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United Wholesale Mortgage, LLC and Gores Holdings IV, Inc., a special acquisition company, announced the closing of their previously announced business combination. This marks the largest SPAC transaction to date with a valuation of approximately $16 billion, according to a press release.
Gores will change its name to UWM Holdings Corporation and will begin trading under the new ticker symbol of UWMC, starting today. The closing marks a series of successful milestones for UWM. According to the release, UWM realized record third-quarter earnings, with originations exceeding $54.2 billion in mortgage volume, net income of $1.45 billion and production volume exceeding the total 2019 production record.
The company also launched UWM InTouch, a mobile app that provides brokers access to do almost every aspect of their jobs, from underwriting all the way through Clear to Close, within the app rather than using a desktop computer. UWM also launched Blink+, which now offers loan officers a point of sale, loan origination system and customer relationship manager all-in-one package. Additionally, the company increased its total workforce to 8,000 team members.
“While UWM is already firmly established as the number one wholesale mortgage lender, with a huge leg up on technology and strong operational efficiencies, we never relax,” said Mat Ishbia, UWM‘s president and CEO.