United Wholesale Mortgage is making a push for refinances as rates have moderated.
Company leaders announced Refi 100 this week, a temporary program allowing its broker partners to offer discounts of 100 basis points for conventional rate-and-term refinances. The discount can be applied to new locks through March 29.
Loans originated by UWM must be at least 365 days from the previous note date to qualify, but no seasoning is required for non-UWM loans.
The move comes at the beginning of what may be a good moment for refis, which saw a boost last week as rates moderated. They’re up by 2% and account for 34.2% of total mortgage applications, an increase.
In 2023, three million mortgages were originated at rates greater than 6%, with monthly payments averaging $2,201. These homeowners have plenty of incentive to refinance in the current moment of mid-6’s stability, even if they only save a little extra money.
UWMC Chairman and CEO Mat Ishbia said in a speech shared on LinkedIn said they are building up for this opportunity.
“Because if brokers know how to do the refis and know how to fish and know how to find the data and go after it, you know what we’re going to do? We’re going to do double the business when it comes and we’ll make our money down the road,” Ishbia said.
UWM recently rebranded its consumer-facing website, FindAMortgageBroker.com, as Mortgage Matchup.
Ishbia said then that they are investing in technology and hiring new team members with the expectation that rates will moderate in 2024, reinvigorating the market.
“While others choose to dwell on high mortgage rates and low housing inventory, at UWM we remain focused on growing our market share and the broker channel,” he said.
UWM made headlines recently as it bares its litigious side, suing multiple companies in the last year over its controversial “All In” ultimatum.
It most recently targeted Atlantic Trust Mortgage Corporation for submitting loans to Rocket Mortgage or Fairway Independent Mortgage, which it says violated its exclusivity agreement. Last year, Mid Valley Funding paid $40,000 to settle a similar suit.
Read More Articles:
Listen To Our Podcast:
Sign up for our free newsletter.