United Wholesale Mortgage (UWM), the top wholesale lender in America for four consecutive years, has made a major change to its pricing philosophy, now providing mortgage brokers with the best rates and pricing in America.
UWM has been consistently competitive in terms of rates, regularly ranking near the top of most rate comparisons, but was recognized by mortgage brokers more for its fast and easy processes than offering the best pricing. Now, UWM’s rate sheet is expected to outshine all of its wholesale competitors, in addition to continuing to set the gold standard for service, process, technology and partnership tools.
“Perception has always been that a lender can’t deliver it all—the best service, great technology, a true partnership, and have the best pricing too—but now they can have it all,” said Mat Ishbia, president and CEO of United Wholesale Mortgage. “We’ve shattered expectations. If a mortgage broker has a borrower with a 640+ FICO, it should be a UWM loan.”
UWM has removed all state adjustments and many Loan Level Price Adjustments (LLPA), as well, offering the best pricing on every loan with a 640 FICO and above.
The major pricing improvement follows other recent pricing initiatives that UWM has brought to market, including its Jumbo Bank Buster program (cheapest jumbo rates) and its lower Borrower-Paid M.I. rates.
“We are going to beat all of our competitors’ price consistently,” Ishbia said in the Facebook Live announcement. “You’re going to know that the best price is with UWM consistently.”
But, he said, it’s a two-way street. For originators who want to grow their business, there needs to be a commitment to the broker channel. For originators who want to grow their business, Ishbia said that if 75% of their 640+ FICO loans go to UWM, their business will double by 2020.
UWM finished 2018 with $41.5 billion in total loan volume, an all-time high for the company, making up nearly a quarter of the entire wholesale industry’s market share. That production represents a 40% year-over-year growth, making UWM the fastest-growing lender in the nation. Additionally, UWM is the No. 1 non-bank purchase lender in the country and ranks fourth overall among the top-producing mortgage lenders, overall, in America.