United Wholesale Mortgage (UWM) has announced that it has launched a unique jumbo product with loan amounts up to $2.5 million and loan-to-value (LTV) ratios up to 80 percent. This product is exclusive and has extremely competitive low fixed rates in the mid four percent range, along with multiple adjustable-rate mortgage (ARM) options if the borrowers choose.
“Investors have been slow to embrace the return of jumbo loans over the past year as a result of the risk factor,” said Mat Ishbia, president of United Wholesale Mortgage. “We are one of the few lenders in the country that have the capability to underwrite, close and fund jumbo loans all under one roof. UWM has the ability to offer this program based on its exceptional reputation of originating the highest quality loans across the country.”
UWM has dubbed the product “The Big and Easy” due to the size of the loan it can fund coupled with the straightforward, trouble-free process that UWM has established. UWM offers brokers a number of different tools to make them more successful. Among them are EASE (Easiest Application System Ever), its broker portal, and Easy Qualifier (EQ), its product and pricing engine. Further, the accessibility to UWM’s customer service staff and quick underwriting turn times attracts top tier brokers who produce high volumes of quality loans. The Big and Easy can be priced and underwritten using EASE and EQ.
“Our quality of business is a direct result of our account executives working only with brokers that have proven to originate quality loans and our centralized team of underwriters ensuring that these loans will perform,” said Ishbia.
The Big and Easy offers a variety of financing options that include a 30-year fixed, 15-year fixed, 10-year ARM and also a five-year ARM. This program accepts FICO scores as low as 720. Eligible property types for The Big and Easy include primary residences, second homes, condominiums, PUDs (planned unit developments) and double units. Officials at UWM say it is the only true jumbo loan in the country that originators can close in two weeks or less and they expect UWMs volume to rise significantly within the next year.