United Wholesale Mortgage Announces Record Third-Quarter 2020 Results $1.45 Billion Net Income

Additional Information about the Proposed Business Combination and Where to Find It

On October 2, 2020, Gores Holdings IV, Inc. (Gores Holdings IV) filed with the Securities and Exchange Commission (SEC) a preliminary proxy statement in connection with the proposed business combination contemplated by the Business Combination Agreement and will mail a definitive proxy statement and other relevant documents to its stockholders. The definitive proxy statement will contain important information about the proposed business combination contemplated by the Business Combination Agreement and the other matters to be voted upon at a meeting of stockholders of Gores Holdings IV to be held to approve the proposed business combination contemplated by the Business Combination Agreement and other matters (the “Special Meeting”). Gores Holdings IV stockholders and other interested persons are advised to read the preliminary proxy statement, as well as any amendments or supplements thereto, and, when available, the definitive proxy statement in connection with Gores Holdings IV’s solicitation of proxies for the Special Meeting because they contain and will contain important information about the proposed business combination. When available, the definitive proxy statement will be mailed to Gores Holdings IV stockholders as of a record date to be established for voting on the proposed business combination contemplated by the Business Combination Agreement and the other matters to be voted upon at the Special Meeting. Gores Holdings IV stockholders will also be able to obtain copies of the proxy statement, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: Gores Holdings IV, Inc., 9800 Wilshire Boulevard, Beverly Hills, CA 90212, attention: Jennifer Kwon Chou (jchou@gores.com).

Participants in Solicitation

Gores Holdings IV, UWM and their respective directors and officers may be deemed participants in the solicitation of proxies of Gores Holdings IV stockholders in connection with the proposed business combination. Gores Holdings IV stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Gores Holdings IV in Gores Holdings IV’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 27, 2020. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Gores Holdings IV stockholders in connection with the proposed business combination contemplated by the Business Combination Agreement and other matters to be voted upon at the Special Meeting are set forth in the preliminary proxy statement for the proposed business combination and will be in the definitive proxy statement when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination is included in the preliminary proxy statement that Gores Holdings IV filed with the SEC.

Key Operational Metrics

Closed Loan Volume and Gain Margin are key operational metrics that UWM management evaluate the performance of the business. Closed Loan Volume is the aggregate principal of the residential mortgage loans underwritten by UWM during a period. Gain Margin is total revenue divided by Closed Loan Volume.

Non-GAAP Metric

As UWM is a pass-through entity, Net Income does not reflect federal income tax that would otherwise be payable by UWM with respect to its income. Therefore, for comparison purposes, UWM provides “Comparable Net Income", which is our net income adjusted for a 27% deemed tax rate. Comparable Net Income is a Non-GAAP Metric.

Forward Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations for future financial performance, business strategies or expectations for UWM’s business and the business of the post-combination company, including UWM’s plans of growing the broker channel and becoming the nation’s leader in mortgage originations. These forward-looking statements are based on UWM’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.

These forward-looking statements are not guarantees of future performance and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside UWM’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. With respect to forward looking statements relating to the consummation of the proposed business combination with Gores Holdings IV, these risks include, but are not limited to: (a) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement, the failure to obtain approval of the stockholders of Gores Holdings IV, the failure to receive required regulatory approval; (b) the ability to meet Nasdaq’s listing standards; and (c) the inability of Gores Holdings IV to complete the proposed private placement. With respect to the risks related to UWM’s business, these risks include (i) the risk that the proposed business combination disrupts current plans and operations of UWM or its subsidiaries; (ii) costs related to the proposed business combination; changes in applicable laws or regulations; (iii) the possibility that UWM may be adversely affected by other economic, business and/or competitive factors; (iv) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies that affect interest rates; (v) UWM’s reliance on its warehouse facilities; the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (vi) UWM’s ability to sell loans in the secondary market; (vii) UWM’s dependence on the government sponsored entities such as Fannie Mae and Freddie Mac; (viii) changes in the GSEs’, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (ix) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (x) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (xi) UWM’s inability to continue to grow, or to effectively manage the growth of, its loan origination volume; (xii) UWM’s ability to continue to attract and retain its Independent Mortgage Advisor relationships; (xiii) the occurrence of a data breach or other failure of UWM’s cybersecurity; (xiv) loss of key management; (xv) reliance on third party software and services; (xvi) reliance on third-party sub-servicers; (xvii) UWM’s ability to implement technological innovation; (xviii) UWM’s ability to continue to comply with the complex state and federal laws regulations or practices applicable to mortgage loan origination and servicing in general; and (xix) other risks and uncertainties indicated from time to time in the preliminary proxy statement filed by Gores Holdings IV in connection with Gores Holdings IV’s solicitation of proxies for the Special Meeting, including those under “Risk Factors” therein, and other documents filed or to be filed with the SEC by Gores Holdings IV. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.

Forward-looking statements included in this press release speak only as of the date of this press release. Except as required by law, neither Gores Holdings IV nor UWM undertakes any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this release.