Fitch Ratings downgraded the long-term issuer default ratings of United Wholesale Mortgage (UWM) to B+ from BB-, citing a sharp increase in leverage driven by second-quarter losses and higher borrowings.
Blend Labs on Thursday reported higher second-quarter revenue and a narrower operating loss, driven by growth in its software platform business as the digital mortgage technology provider expanded customer relationships and rolled out its new AI-powered Autopilot product.