United Wholesale Mortgage (UWM), the fourth largest wholesale mortgage lender in the U.S., announced the rollout of a new program designed to give brokers the option to waive escrows up to 90% loan-to-value ratio on all conventional products.
“Our new Escrow Advantage option gives originators the ability to waive escrows on up to 90% LTV, which significantly reduces monthly payments and closing costs,” said Mat Ishbia, president of Michigan-based UWM. “Typically this would have only been allowed with 20% down or more. Borrowers can now keep this extra money in the bank. It’s yet another attractive UWM offering that arms our brokers with additional options to help them be more successful.”
To be eligible for Escrow Advantage, loans must have a maximum LTV of 90% and a minimum FICO score of 720 (there are no FICO restrictions in California). They must also be conventional loans.
“By combining Escrow Advantage with UWM’s wildly successful Ultimate Advantage program, borrowers can spend as little as $100 more per month to keep more than $20,000 in the bank,” said Allen Beydoun, SVP of sales. “This option allows the borrower to retain financial stability while pursuing their dream home.”