United Wholesale Mortgage (UWMC) – Get UWM Holdings Corporation Class A Report in its commercial beginnings surged and then lost ground.

The company, with a market valuation of nearly $16 billion, is now the largest listed via a merger with a purpose-built acquisition company.

UWM, the parent company of United Wholesale Mortgage, went public by merging with blank check company Gores Holdings IV.

“While UWM is already firmly established as the premier wholesale mortgage lender, with a huge technological lead and strong operational efficiencies, we never relax,” said UWM Chief Executive Officer Mat. Ishbia, in a statement.

At last check, shares of the Pontiac, Mich. company were down 1.7% at $11.34.

SPAC IPOs accounted for nearly half of U.S. IPO activity in 2020, according to SPAC Analytics, and accounted for nearly half of U.S. IPO market growth the last year compared to 2019, according to research firm SPAC Analytics noted.

UMW posted a record profit in the third quarter of 2020: $1.45 billion in net profit. The company also said that for the first nine months of 2020, the production volume exceeded the figure for the whole of 2019.

The company recently launched a number of products, including a mobile app that allows brokers to access “virtually every aspect of their job” from the app.

“UWM’s unparalleled market position, customized technology and deep talent pool have propelled the company to the forefront of the mortgage industry,” said Alec Gores, CEO of Gores Group. The Los Angeles investment firm sponsored the SPAC.