Skip to main content

UWM Now Offering Bank Statement Loans

David Krechevsky
Mar 17, 2022
Uwm front building with sign

UWM said bank statement loans available only for self-employed borrowers seeking up to $3 million and with up to 90% loan-to-value ratio with no mortgage insurance required.

United Wholesale Mortgage (UWM), the top U.S. wholesale and purchase lender, has announced it will accept personal or business bank statements instead of income documents or tax transcripts to help the self-employed qualify for a loan.

The company said Wednesday the decision will better serve self-employed borrowers, and give independent mortgage brokers another competitive edge for working with borrowers who do not receive a paycheck and tax statement, or W-2, from an employer.

UWM said bank statement loans will be available only for self-employed borrowers seeking up to $3 million and with up to 90% loan-to-value ratio (LTV) with no mortgage insurance required. 

Using bank statements to qualify borrowers defines the loan as a non-qualified (non-QM) mortgage. A non-QM loan is one that is not required to meet agency-standard documentation requirements, as required by the Consumer Financial Protection Bureau (CFPB). 

In an emailed statement, UWM Chief Operating Officer Melinda Wilner said her organization "is constantly offering products that brokers are asking for. We are always looking for high-quality types of loans that our clients can offer to their borrowers, and we thought bank statement loans were a good opportunity to meet all of our brokers’ needs, while still being at the highest level of quality that UWM always provides."

The announcement of bank statement loans follows an earlier announcement that UWM will extend its no-cost appraisals for primary purchases until the end of April.

In January, UWM said it would credit borrowers up to $600 for appraisal costs on all conventional, government, and jumbo purchase loans for primary homes after they use UWM’s closing documents at initial underwrite process. The offer was set to last through March 31, 2022.

Published
Mar 17, 2022
More from
Non-QM
Hildene Capital, CrossCountry Mortgage Partner For Non-QM Investments

Multiyear agreement offers Hildene access to CrossCountry’s scalable volume of Non-QM loans . 

Non-QM
Dec 01, 2022
Banc Of California Sues Sprout Mortgage, Planet Home Lending,

Claims Non-QM lender, servicer owe the bank more than $3.5 million

Non-QM
Dec 01, 2022
Non-QM Lender Newrez Offers Temporary Buydowns

Options offer borrowers a reduced interest rate in first years of a loan.

Non-QM
Nov 18, 2022
Logan Finance Credits OptifiNow TPO For Sales Team Growth

Non-QM wholesale lender credits CRM’s flexibility and innovative features as key to managing rapid growth.

Non-QM
Nov 17, 2022
Angel Oak Home Loans Selling Retail Lending Business

Non-QM lender selling ‘brick-and-mortar’ locations, staff to Cross Country Mortgage.

Non-QM
Nov 10, 2022
ACC Mortgage Promotes Industry Vet To Western Regional Sales Manager

Dave Greene has 30 years of experience in the mortgage industry.

Non-QM
Nov 10, 2022