United Wholesale Mortgage plunges 40% after suspending dividend and raising capital

Shares of United Wholesale Mortgage (UWM) plunged 40% after the company suspended its dividend and announced plans to raise new capital. CEO Mat Ishbia said the moves were intended to make UWM "stronger, more liquid and better positioned to win for years to come." UWM is one of the largest wholesale mortgage lenders in the United States.