United Wholesale Mortgage announced a 60-day basis point pricing incentive for independent mortgage brokers. The program, “60 bps for 60 days,” is available for borrowers with a FICO score of 720 or higher through January 31, 2025. It applies to both conventional and government loans. This program is designed to help independent mortgage brokers stay…
By JARED WHITLEY Where’s the line between sound business strategy and ethical violations? What’s the difference between vertical integration and breaking the law? Those are the questions being raised about a United Wholesale Mortgage (UWM) website called MortgageMatchup.com. The Consumer Financial Protection Board (CFPB) is in the process of determining how the Real Estate Settlement…
By KIMBERLEY HAAS Lawyers for United Wholesale Mortgage have again moved to dismiss a class action lawsuit alleging that consumers were duped into overpaying for their loans by brokers who sent most of their business to the lender. They say the lawsuit reflects an unprecedented effort to smear UWM, its affiliates, and CEO Mat Ishbia…
United Wholesale Mortgage unveiled looser cash-out refinance guidelines to boost business, but some analysts worry it could stretch homeowners too thin. UWM launched a new 90% LTV cash-out refi that doesn’t require insurance. It’s painted as a way to “win more business and gain valuable referrals while helping borrowers take full advantage of their home…
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?”…
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 KIMBERLEY HAAS Leaders at United Wholesale Mortgage say consumers save thousands of dollars working with an independent mortgage broker while lawyers in a class action lawsuit continue to present evidence that the company duped borrowers into believing they got the best deal on their home loans. UWM issued a press release on Aug. 28…
By KIMBERLEY HAAS The CEO of UWM Holdings Corporation says Q2 2024 was another strong quarter for United Wholesale Mortgage and the wholesale channel. Mat Ishbia said in a statement that the wholesale channel market share is at a 15-year high and his company is in a prime position to capitalize and grow when interest…
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…
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