AmeriHome updates prospectus, indicating it will still launch an IPO

AmeriHome has updated its prospectus with third-quarter financial information, signaling that the company is still interested in going public.

The company originally filed the prospectus on Oct. 1, with pricing expected to occur on Oct. 28. But both AmeriHome and Caliber Home Loans, which was looking to go public at the same time, postponed their offerings due to stock market volatility.

Caliber has not filed any updated information about its offering with the Securities and Exchange Commission. "Although we don't have any updates, Caliber will continue to evaluate the timing for the proposed offering as market conditions develop," a company spokesperson said.

AmeriHome did not respond to a request for comment by press time.

According to the updated prospectus, AmeriHome originated $44.9 billion in the first nine months of 2020, up from $31.7 million for the same period in 2019. The company also provided preliminary numbers for the first two months of the fourth quarter. AmeriHome produced $12.9 billion in October and November, compared with $8.7 billion in the same two months of 2019.

The gain-on-sale margin for the first nine months of 2020 was 128.9 basis points, more than double the 62.6 bps for that time frame in 2019. For the third quarter alone, the gain on sale was 136 bps, but that slipped to 113 bps for the first two months of the fourth quarter.

Purchases made up just under 41% of AmeriHome's volume in the first three quarters of 2020.

For the first nine months of 2020, AmeriHome had net income of $448.8 million, up from $161.2 million for the same period in 2019.

Separately, United Wholesale Mortgage is expected to start trading publicly on Jan. 22, following the completion of its merger with Gores Holdings IV, a special purpose acquisition company.

Shareholders of Gores Holdings IV are scheduled to meet on Jan. 20 to approve the merger. Afterwards, the SPAC's name will be changed to UWM Corp. and it will trade on the New York Stock Exchange under the UWMC ticker symbol.