United Wholesale Mortgage also known as UWM is a wholesale mortgage lender based in Pontiac, Michigan. The company was founded in the year 1986 and turned into one of the largest national wholesale mortgage lenders. In this article, we will explore the history and mission of UWM, its product offerings, customer service and reputation in the industry. We will also provide some insights into the mortgage market in the United States and what borrowers should consider when choosing a lender.
History and Mission of UWM
UWM was founded in 1986 by Mat Ishbia, who is currently the company’s CEO. The company was first founded as a modest mortgage broker in Michigan and since it has expanded to become the biggest wholesale mortgage lender in the nation.
UWM’s mission is to make the mortgage process easier and more accessible for brokers and borrowers.
Product Offerings
UWM offers a wide range of mortgage products, including conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, and renovation loans. The company also offers refinancing options including rate-and-term refinancing and cash-out refinancing.
The most common kind of mortgage is a conventional loan, which is not safeguarded by the government. FHA loans are backed by the Federal Housing Administration and are designed for borrowers who have lower credit scores or a limited down payment. VA loans are for veterans and their eligible family members and they offer lower rates and no down payment requirement. USDA loans are for borrowers who want to purchase a home in a rural area and they offer 100% financing. Jumbo loans are for borrowers who need to finance a home that exceeds the conventional loan limits.
UWM’s renovation loans are designed for borrowers who want to purchase a home that needs repairs or renovations. These loans include the FHA 203k loan and the Home Style Renovation loan.
Customer Service
UWM prides itself on its customer service. The company’s website claims that it is committed in providing brokers the tools and resources they need to help their clients. UWM offers a variety of resources for brokers, including training programs, marketing materials and access to a dedicated account team.
UWM has a team of experienced account executives who work with brokers to find the best mortgage product for their clients. The account executives guide brokers through the application process, helping them gather the necessary documentation and answering any questions they may have.
UWM also offers an online portal for brokers to track their loan pipeline and receive updates on their loans. The portal allows brokers to upload documents, view disclosures and communicate with their account executive.
Reputation in the Industry
UWM has a solid reputation in the mortgage industry. The company has received several awards and recognitions over the years, including being named the #1 wholesale lender by Inside Mortgage Finance for five consecutive years. UWM has also been named a Top Mortgage Employer by National Mortgage Professional Magazine.
UWM has received positive reviews from brokers on various online platforms. Brokers have praised the company for its competitive rates, fast turnaround times and excellent customer service.
Mortgage Market Trends
Due to recent developments in the economy, laws and technology, the mortgage industry in the United States has also transformed. One of the biggest trends is the shift towards digital mortgage processing.
UWM has been at the forefront of this trend, investing heavily in technology to streamline the mortgage process for brokers and borrowers. The company offers a variety of digital tools and resources, including an online application platform, eClosing capabilities and mobile apps for brokers and borrowers.
The rising demand for non-qualified mortgage loans is another trend in the mortgage industry. These loans does not meet the strict requirements of traditional mortgages and are designed for borrowers who do not fit the typical borrower profile. UWM has responded to this trend by offering non-QM loans to its broker partners. These loans include bank statement loans, asset depletion loans, and interest-only loans. Non-QM loans can be a great option for self-employed borrowers, investors and borrowers with unique financial situations.
However, non-QM loans are considered riskier than traditional mortgages and they come with higher interest rates and fees. Borrowers should carefully consider their financial situation and consult with a trusted broker before choosing a non-QM loan.
In addition to non-QM loans, UWM has also embraced other innovative mortgage products, such as its proprietary Jumbo Elite product. This product offers low rates and flexible guidelines for jumbo loans, making it an attractive option for high-end borrowers.
Dealing with United Wholesale Mortgage (UWM) has benefits and drawbacks, just like dealing with any mortgage provider. It’s crucial to consider the benefits and drawbacks before deciding whether to engage with this lender in order to make the right decision.
Pros of United Wholesale Mortgage:
- Competitive rates: UWM offers competitive interest rates on its mortgage products, which can help borrowers save money over the life of their loan.
- Wide range of products: UWM offers a wide range of mortgage products, including conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, and renovation loans. This means that borrowers have a variety of options to choose from based on their individual needs.
- Innovative products: UWM has also developed innovative mortgage products, such as its proprietary Jumbo Elite product and non-QM loans. These products provide additional options for borrowers who may not fit the typical borrower profile.
- Streamlined process: UWM has streamlined the mortgage process for brokers, making it easier for them to submit and manage mortgage applications. This can help reduce stress for both brokers and borrowers.
- Excellent customer service: UWM is known for its excellent customer service. The company has a team of experienced mortgage professionals who can provide guidance and support throughout the mortgage process.
Cons of United Wholesale Mortgage:
- Only available through brokers: UWM is a wholesale lender, which means that borrowers cannot apply directly with the company. Instead, they must work with a broker who has a relationship with UWM. This can limit options for borrowers who prefer to work directly with a lender.
- Limited physical presence: UWM is based in Michigan and has a limited physical presence in other parts of the country. This can make it more difficult for borrowers to meet with a UWM representative in person if they have questions or concerns.
- Limited online resources: UWM’s website provides some basic information about its mortgage products, but it doesn’t offer as many online resources as some other lenders. This can make it more difficult for borrowers to research their options before working with a broker.
- Higher fees: UWM’s mortgage products may come with higher fees than some other lenders. This can make it more expensive for borrowers to obtain a mortgage.
- Limited eligibility: UWM’s mortgage products may not be available to all borrowers. For example, the company’s Jumbo Elite product is designed for high-end borrowers, while its non-QM loans may not be suitable for all borrowers.
Overall, United Wholesale Mortgage is a reputable and innovative mortgage lender that offers a wide range of mortgage products and excellent customer service. However, borrowers should carefully consider the company’s limitations, such as its limited physical presence and higher fees, before deciding whether to work with UWM or another lender.
Conclusion
United Wholesale Mortgage is a leading wholesale mortgage company that has a name for itself in the industry by providing excellent customer service, innovative mortgage products and cutting-edge technology. The company’s mission is to make the mortgage process easier and more accessible for brokers and borrowers.
UWM offers a wide range of mortgage products, including conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, and renovation loans. The company also offers refinancing options, including rate-and-term refinancing and cash-out refinancing. UWM’s non-QM loans and Jumbo Elite product provide borrowers with additional options for their unique financial situations.
As the mortgage market continues to evolve, UWM is well-positioned to continue leading the industry with its commitment to innovation and customer service. Brokers and borrowers can feel confident working with UWM to find the right mortgage product for their needs.
