Fitch cited CCM's strong market share in the distributed retail channel, solid operating track record, experienced management team and conservative leverage as credit strengths. The company ranked as the eighth-largest lender in the first half of 2025, with $23.05 billion in originations, according to Inside Mortgage Finance. But Fitch also flagged challenges, including exposure to cyclical mortgage market conditions, reliance on secured short-term wholesale funding, regulatory risk tied to Ginnie Mae loans and key personnel risk related to majority shareholder Ron Leonhardt.
UWM Holdings Corporation has closed the issuance of $1 billion in senior notes, an oversubscribed transaction that comes just two months before the maturity of its existing notes. The company initially planned to issue $600 million. Proceeds, due November 15, will be used to repay $800 million in senior notes that carry a 5.5% coupon, to pay down mortgage servicing rights (MSR) facilities, and UWM will apply the remainder for general working capital, according to a filing with the Securities and Exchange Commission (SEC).
Rocket and Mr. Cooper's board of directors signed off on the deal in late July. Rocket Holdings Inc. which controls 79% of Rocket's voting power already provided written consent for the stock issuance, removing the need for a Rocket shareholder vote. In late August, the Federal Housing Finance Agency (FHFA) approved the merger, subject to a 20% cap on Fannie Mae and Freddie Mac servicing exposure for the combined company.