United Wholesale Mortgage Removes Escrow Waiver Fees
United Wholesale Mortgage (UWM) has announced that the removal of their 0.25 percent escrow waiver fee nationwide for all conforming conventional loans. The change is designed to give mortgage brokers nationwide a competitive edge over large banks and mega retail lenders that typically charge 0.25 percent of the loan amount to allow a consumer to manage their yearly tax and insurance payments. As a result, borrowers can potentially save thousands of dollars at closing on fees and an initial escrow deposit. UWM is the only lender that has eliminated this fee nationwide.
“This change is a major win for our mortgage brokers and their borrowers,” said Mat Ishbia, president and chief executive officer of UWM. “Removing the 0.25 percent adjustment will allow borrowers to keep more money in their pockets and the flexibility to pay their own taxes and insurance yearly.”
UWM will allow borrowers to waive escrow on all conventional loans up to 90 percent LTV. For LTVs exceeding 80 percent, borrowers will be required to have a 720-plus FICO score.
“Having no charge for an escrow waiver is huge for my borrowers,” said Tim Ayers, a loan officer at Grandview Lending in Indianapolis. “It lowers the amount of cash my borrowers need at closing, gives them potentially a better interest rate and lets me outshine the big banks that have a 0.25 percent charge for waiving escrows.”
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