It might be a new year, but for United Wholesale Mortgage (UWM) it’s still “Game On.”
The nation’s largest mortgage lender announced another new program Wednesday intended to discount the cost of its mortgages for borrowers.
The new program, called Control Your Price, provides originators who lock loans with UWM with 125 basis points in price enhancements. LOs can use up to 40 basis points per loan, and the program can be applied to conventional, government, or non-agency loans valued up to $1 million.
“Sometimes 10-20 basis points is all an LO needs to win over a real estate agent or get creative on a borrower’s loan,” the company said in a news release. “With Control Your Price, they now have the ability to modify pricing as they see fit.”
Control Your Price joins several programs that UWM has introduced since August last year, when it first announced its “Game On” pricing that dropped rates across the board by 50-100 basis points.
In addition, UWM recently announced a credit solution that allows independent mortgage brokers to order credit reports for UWM loans for a flat fee of $37.35, combating the recent significant increases in the cost of running credit reports.