United Wholesale Mortgage made its public trading debut Friday, the largest-ever listing through a special-purpose-acquisition company (SPAC) with a valuation close to $16 billion.
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United Wholesale Mortgage Goes Public in Biggest SPAC Deal Ever
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UWM works with independent brokers around the country to underwrite and service mortgages. It is one of a number of nonbank mortgage companies embracing the public markets at a booming time for the U.S. housing market. Low interest rates helped push mortgage originations to record levels in 2020. UWM was the third-largest mortgage lender in the U.S. in the first three quarters of 2020, according to industry research group Inside Mortgage Finance.
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