-switch tactics to lure high-performing agents away from other companies. The suit filed by former Compass agent J. Gregory Maffei, first reported by Inman, alleges Compass uses “unfair, unlawful and fraudulent business practices.” It seeks $10 million in damages and reimbursement for unpaid commission and expenses, the Real Deal reported. The Real Deal provides some details on the suit: Maffei’s suit claims Compass has leveraged “more than $1 billion in funding from venture capitalists to support its ‘bait-and-switch’ tactics and to account for the losses Compass has incurred by overpaying and poaching its competitors’ real estate agents.” The filing was first reported by Inman.…

Hello, Idaho. Adios, Jersey. Where We Moved In 2020

Americans packed up the moving vans and fled New Jersey and New York at a higher rate than any other state in 2020, with the U.S. migration patterns continuing to be to the West and South, according to the annual United Van Lines national migration study released Monday. The study, which tracks moves using United Van Lines, found that Idaho was the highest percentage of inbound migration at 70 percent. New Jersey led the way for outbound traffic for the third straight year, with 70 percent leaving – followed by New York and Illinois (both at 67 percent). “United Van Lines’ data makes it clear that migration to western and southern states, a prevalent pattern for the past several years,…

New Deal Puts UWM Logo On Red Wings Helmets

United Wholesale Mortgage will be the official mortgage provider for the Detroit Red Wings and their home Little Caesars Arena under a multiyear partnership, the Red Wings and Pontiac, Michigan-based UWM announced Monday. As part of the sponsorship, UWM logos will appear on the 11-time Stanley Cup champions’ helmets throughout the 2021 season as well as on the ice at Little Caesars Arena. The season begins next week. Financial details of the agreement were not disclosed. “We are excited to welcome UWM as the official mortgage partner of the Detroit Red Wings, and for this innovative, Michigan-based business to be the first-ever featured partner on our iconic red and white helmets,” said Chris Granger, Group President, Sports & Entertainment, Ilitch…

Home Depot To Pay $20.75M Over Lead Paint Violations

Home Depot will pay $20.75 million under a proposed settlement after its contractors in states across the country allegedly failed to take proper steps to reduce the spread of lead dust and paint chips during renovations, the Environmental Protection Agency and Department of Justice announced Thursday. In addition to the fine, the settlement requires Home Depot to implement a comprehensive, corporate-wide program to ensure that the firms and contractors it hires to perform work are certified and trained to use lead-safe work practices to avoid spreading lead dust and paint chips during home renovation activities.   “These were serious violations. The stiff penalty Home Depot will pay reflects the importance of using certified firms and contractors in older home renovations,” said…