United Wholesale Mortgage, LLC and Gores Holdings IV, Inc. Announce Closing of Business Combination

United Wholesale Mortgage, LLC ("UWM"), the #1 wholesale and purchase mortgage lender in the U.S., and Gores Holdings IV, Inc. ("Gores Holdings IV") (NASDAQ: GHIV, GHIVU, and GHIVW), a special purpose acquisition company (“SPAC”) sponsored by an affiliate of The Gores Group, LLC ("The Gores Group" or "Gores"), today announced the closing of their previously announced business combination, which hails as the largest SPAC transaction to date with a valuation of approximately $16 billion. In connection with the closing, Gores Holdings IV changed its name to UWM Holdings Corporation and will commence trading on the New York Stock Exchange (“NYSE”) under the new ticker symbol “UWMC” on January 22, 2021. The transaction was approved at a special meeting of the Gores Holdings IV stockholders on January 20, 2021.

The successful closing of the transaction builds on the significant momentum UWM has achieved over the past several months. UWM has realized record third quarter earnings, with originations exceeding $54.2 billion in mortgage volume, net income of $1.45 billion and production volume exceeding the total 2019 production record.

As part of its commitment to help independent mortgage brokers operate their businesses even more nimbly, efficiently and competitively, UWM recently launched technologies including UWM InTouch, a mobile app that provides brokers access to do almost every aspect of their jobs, from underwriting all the way through Clear to Close, within the app rather than using a desktop computer, and Blink+, which now offers loan officers a point of sale, loan origination system and customer relationship manager all-in-one package.

UWM also increased its workforce and now has over 8,000 team members, to whom it provides career training for positions in sales, information technology, underwriting and mortgage operations.

Mat Ishbia, UWM‘s president and CEO said, “Today is a historic day for the entire UWM team and all independent mortgage broker partners throughout America. We are grateful to The Gores Group for their expertise in the SPAC process, they are the experts in these things and we’ve appreciated all of the guidance they’ve provided to get us to our listing day. While UWM is already firmly established as the number one wholesale mortgage lender, with a huge leg up on technology and strong operational efficiencies, we never relax. We have a clear objective of becoming the nation’s number one overall mortgage lender and will continue to work tirelessly to empower independent mortgage broker partners to build and grow their businesses so that they can continue offering a borrower experience that is easier, faster and less expensive than any alternative.”