UWM Reports Record Earnings

United Wholesale Mortgage’s parent company announced financial results for the first time since going public last month, reporting large increases for the quarter and 2020 over the year before. UWM Holdings Corporation reported net income of $1.37 billion for the fourth quarter and full-year net income of $3.38 billion – increases of 821 percent and 715 percent over 2019, respectively. UWM also announced: Originations of $54.7 billion in loan volume, a 71 percent increase from the 4Q19 $31.9 billion loan volume, bringing UWM’s full year 2020 production to $182.5 billion, which is 69 percent higher than UWM’s prior record production for 2019 of $107.8 billion.Total gain margin of 305 bps in 4Q20 compared to 110 bps in 4Q19.Increased UWM’s equity…

Rocket Mortgage Unveils Broker Directory

Rocket Mortgage on Wednesday announced a new national broker directory on its website – allowing homebuyers and homeowners seeking to refinance to find local independent mortgage brokers to guide them through the process. Part of Rocket Pro TPO, the directory is designed to deepen Rocket Mortgage’s partnership with the broker community. “At our core, we are obsessed with providing Americans an incredible process through our powerful Rocket technology platform and infrastructure. There are many ways to receive this experience, no matter how they apply for a mortgage – including our Rocket Pro TPO national network of broker partners,” said Jay Farner, CEO of Detroit-based Rocket Mortgage. “Our clients deserve the opportunity to easily choose the method that makes them most…

loanDepot New “Official Mortgage Provider” Of MLB

Major League Baseball has made loanDepot the “official mortgage provider” of MLB under a multi-year partnership announced this week. Financial terms of the deal were not released, but California-based loanDepot and MLB “will partner to promote the company’s brand, products and services through MLB’s multi-media digital and linear outlets, including MLB.com, MLB Network, MLB social media platforms and MLB’s national broadcast partners, FOX, Turner and ESPN.” “Partnering with the nation’s preeminent sports league, a league which holds a special place in the hearts of American families as our national pastime, is a natural fit for us,” loanDepot Founder and CEO Anthony Hsieh. “We look forward to loanDepot bringing their creativity to the Major League Baseball family reaching our fans with…

UWM’s First Day On NYSE Ends Slightly Down

Mat Ishbia rang the bell – and UWM Holdings Corporation started trading Friday on the New York Stock Exchange. Trading under the ticker symbol “UWMC,” it opened at $11.95 and closed at $11.35 – and was trading at $11.25 after hours. “The energy at the New York Stock Exchange was electric today and marked the beginning of our journey as a public company,” UWM President and CEO Mat Ishbia said. “Today signifies the launch of us growing mortgage brokers and their businesses across America at the highest level while continuing to develop long term value for all our shareholders.”…

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…