Retiring Ellie Mae CEO Jonathan Corr and new ICE Mortgage Technologies President Joe Tyrrell discuss how the two companies will be merged.

Called it a better all-around process for United Wholesale Mortgage to become a publicly traded company.

The Charlotte, N.C., company recently closed on a sale of its Cohen Financial platform to SitusAMC.

Weeks after Rocket Cos. launched its own IPO, the wholesaler is merging with a special-purpose acquisition company in a deal that values it at over $16 billion.

The company also found a buyer for its portfolio of equipment finance loans as it tries to clean up credit and refocus on middle-market lending.

Westcor has been gaining market share, growing to 5.9% of premiums written in 2Q 2020, versus 3.4% in the first quarter of 2019.

The deal brings yet another mortgage origination component under the same roof.

The potential acquirers included a "go shop" provision as a sweetener in the rejected offer.

Inconsistent loan processing was a pain point for Remax's Motto Mortgage franchisees and the acquisition should solve that, executives said.

Neither side opted to invoke their Aug. 31 termination rights and the deal is set to close by the end of September.