Programs target homeownership barriers, broker efficiency, and consumer engagement
United Wholesale Mortgage (UWM) has made a series of announcements aimed at empowering borrowers and brokers.
The first announcement was a new 0% down purchase program, an exclusive offering that allows qualified borrowers to receive up to $15,000 in down payment assistance. The interest-free loan program does not require monthly payments and aims to make homeownership more accessible for borrowers struggling to save for a down payment.
To qualify, borrowers must be at or below 80% of the Area Median Income for the property they are buying, or one borrower must be a first-time homebuyer. The assistance loan, given as a second lien, offers flexibility in repayment and must be paid in full by the end of the loan term or when the first lien loan is paid off.
“UWM’s 0% Down Purchase program is going to change the game this purchase season,” UWM chief executive Mat Ishbia said in a media release emailed to MPA. “No other wholesale lender in the country is offering this, meaning independent mortgage brokers now have a significant advantage with consumers and real estate agents. Thousands of borrowers are sitting on the sidelines because they don’t have a downpayment – this program removes that barrier.”
TRAC + ChatUWM
In addition to the 0% down payment program, UWM has introduced TRAC+, a service that streamlines the title review, closing, and disbursement process.
Brokers using TRAC+ will no longer need to work with a title company or settlement agent for title work, balancing fees, scheduling closings, or related communication. This new service’s pricing incentives are based on the loan amount and a flat TRAC+ fee of $1,850.
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This service is available for conventional, FHA, and VA refinances that are TRAC+ eligible and utilize Virtual Close within UWM’s UClose 3.0 platform.
UWM has also introduced ChatUWM, an AI-powered chatbot that provides instant answers to broker queries on guidelines, matrices, and company tools. This smart search tool leverages UWM’s knowledge base, “The Source,” to offer comprehensive information and support.
Mortgage Matchup + NBA, WNBA
Finally, UWM’s consumer brand Mortgage Matchup was named the Official Mortgage Partner of the NBA and WNBA leagues in a new multi-year partnership.
As part of the multi-year partnership, Mortgage Matchup will receive media exposure across various league platforms, including on-court virtual signage during NBA and WNBA national broadcasts and on the leagues’ official social and digital platforms.
“Our partnership with the NBA and WNBA marks a significant milestone for the Mortgage Matchup brand and our clients,” UWM chief marketing officer Sarah DeCiantis said in a Press release. “By joining forces, we aim to tap into the immense and diverse fan base of these two leagues to create authentic connections with basketball enthusiasts across the country. Our end goal is to empower borrowers and draw attention to the value and importance of having a mortgage broker as your advocate during the homebuying and refinancing process.”
“We are thrilled to welcome Mortgage Matchup as the Official Mortgage Partner of the NBA and WNBA,” said Julie Morris, senior vice president of commercial development and media at NBA. “We look forward to working with UWM to reach fans throughout the biggest moments of the season.”
“The WNBA is excited to partner with United Wholesale Mortgage, a company that shares our vision for growing women’s sports and supporting women’s basketball on all stages,” added Colie Edison, chief growth officer of WNBA. “Our partnership is an opportunity to amplify the reach of women’s sports alongside the Mortgage Matchup brand.”
UWM has been a partner of the Detroit Pistons since the 2021-22 NBA season, with its logo featured on team jerseys.
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