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.

IPO / M&AMortgage

Cash is king: UWM raises $800M in debt offering ahead of IPO

Wholesale giant will use liquidity to firm up balance sheet ahead of public debut

Man money HW+

Just weeks away from its anticipated $16.1 billion IPO, United Wholesale Mortgage (UWM) closed on the sale of $800 million in senior notes.

The bond sale, which closed this week, gave the Detroit-based mortgage giant $791 million in proceeds. The notes are due in 2025 and sold at a 5.5% coupon.

The liquidity is on top of a commitment in the form of a $500 million private placement and $425 million in cash held by the special purpose acquisition company (SPAC) UWM is merging with, Gores Holdings IV.

“The primary benefit is going to be for cash on the balance sheet and some tax obligations,” said Alex Elezaj, UWM’s chief strategy officer. “It will help us with servicing and retaining servicing so that is one strategic benefit to it, but we’re looking at it holistically, not just one particular area.”

In the run up to the IPO, CEO Mat Ishbia has said that he’s had to decide whether to spend the company’s cash on developing tech or retaining servicing. He chose tech.

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