Wholesale lenders

But UWM says the provision is designed to protect against a broker double-locking the loan and is used by other lenders.

The acquired platform, while remaining stand-alone, will have integrations with Black Knight's Empower loan origination system for mortgage lenders.

United Wholesale Mortgage's new rule, which forbids brokers from doing deals with two competitors, has brought extra attention to its smaller rival.

The company posted an $88 million loss for 2020 after shutting down for nearly the entire second quarter.

Mortgage brokers are telling the company that they "are looking for another large source," according to President and CEO Willie Newman.

Finance of America Reverse's product combines features of a forward mortgage, like 10 years of payments, with parts of a non-recourse reverse loan.

Rocket Pro TPO EVP Austin Niemiec calls this the start of the slippery slope, but UWM's Mat Ishbia responds he isn't being aggressive

And there are some brawls on the field affecting the direction of business for the rest of this year.

But the move could have legal repercussions from a competitive standpoint.

The expansion of borrower data collected in the new URLA upends an industry standard and lenders are experiencing some growing pains.

Even as the company posted record numbers, it could have originated more loans if it had not stopped buying FHA and jumbo mortgages from brokers.

The acquiring company does business under the name Excelerate Capital and will extend that name to Castle in order to expand its footprint.

This is the third nonbank mortgage company offering in a row to decrease its size, but the reductions were more severe than the others.

The expected pricing range is between $19 and $21 per share if all 14.4 million shares to be offered are sold.

United Wholesale Mortgage is the third nonbank lender to complete the process of going public since the wave of announcements started last year.

Bon Salle joins Home Point as the Ann Arbor, Mich.-based nonbank mortgage lender plans to go public.

The company is following in the footsteps of Michigan-based rivals Rocket Cos. and United Wholesale Mortgage.

The deal will add wholesale production to Guaranteed Rate's retail business.

Smaller lenders should consider positioning themselves for acquisition at a time when they can be making the most money.

Earnings increased by 81% year-over-year as its gain-on-sale margins grew nearly 2.5 times.