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United Wholesale Mortgage (NYSE: UWMC) has announced it will no longer do business with mortgage brokers who work with rivals
Rocket Companies Inc (NYSE: RKT)-owned Rocket Mortgage and privately owned Fairway Independent Mortgage Corp.
Both Rocket Companies and United Wholesale s stock have seen volatile trading this week amid a surge in interest from WallStreetBets traders.
What Happened: UWM President and CEO Mat Ishbia dropped the surprise announcement Thursday during a Facebook Live event that was promoted as highlighting UWM’s return to the jumbo market.
“If you work and send loans and send loans to Fairway Independent or Rocket Mortgage, which by the way is about 25% of the brokerage channel, if you work with them, you can t work with UWM anymore,” said Ishbia.
United Wholesale Mortgage (NYSE: UWMC) has announced it will no longer do business with mortgage brokers who work with rivals Rocket Companies Inc (NYSE: .
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Lucid Motors Inc. is merging with a blank-check company run by financier Michael Klein that values the combined entity at a pro-forma equity value of $24 billion, the biggest in a series of deals involving electric-vehicle start-ups cashing in on investor appetite for battery-powered cars.
The electric car maker has shied away from comparisons to market leader Tesla Inc., but the public listing positions it to compete for a slice of what’s expected to become a rapidly growing market for EVs. The deal will generate about $4.4 billion in cash for the 14-year-old company, which plans to use the newly acquired funds to bring vehicles to market and expand its factory in Arizona.
Report: Lucid Motors plan to go public could be announced as early as Tuesday bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.