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United Wholesale Mortgage (UWM) has announced the release of Elite ARM, a new loan product that has been added to its Elite and Elite High Balance program. First launched in 2012, Elite caters exclusively to well-qualified clients, providing preferred conventional rates and pricing for borrowers with high FICO scores. The program has been continually expanded with the release of Elite ARM being the most recent addition.
UWM’s Elite family of products includes conventional fixed, conventional high balance fixed, and now ARMs. In addition, its 5/1 ARM will be offered with a lower cap of 2/2/5, unlike most traditional ARMs that require a 5/2/5 cap.
“Our new Elite ARM product is a natural addition to our Elite program, which offers the absolute best pricing for the best qualified borrowers,” said Mat Ishbia, president and CEO of UWM. “This new product enables our broker partners to help get their borrowers the best option that fits their needs. It gives our clients an edge over the competition.”
Program highlights include:
►Fixed or 5/1 – 7/1 ARMs
►Loan amounts from $250,000—county loan limit
►Up to 80 percent LTV
►PIWs honored through DU