AmeriHome revives IPO plans

Lender and servicer made $174M profit in Q3 2020

Months after it delayed its $250 million initial public offering, AmeriHome has signaled that it may now be ready to enter the public markets.

The lender and servicer filed updated paperwork with the Securities and Exchanges Commission on Monday detailing its performance through Sept. 30.

According to the updated S-1, AmeriHome, owned by asset management firm Apollo Global, generated $173.8 million in net income during the third quarter. AmeriHome also originated $17 billion in residential loans during the third quarter.

The company is the No. 3 correspondent lender in the country, and also sports a servicing business with about $96 billion in mortgage servicing rights, up from $87 billion as of the second quarter of 2020. AmeriHome earns fees that range between 25 and 56.5 basis points on loans it services, the S-1 said.

Executives at the company pulled the plug on the IPO in late October amid broader turmoil in the financial markets. The firm planned to raise $250 million by offering roughly 14 million Class A shares at a price range of $16 and $18 – valuing AmeriHome at $1.3 billion.

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Presented by: CoreLogic

Like AmeriHome, lender and servicer Caliber Home Loans also postponed its IPO in late October. Caliber, owned by private equity firm Lone Star Funds, was seeking a valuation north of $2 billion when it scotched the public offering. It’s unclear what Caliber’s immediate plans are for a possible IPO.

Several other lenders and servicers also plan to go public in the coming months. United Wholesale Mortgage is eyeing a $16.1 billion valuation on Jan. 22 when it debuts via a special purpose acquisition company. Blackstone Group-owned Finance of America is also looking to go public, as is digital lender

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