United Wholesale Mortgage – A Wholesale Lender That Partners With Mortgage Brokers
If you’re looking for a wholesale mortgage lender, consider United Wholesale Mortgage. The company partners with mortgage brokers to offer specialized products. The company is headquartered in Pontiac, Michigan. Its business rating is A+. The company is a well-known name in the mortgage industry. In fact, it has been in business for more than 100 years.
UWM is a wholesale lender
UWM is a wholesale lender that primarily originates loans through independent brokers. The company’s profits in the second quarter were $215.4 million, higher than the first quarter, despite the increasing pressure on interest rates. In the first quarter of 2022, UWM originated $38.8 billion in mortgage loans, down from $39.9 billion a year earlier. Its second quarter profit beat the high end of its guidance range of 0.9% to 0.9%.
The company works with independent mortgage brokers and offers good rates and technology to make the application process easier. In addition, the company provides training to its partners to make the process as seamless as possible. It also offers a free home value estimator, which can help potential borrowers determine their home’s value. UWM has a variety of loan products available, and its Conquest program targets partners who haven’t closed deals with other mortgage companies.
It partners with mortgage brokers
United Wholesale Mortgage has partnered with mortgage brokers to offer a variety of loan options. The company’s marketing cloud and partner communities give independent mortgage brokers the tools they need to compete in today’s market. These tools help brokers increase their business exponentially by turning their pipeline into new mortgage deals and retaining their existing clients.
The company uses technology to expedite the underwriting process and closes most loans within 17 days or less. It also offers exclusive products like the Elite conventional mortgage and a suite of solutions for mortgage brokers. Its Blink+ tool allows brokers to receive applications around the clock, and the UWM Intouch mobile app gives brokers insight into their pipeline.
It offers specialized products
United Wholesale Mortgage is a leading wholesale lender with a focus on providing innovative mortgage solutions. This team-oriented, customer-focused company is a champion of independent mortgage brokers. In fact, the company has been named the top wholesale lender in the country six years in a row. It is also a publicly traded indirect parent.
United Wholesale Mortgage offers specialized products for homebuyers, including home loans in excess of conforming loan limits. It funds loans of up to $3 million. Although it does not originate mortgages, the company offers a wide range of information to help prospective borrowers navigate the mortgage process. Its website has homebuying guides, calculators, and contact information.
It has an A+ business rating
The A+ business rating is a sign that a business is able to maintain a high standard of service for customers. United Wholesale Mortgage is one of the largest mortgage providers in the US. Recently, they issued an ultimatum to brokers, letting them choose whether to work with them or with competitors. This move has been met with widespread criticism. Making it more difficult for home buyers to find lower mortgage rates is not a good business strategy.
The company was founded in 1986 and has offices throughout the U.S. Its headquarters is located in Pontiac, Michigan. Its president and CEO, Mat Ishbia, owns 71% of the company. This is a relatively low number of complaints compared to other lenders. The company has been in business for over 30 years and plans to go public in 2021. It is a wholesale mortgage lender that provides mortgage loans to consumers in all 50 states and the District of Columbia.
It charges no escrow waiver fee
United Wholesale Mortgage, also known as UWM, charges no escrow waiver fee on conventional loans up to 90% LTV. This means that borrowers with a 720 FICO score or better are eligible to obtain a mortgage. This move is expected to make the doc-less mortgage process more accessible to consumers.
While this may seem like a good thing, it has its critics. Mortgage industry professionals have expressed concern about the new practice. They worry that homeowners will not be able to save for their taxes and insurance without an escrow account. Both Fannie Mae and United Wholesale Mortgage declined to comment on the issue.
