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United Wholesale Mortgage (UWM), the Pontiac, Mich.-based national wholesale and purchase lender, has announced it will drop rates across the board by 50-100 basis points (bps) with its “Game On” pricing.
The UWM offering takes the lender’s Compete & Beat program, which was launched in May to beat the top 20 lenders pricing by 1 basis point, to a whole new level, the company said. Effective as of June 22, significantly lower pricing has been applied across all loan types, from conventional to government to elite products, UWM said.
“UWM is giving independent mortgage brokers everything they need to win in this competitive market with state-of-the-art technology, fast turn times, and now lower rates,” the company said in a news release.
“This strategic pricing move is two-fold; it takes the guesswork out of where a broker should place a loan and accelerates retail loan officers joining the wholesale channel as it further extends independent mortgage brokers’ advantage over retail,” said Mat Ishbia, UWM president & CEO. “If a borrower has a 620+ FICO, that loan should come to UWM. Instead of having to choose between the best technology, best client experience, best wholesale partner or best price, we are offering it all.”
The “Game On” announcement follows the release of Boost, a UWM-exclusive growth marketplace that the company says helps independent mortgage brokers grow and manage their businesses more effectively. It provides streamlined access to purchase tailored leads, stay in touch with past clients, connect with local real estate agents, and opt into live-call transfers, UWM said.
UWM works only with independent brokers who do not do business with Rocket Mortgage or Fairway Independent Mortgage.