Industry Watch: UWM adds SOFR ARMs, Genworth commences IPO and more

Genworth Mortgage Holdings, Inc., has announced that it has commenced an initial public offering of 22,576,140 shares of common stock. In connection with the commencement of the initial public offering, GMHI has announced that it will rebrand, changing its name to Enact Holdings, Inc. The initial public offering price is expected to be between $20 and $24 per share. The shares are expected to trade on the Nasdaq Global Select Market under the ticker symbol “ACT.” Additionally, certain investment funds managed by Bayview Asset Management, LLC have agreed to purchase 4,000,000 shares of Enact’s common stock separate from the IPO in a concurrent private sale.

Carrington Mortgage Services (CMS) has launched a Delegated Correspondent Lending channel, which, according to a release from the company, is “expected to become an important part of Carrington’s business.” The launch of the new line, which adds to the company’s range of government and non-QM products, is expected to complement CMS’ already established Non-Delegated Correspondent Lending channel.

New American Funding has announced its continued partnership with Kavison Homes as the lender of choice for the builder’s new community, The Pines in Downtown Las Vegas.

United Wholesale Mortgage (UWM) has announced the return of adjustable rate mortgages (ARMs) to its product lineup. UWM’s ARMs are available on Conventional and Conventional High Balance loans for primary, secondary and investment properties for purchases and both rate/term and cash-out refinances. According to a release from the company, the fixed-rate ARMs — based on the latest industry-standard Secured Overnight Financing Rate (SOFR) — are available for five, seven or 10 years, with a loan-to-value ratio as high as 95% and rates 50-75 bps lower than a 30-year fixed loan.

Having entered the mortgage space earlier this year with the acquisition of Unify, real estate software company Propertybase has launched BoldMortgage. The new software, according to a company statement, marries the Propertybase’s BoldLeads buyer and seller lead generation engine with the mortgage software capabilities of the Unify Business Growth Platform.


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