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United Wholesale Mortgage launched its new Prime Jumbo product that according to the company, offers competitive rates, simplified guidelines and gives brokers the ability to run DU for approved eligibility on loans up to $2 million with an LTV up to 89.99%.
The new product is available on purchases, rate/term refinances and cash outs as well as secondary residences and investment properties.
"We’re excited about the launch of Prime Jumbo and the competitive edge it’s giving brokers around the country," said Mat Ishbia, president and CEO of UWM. "Traditionally, banks offer the more highly desired jumbo products but this product levels the playing field for brokers to get their jumbo borrowers into their dream homes or refinance into a lower rate."
The company previously offered two jumbo products, High Balance Nationwide and Jumbo Bank Buster, but removed both from rate sheets in March 2020 due to the COVID-19 pandemic.