Having it All
Before UWM’s January 8, 2019, announcement of an across-the-board rate drop, wholesale mortgage brokers had pretty
much resigned themselves to accepting the status quo from
wholesale lenders. If they received great service and fast
turn times, they didn’t necessarily get the best rate. If they
focused only on getting the best rate, it often meant sub-par
customer service, a difficult loan process, long, drawn-out
closings, and unhappy borrowers.
Now it appears that United Wholesale Mortgage, the #1
wholesale lender in the nation four years in a row, has
brought all the pieces together — making it possible for
mortgage brokers to truly have it all.
CEO Mat Ishbia explains, “UWM has always led the way in
client service, technology and being a true partner to brokers.
So, significantly improving pricing and removing adjustments
was a natural next step for us. It shows our brokers just how
serious we are about helping them grow. Our goal is to help
our clients double their business and, in turn, we will double
ours. It’s a true partnership. From here on out, our brokers
can consider anything over 640 FICO a UWM loan.”
Against all expectations, UWM improved pricing on every loan they offer. They even
removed all state adjustments and many Loan Level Price Adjustments (LLPA) — a
move seen by many in the industry that UWM wants to be recognized for more than
just the best service, turn times and technology. In fact, it’s their technology that UWM
credits for the efficiencies that make it possible to pass these savings along.
The Rate Drop Isn’t the Only Big News Coming From UWM
By also announcing an expansion of their Elite products to include investment
properties and USDA loans, UWM continues to make good on their promise to grow
the wholesale broker channel. They recently sharpened pricing on their High-Balance
program. Introduced One-Click AUS, allowing brokers to instantly run and compare DU
and LP with just one click. And revolutionized their UClose technology by rolling out
UClose 2.0, which practically eliminates the need for a closer — although one is always
available. Again, all in an effort to be the best broker partner possible.
Altogether, the changes being made at the #1 wholesale lender in the nation
represent what UWM’s CEO has been telling independent mortgage brokers for a very
long time: we’re all-in for you. This avalanche of recent news leaves little doubt of
United Wholesale Mortgage is giving brokers the one thing they thought
they’d never have. EVERYTHING.
United Wholesale Mortgage
President and CEO, Mat Ishbia