UWM Holdings Corp, the parent of United Wholesale Mortgage, suspended its quarterly dividend and secured a $2.05 billion equity investment from Oaktree Capital Management and SFS Group Capital LLC, a newly formed investment vehicle owned by the family of CEO Mat Ishbia. The company reported a second-quarter net loss of $451.9 million on revenue of $888 million, with mortgage originations totaling $39.7 billion, down from $44.9 billion in the prior quarter but largely unchanged from a year earlier. Shares of UWM Holdings fell 34.78% on Thursday following the announcement. The results came as the Mortgage Bankers Association reported the average contract rate for a 30-year fixed mortgage rose to 6.81%, the highest level in more than a year, while total mortgage applications declined 2.9% from the previous week.
UWM Holdings CorpSuspended dividend, reported net loss, and shares fell 34.78%.
