United Wholesale Mortgage has updated its broker-facing AI chatbot to provide advanced loan assistance. The company said ChatUWM, its AI technology, has new features that can lead brokers to faster, more complete loans. Brokers can now “chat” with documents by uploading them as a PDF and asking ChatUWM questions like “What are the seller credits?”…
By KIMBERLEY HAAS Lawyers for United Wholesale Mortgage are questioning the integrity of a class action lawsuit that claims consumers were duped into overpaying for their loans by brokers who sent most of their business to the lender. In court paperwork filed on Sept. 17, lawyers for UWM say the lender became the victim of…
United Wholesale Mortgage rolled out a new technology to give brokers easy access to refinance opportunities. The system, KEEP, sends pre-validated refinance opportunities once mortgage rates shift to meaningfully save borrowers money. UWM says its goal is to help wholesale lenders capture refi opportunities in a saturated market. “In a refi market, you can expect…
By JOHN GIBBS Commonly considered a bellwether for the nation’s economic health, the housing market remains in decline as June home sales slowed to their weakest pace since December. Mortgage rates, often considered the culprit for the slump, remain elevated for a 30-year fixed mortgage. Despite many economists’ predictions of lower rates midway through 2024, the Federal Reserve has…
By ERIN FLYNN JAY Mortgage companies are fighting to recruit and retain top performers, even offering 100% commission splits. Could these programs gain traction as the industry continues to change? NEXA Mortgage, one of United Wholesale Mortgage’s top partners, made headlines when they announced in May that they are creating partnerships with loan officers where…
By ERIN FLYNN JAY In the past year, 1% down payment options have become popular. United Wholesale Mortgage has even announced a 0% down plan with a second lien loan as opposed to a grant. But do these programs disincentivize buyers who would otherwise feel pressure to put money aside for a house? Matt Walsh,…
By KIMBERLEY HAAS Lawyers for United Wholesale Mortgage have moved to dismiss a class action lawsuit alleging violations of the RICO Act. The lawsuit, filed on April 2 by Boies Schiller Flexner LLP, claims that UWM participated in a pattern of racketeering activity by conspiring with brokers to withhold information from homebuyers while misrepresenting material…
A former Rocket Mortgage senior VP is launching his own brokerage firm, Zoom Home Lending. Michael Saleh worked at Rocket for nearly two decades, starting off as a mortgage banker before becoming Senior Director of Mortgage Banking, Regional VP, and finally a senior VP. Now he, alongside Henri Houmani and Issa Al-Sheleh (also former Rocket…
By KIMBERLEY HAAS Hunterbrook Media and its publisher are sounding the alarm after a promotional partnership between United Wholesale Mortgage and the National Basketball Association was announced. On Thursday, leaders at UWM and NBA Communications issued a press release that said a multiyear U.S. partnership was established between the company’s consumer-facing brand, Mortgage Matchup, the…
By JARED WHITLEY Nearly a decade ago, former Michigan State basketball player — and future United Wholesale Mortgage CEO — Mat Ishbia wrote an op-ed for Inc. Magazine, explaining how his business success was an extension of his strategy on the court. Ishbia wrote that his approach is “creating teamwork.” “Be a thumb pointer, not a finger…
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