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UWM And Gores Holdings IV Close Business Combination

Jan 22, 2021
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Director of Events

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.

About the author
Director of Events
Navi Persaud is Director of Events at NMP.
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