BIRMINGHAM, Mich., May 17, 2012 – United Wholesale Mortgage (UWM), a national wholesale mortgage lender operating in 47 states, announced that it launched a new product, dubbed ELITE, that offers the best conventional rates and pricing in the industry. Recognized industry-wide for first-class customer service, UWM is pleased to provide their signature service combined with the most aggressive rates and pricing in the industry for elite borrowers. ELITE aims to reward UWM brokers that consistently work with borrowers of the highest quality, who expect the best in service and price.

“We’re excited to offer ELITE to our valued broker community in order to exceed the expectations of their elite borrowers,” said Mat Ishbia, president of UWM. “These types of borrowers deserve preferred conventional rates and pricing, and since every UWM program is accompanied by our world-class customer service, ELITE offers the best of both worlds. Our brokers’ first-rate borrowers shouldn’t settle for anything less. Brokers are confident in knowing that UWM can accommodate their every lending need while providing the easiest loan process available.”

Recently, UWM launched a number of new products, which include: ‘The Big and Easy,’ a true jumbo loan on up to $2.5 Million; the HARP 2.0 changes; the implementation of HARP 2.0 with up to 175% LTV/Unlimited CLTV with DU®; USDA loans; and now ELITE. 

All of UWM’s products and pricing are available within its custom broker portal, EASE (Easiest Application System Ever), which offers a number of Web-based tools for originators. EASE is integrated with EQ (Easy Qualifier), UWM’s proprietary eligibility and pricing engine that instantly returns accurate decisions on up to twelve programs at once with the click of a mouse.

Loans that qualify for UWM’s ELITE program include:

• A 760+ FICO
• A 70 LTV or less
• $250k plus loan amount
• Acceptance of property inspection waivers
• Continued honoring of Fannie’s DU® findings 

Interested parties can learn more about UWM’s ELITE program by contacting the company at 800-981-8898 or by visiting www.uwm.com.     

About United Wholesale Mortgage

Headquartered in Birmingham, Michigan, United Wholesale Mortgage underwrites and provides closing documentation for residential mortgage loans originated by mortgage brokers, banks, credit unions and correspondents. UWM provides unparalleled service with its deep understanding of the mortgage process using its talented team of account executives, underwriters, closers and funders, who have years of experience with intricate knowledge in wholesale. UWM’s positive teamwork and dedication to exceptional customer service has resulted in continued success and growth that has spawned expansion.  For more information, visit www.uwm.com or call 800-981-8898. 

Single-family originations are set to plummet this year by close to 20 percent off 2011 totals, according to a February forecast from the Mortgage Bankers Association (MBA). Yet volume is on track to double in 2012 at United Wholesale Mortgage, Birmingham, Michigan. President Mat Ishbia expects the wholesale lender to produce at least $4 billion in mortgages this year.

Part of that growth is due to larger lenders leaving the wholesale arena. Convent Station, New Jersey-based MetLife Home Loans exited the business in January, joining Charlotte, North Carolina-based Bank of America and New York-based JPMorgan Chase & Co. as notable firms that have left the wholesale mortgage business.

Yet Ishbia is so confident in his firm’s ability to compete that he doesn’t like to see other wholesalers leave the market. “The more wholesale lenders there are,” he explains, “the better it is for brokers.”

United Wholesale is gaining market share with the help of business initiatives designed to assist its brokers. It was an early implementer of the Home Affordable Refinance Program (HARP) 2.0, making the revamped government-sponsored refinancing program available through its online broker portal in December.

Brokers can use United Wholesale’s proprietary EASE (Easiest Application System Ever) system to compare and qualify borrowers for up to 10 loans at the time of application, says Ishbia. Rates then can be locked and borrower disclosures generated automatically.

From November 2011 to January 2012, United Wholesale’s HARP originations increased 500 percent, Ishbia notes. A March webinar was offered by United Wholesale to educate brokers about the business possibilities offered by HARP.

Ishbia adds that some loan servicers are telling their customers it will take up to 120 days to close a HARP refi. Brokers can compete for those originations, since borrowers are free to work with any lender.

Mortgage industry consultant STRATMOR Group, based in San Francisco, estimates that 2 million refis will result from HARP 2.0. Additionally, the streamlined processing offered under the program means that lenders can produce these loans at a lower cost. Economic research firm Moody’s Analytics, West Chester, Pennsylvania, adds that closing costs under “the restrung HARP” could be half of what they were in the original government program.

Ready to lend

United Wholesale had an average closing time of 19 days in February, according to Ishbia. Moving production quickly through the system has helped the company avoid warehouse credit-line stress as volume has grown. Ishbia notes that United Wholesale is “very well capitalized” and doesn’t have a problem obtaining warehouse lines.

Mortgage brokers operate with more efficiency in today’s environment than retail lenders do, Ishbia asserts, and are poised to grab market share. “Brokers are coming back,” he claims. United Wholesale worked with more new brokers in the three months from December 2011 to February 2012 than it did in all of 2011, adds Ishbia.

Currently United Wholesale has more than 3,000 approved brokers in 47 states. About half of them originated loans with the firm over the last 60 days.

Loan officers are leaving retail lenders to set up mortgage brokerages, contends Ishbia. Over the last two or three years, he says, originators “ran and hid under the bigger lenders” due to

appraisal-reform concerns, as well as new licensing requirements and compensation guidelines.

But today the lending environment “has less uncertainty,” Ishbia says. Salespeople who exited the brokerage business to become bank loan officers now are starting new brokerages. “People are going back to the best way to make money and serve borrowers,” adds Ishbia, who expects broker market share to climb in coming years.

United Wholesale is an approved seller/servicer with Fannie Mae, Freddie Mac and Ginnie Mae. United has been in business for 26 years, and moved into wholesale lending in 2001.

