It says that the incentive will bring in more business for brokers
United Wholesale Mortgage (UWM) is going public in 15 days, and the Michigan-based lender is giving basis-point incentives for borrowers to celebrate the big milestone.
UWM will offer eligible borrowers 61 bps for the next 61 days on select loans locked on or before March 08, the company announced Wednesday. The incentive is available for primary residences only and borrowers with a W-2 income.
Qualified loans include:
- Conventional purchases
- Conventional refinances
- FHA non-credit qualifying streamlines
- Non-credit qualifying VA IRRRLs
UWM President and CEO Mat Ishbia said that the incentive is in celebration of being the top wholesale lender in the nation for the sixth consecutive year – and UWM going public on January 22.
“We just finished our best year ever, and 2021 is going to be even better thanks to our hard-working team members and clients,” Ishbia said. “Mortgage brokers are helping borrowers get the best loans, and our focus at UWM continues to be to grow the independent mortgage broker channel even more.”
The firm first revealed the IPO news in September. UWM entered a business combination agreement with special-purpose acquisition company Gores Holdings IV in a move to take advantage of the ongoing tailwinds in the mortgage industry. UWM will be listing its shares on the NASDAQ exchange, where it will trade under the name “UWMC.”
“Offering 61 bps for 61 days is game-changing for mortgage brokers and their borrowers,” Ishbia said. “This incentive will bring in more business for brokers, and further prove that working with a mortgage broker is a faster, easier, cheaper option.”