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What is UWMCs source of cash to make loans?

So nobody will answer me, just calling me names, suggesting they don't have an answer either. The question is this: We know UWMC is paying 5.5% interest on its $700b senior notes just issued and is paying 5.3% dividend on shareholders' money. That captial is a drop in the bucket when it comes to making $54b of loans which also are made at mortage rates of perhaps 2.5%. You can't borrow money at 5.5% and lend it at 2.5% for long. Now I no stranger to REITs but people keep denying that UWMC is a REIT. Of course it is – it just elects to be taxed as an LLC rather than REIT. REITs issue CMOs and all manner of instruments to raise the bulk of the cash they need to make loans and manage to contrive it in such a way that they pay lower interest rate in that borrowing than the interest received on mortgage loans. When they sell the CMOS they are moreover off-book (non-recourse) with the REIT merely servicing them for a small fee.

Can somebody point to where UWMC is doing the same, or what are they doing to get $54b of cash at less than mortgage rate. Are they selling bundles of loans to Freddie Mac or what?

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