UWM Unveils New Escrow Program

United Wholesale Mortgage (UWM) has rolled out a new program that gives brokers the option to waive escrows up to 90 percent LTV, with no M.I., on all conventional products in all states. “Our new Escrow Advantage option gives originators the ability to waive escrows on up to 90 percent LTV, which significantly reduces monthly payments and closing costs,” said Mat Ishbia, president of UWM. “Typically this would have only been allowed with 20 percent down or more. Borrowers can now keep this extra money in the bank. It’s yet another attractive UWM offering that arms our brokers with additional options to help them be more successful.” To be eligible for Escrow Advantage, loans need to meet the following criteria: ►Maximum 90 percent LTV ►Minimum 720 FICO (No FICO Restrictions in California) “By combining Escrow Advantage with UWM’s wildly successful Ultimate Advantage program, borrowers can spend as little as $100 more per month to keep more than $20,000 in the bank,” said Allen Beydoun, senior vice president of sales. “This option allows the borrower to retain financial stability while pursuing their dream home.”