Freddie Mac on Thursday announced net income of $7.3 billion for 2020, up $100 million from the year before as the housing market surged amid pandemic-induced record low interest rates. Freddie Mac also reported: Net worth increased to $16.4 billion, from $9.1 billion at the end of 2019. Net income of $2.9 billion and comprehensive income of $2.5 billion in the fourth quarter, up $400 million and $100 million, respectively, from the prior quarter, driven by a reserve release due primarily to realized house price growth during 4Q 2020. “In 2020, Freddie Mac continued to serve the important role for which it was founded: supporting the housing market in all economic conditions. In the face of extraordinary economic uncertainty caused…
Rocket Mortgage and Tracy Morgan teamed up Sunday night for “Certain Is Better” commercials during the Super Bowl. Here they are: https://youtu.be/EMgA-y2nRWE https://youtu.be/RWHT3Xt7qfw…
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 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…
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…
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.”…
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…
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…
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…
