True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbor

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

Don’t sleep on non-QM products

Now is the perfect time for originators to consider expanding to non-QM products – to grow business, diversify their offerings and to ensure an opportunity to better serve their customers.

Mortgage

As UWM attempts to build an empire, brokers and rivals weigh in on Mat Ishbia’s $16B plan

We talked to Ishbia, execs at two lenders, and nearly a dozen LOs to answer the question: What would a post-IPO UWM look like?

A year ago, long before anyone talked about a coronavirus, Rocket Companies‘ stock performance, or the curious acronym S-P-A-C, Mat Ishbia had set his plan in motion.

Ishbia’s company, United Wholesale Mortgage, had by that point climbed the ranks to become the second-biggest mortgage originator in the country. UWM issued nearly 350,000 mortgages worth $108 billion in 2019, about three times more than the year prior. He hired thousands of workers at UWM’s 60-acre headquarters outside Detroit, championed the resurrection of the independent mortgage broker, rolled out a suite of new technologies, had a few dust-ups with hometown rival Quicken Loans (now Rocket), and generally ate the lunch of legacy banks and Wall Street-backed competitors alike.

But Ishbia was still biding his time. To execute upon his vision, he needed capital. Lots of it. Ishbia needed to go public.

And so, a day after Rocket announced a rebranding of its wholesale/partner channel, Ishbia dropped his bombshell: the 40-year-old executive would merge his company with an Alec Gores-created SPAC, giving him a 94% stake in a new residential mortgage company valued at $16.1 billion. As part of the merger, the new company would receive nearly $1 billion in fresh capital to roll out new technology, hire even more workers, and scale up.

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