UWM Adds New Prime Jumbo Product To Rate Sheets

United Wholesale Mortgage (UWM), the national wholesale and purchase lender, has added its new product, Prime Jumbo, to rate sheets, stating that offers independent mortgage brokers a competitive edge over banks and retail lenders.

Prime Jumbo offers competitive rates and simplified guidelines. It also gives brokers the ability to run mortgage Desktop Underwriter for approved eligibility and fast closing on loans up to $2 million with a loan-to-value ratio of up to 89.99%. It is available on purchases, rate/term refinances, and cash out, as well as on primary & 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, UWM president and CEO. “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.”

UWM 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. Prime Jumbo combines the best of both products with its competitive pricing to more borrowers and quick turn times. UWM launched the Prime Jumbo product in March.

Headquartered in Pontiac, Mich., UWM Holdings Corp. is the publicly traded indirect parent of United Wholesale Mortgage. UWM has been the top wholesale lender in the nation six years in a row.

UWM is scheduled to announce its third-quarter earnings results on Nov. 9 at 9 a.m.