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.”…
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…
Ahead of its initial public offering, United Wholesale Mortgage announced that it closed $54.2 billion in loans in the third quarter of this year – up 81 percent from the third quarter of 2019. For the year, the Pontiac, Michigan-based wholesale lenders has closed $127.8 billion in mortgages – up from its total 2019 record of 107.8 billion. “This is our best quarter in the company’s 34 years, showing that borrowers are recognizing that independent mortgage brokers offer better rates, greater speed and deeper experience,” UWM President and CEO Mat Ishbia said. The increased volume reflects an industry-wide growth in mortgage activity – especially around refinances – amid record-low mortgage rates. On Wednesday, the Mortgage Bankers Association announced that refinances…
