UWM Significantly Reduces Its Rates and Pricing
January 8, 2019
UWM has been consistently competitive in terms of rates, regularly ranking near the top of most rate comparisons, but was recognized by Mortgage Brokers more for its fast and easy processes than offering the best pricing. Now, UWM’s rate sheet is expected to outshine all of its wholesale competitors, in addition to continuing to set the gold standard for service, process, technology and partnership tools.
“Perception has always been that a lender can’t deliver it all–the best service, great technology, a true partnership, and have the best pricing too–but now they can have it all,” said Mat Ishbia, President and Chief Executive Officer of UWM. “We’ve shattered expectations. If a Mortgage Broker has a borrower with a 640+ FICO, it should be a UWM loan.”
UWM has removed all state adjustments and many Loan Level Price Adjustments (LLPA), as well, offering the best pricing on every loan with a 640 FICO and above. The major pricing improvement follows other recent pricing initiatives that UWM has brought to market, including its Jumbo Bank Buster program and its lower Borrower-Paid MI rates.
"It’s great to see one of NAMB's partners working hard for the Mortgage Broker channel to put more power into the hands of Brokers via product enhancements and pricing," said NAMB President-Elect Rocke Andrews, VP/Branch Manager of NOVA Home Loans in Tucson, Ariz. "UWM has been committed to NAMB to help empower our members so they can put more borrowers in homes."
UWM finished 2018 with $41.5 billion in total loan volume, an all-time high for the company, making up nearly a quarter of the entire wholesale industry’s market share. That production represents a 40 percent year-over-year growth. Additionally, UWM is ranked as the top non-bank purchase lender in the country and ranks fourth overall among the top-producing mortgage lenders, overall, in America.
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