UWM Offers A Match To Light The Refi Boom

United Wholesale Mortgage (UWM) just released a new program incentivizing brokers to boost their portfolios with refinance transactions. This comes ahead of an expected boom in refinance activity later this year, hinging on deeper rate cuts.

Refi75, which went into effect Wednesday and runs through Oct. 31, provides UWM partners 75 basis points on any note rate for conforming conventional, FHA, and USDA rate and term refinances, along with FHA Streamlines and VA IRRRLs.

The promotion comes a day after the Pontiac, Michigan-based mortgage lender finished up Govy125, a 125-bps incentive applicable to VA IRRRLs and FHA Streamlines.

“This new incentive gives UWM partners a competitive edge with past clients and the ability to attract new borrowers looking to save on their monthly payment,” company officials said in an announcement Wednesday.

As rates continue to decline, more borrowers are opting to refinance their properties and save themselves some money on mortgage payments. The refinance share of mortgage applications averaged almost 46% this August. That’s the highest monthly average since March 2022, according to the Mortgage Bankers Association (MBA).

Independent mortgage brokers who want to take advantage of UWM’s program can learn more about the qualifications here.