UWM Makes Major Announcements Including A 0% Down Payment Program

United Wholesale Mortgage rolled out a new 0% down payment program, alongside several other major announcements during its annual broker event this week.

The down payment program is geared towards borrowers struggling to save for a down payment. This is one of the biggest challenges facing new buyers struggling under rampant inflation and soaring household debt.

“UWM’s 0% Down Purchase program is going to change the game this purchase season,” CEO Mat Ishbia said in a statement. “No other wholesale lender in the country is offering this, meaning independent mortgage brokers now have a significant advantage with consumers and real estate agents. Thousands of borrowers are sitting on the sidelines because they don’t have a down payment – this program removes that barrier.”

Qualified buyers can receive a 3% down payment assistance loan of up to $15,000 in the form of a second lien loan that doesn’t accrue interest. They can choose when to make payments so long as the loan is paid by the end of its term.

It’s available to borrowers at or below 80% of the Area Median Income for the address of the property they are buying and first-time buyers.

UWM rolled out the program at UWM LIVE!, where the company dropped several other big announcements.

The company also launched ChatUWM, an AI-powered smart search engine that provides instant responses on topics like guidelines, matrices, and summaries of UWM’s tools and technology.

Another innovation, TRAC+, allows UWM to handle all aspects of title review, closing, and disbursement. As a result, UWM’s broker partners don’t need to work with a title company or settlement agent. This is an update to UWM’s TRAC, which launched in October 2022.

TRAC pricing incentives are applied based on the loan amount on top of a flat TRAC+ fee of $1,850 with no additional settlement agent fees.

Finally, leaders at the company announced that UWM’s consumer-facing brand, Mortgage Matchup, is now the Official Mortgage Partner of the NBA and WNBA. This is the first-ever mortgage partnership for both leagues.

Ishbia, who is worth $10.6 billion, bought the Phoenix Suns and WNBA’s Phoenix Mercury for a record $4 billion in February 2023.

Mortgage Matchup offers consumers and real estate agents educational material about the homebuying and refinancing process, along with a searchable database of local independent mortgage brokers. It will receive media exposure across a variety of league platforms, including through on-court virtual signage and social and digital platforms.

“The NBA and WNBA are sports powerhouses as well as a symbol of passion, excellence, and elite experience – characteristics UWM and our partners bring to the mortgage process for borrowers. By joining forces, we aim to tap into the immense and diverse fan base of these two leagues to create authentic connections with basketball enthusiasts across the country,” said Sarah DeCiantis, UWM Chief Marketing Officer.

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