An exciting new offer from United Wholesale Mortgage (UWM) came out yesterday. Now that purchase season has arrived and mortgage rates are only expected to increase in the coming months, UWM is offering some reprieve by crediting borrowers up to $600 for appraisal costs on all conventional, government and jumbo purchase loans for primary homes after they utilize UWM’s CD at Initial Underwrite process. This offer will last from January 26, 2022, through March 31, 2022.
Borrowers may receive the credits only when they successfully trigger the CD at Initial Underwrite by following the early CD process. UWM’s closing docs (CD) at Initial Underwrite process allows borrowers to get their docs out sooner and close their loan faster. The borrower must upload his or her appraisal, taxes, and homeowners insurance at initial submission and UWM will put the borrower's CD on the fast track and release it earlier. Most loans close within 19 days or less when going through the CD at Initial Underwrite process.
The credit is applicable for any AMC or through UWM Appraisal Direct. The UWM Appraisal Direct service is still being offered to brokers, appraisers, and borrowers who work with UWM. In their streamlined process, appraisals get done in one week or less and brokers can track the appraisal process start to finish. Appraisers are also made happier by being able to pocket the entire fee instead of having their appraisal management company take a hefty cut.
With the no-cost appraisal offering, borrowers can save money and save, on average, up to 8 days with one-touch underwriting during the loan process. Additionally, it can help brokers build relationships with real estate agents and gain more referrals along the way.
“As the #1 purchase lender in the country, we felt it was the right time to jump-start the purchase season,” said Mat Ishbia, president and CEO at UWM. “Partnering with an independent mortgage broker continues to be the best choice for real estate agents and consumers, and we’re adding one more reason why with the no-cost appraisal. This tool will save homebuyers a lot of money and make the homebuying experience better for consumers and real estate agents alike.”
Partners of UWM may also see more lending credits come out in the future. “I wouldn’t rule it out,” said a UWM spokesperson. “UWM is consistently exploring ways to help make the lending process faster, easier and cheaper for our brokers and borrowers.”