Conventional, fixed-rate loans are the primary product United is delivering now, says Ishbia. Slightly more than half of originations over the last quarter of 2011 were for purchases, he adds.

The Federal Housing Administration (FHA) is raising its upfront and annual mortgage insurance premiums starting in April. Ishbia believes that will create more demand for conventional loans with private mortgage insurance. United Wholesale could benefit from that change, since its niche is providing excellent service for high-quality brokers working with well-qualified borrowers. “We don’t do every loan,” he says.

United Wholesale offers fixed- and adjustable-rate jumbo mortgages up to $2.5 million, with loan-to-value (LTV) ratios as high as 80 percent. Ishbia is expecting monthly jumbo originations to top $50 million starting later this year. In the future, U.S. Department of Agriculture (USDA) loans will be on United Wholesale’s menu, as well, for rural properties.

It’s all part of a business plan that calls for United Wholesale to double its employee count from the current 525 workers, while growing to $10 billion in annual originations within two or three years. Loan choice, fast turnaround and effective technology once again are proving they can help mortgage brokers thrive.

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United Wholesale Mortgage Expands Product Profile to Include USDA Loans

BIRMINGHAM, Mich., March 29, 2012 – United Wholesale Mortgage (UWM), a national wholesale mortgage lender operating in 47 states, announced the addition of USDA (United States Department of Agriculture) loans to enhance its existing government platform of FHA and VA loan programs.  UWM is currently recognized throughout the broker community as a top government lender and one of the largest-producing wholesale lenders in the country.

“Adding USDA to our portfolio of products gives our brokers the ability to expand their client base and capture more market share,” said Mat Ishbia, president of UWM.  “Our goal is to help brokers grow and maintain their business by providing them with a wide array of products and cutting edge technology. We want brokers across the country to think of UWM as their one-stop shop for success.”

UWM attributes their purchase volume growth to their understanding of the importance of hitting purchase contract dates for mortgage originators, borrowers and real estate agents. UWM is one of the best lenders in the country when it comes to purchase business, and by now offering USDA loans, UWM is giving brokers another avenue to pick up market share.

“The USDA product is a substantial part of the purchase business in many areas throughout the country, and these loans offer incredible benefits to borrowers,” said Ishbia. 

Details of UWM’s USDA product:

• 30-year fixed rate
• 0% down
• Financed closing costs
• Competitively low rates
• Financed appliances with minimal restrictions

The addition of USDA/rural development loans rounds out UWM’s exceptional profile of product offerings.  Most recently UWM rolled out The Big & Easy, a True Jumbo loan up to $2.5 million, and implemented HARP 2.0 with Unlimited LTV/CLTV.  UWM can also assist their brokers, bankers and correspondents by providing them with a sponsored correspondent warehouse line.

Learn more about UWM’s USDA and other product options by calling 800-981-8898 or by visiting their website at www.uwm.com.    

About United Wholesale Mortgage

Headquartered in Birmingham, Michigan, United Wholesale Mortgage underwrites and provides closing documentation for residential mortgage loans originated by mortgage brokers, banks, credit unions and correspondents. UWM provides unparalleled service with its deep understanding of the mortgage process using its talented team of account executives, underwriters, closers and funders, who have years of experience with intricate knowledge in wholesale. UWM’s positive teamwork and dedication to exceptional customer service has resulted in continued success and growth that has spawned expansion.  For more information, visit www.uwm.com or call 800-981-8898. 

United Wholesale Mortgage Rolls Out HARP 2.0 Unlimited LTV/CLTV Implementation with DU®

UWM’s speed to market allows brokers to immediately take advantage of Fannie Mae’s new implementation

BIRMINGHAM, Mich. – United Wholesale Mortgage (UWM), a national wholesale mortgage lender operating in 47 states, announced that it has successfully implemented Fannie Mae’s HARP 2.0 program requirements with Unlimited LTV/CLTV.  UWM was one of the first lenders to implement the government’s adjustments to HARP 2.0 when it went into effect December 1, 2011, and now they have effectively implemented the expansion of HARP 2.0 into their EASE (Easiest Application System Ever) broker portal.

“With the heavy volume of HARP 2.0 submissions that we are receiving, UWM has not faltered in providing superior customer service, communication and consistency,” said Mat Ishbia, president at UWM.  “Our swift implementation of HARP 2.0 is proof that UWM’s exceptional staff can meet and exceed broker expectations in all areas of operations and with every product offering.  At UWM, we want to make it as easy as possible to do business with us; investing in resources to quickly implement HARP 2.0 for our brokers was atop the priority list.  This high level of service and speed to market holds true to our companywide mantra of ‘Lending Made Easy.’” 

Some details of UWM’s HARP 2.0 offering include:

• Unlimited LTV/Unlimited CLTV
• Property inspection waivers (PIW’s) are acceptable
• No DTI restrictions
  • With approve/eligible findings
• High balance loans are eligible
• Condos are acceptable
• LLPA caps are in effect

On March 13^th and 16^th, UWM held free webinars covering the benefits and details of HARP 2.0 now that it is integrated with DU.  More than 2,000 mortgage professionals participated in these webinars to learn how they can take advantage of HARP 2.0 at UWM.

In addition to HARP 2.0, UWM recently rolled out The Big & Easy, a True Jumbo loan up to $2.5 million, as well as the ability to help their brokers become bankers by issuing a correspondent line. To round out their spectrum of product offerings, USDA will be available in April 2012. 

Interested parties can learn more about UWM and the HARP 2.0 program by calling the company at (800) 981-8898 or via email at harp@uwm.com.    

About United Wholesale Mortgage

Headquartered in Birmingham, Michigan, United Wholesale Mortgage underwrites and provides closing documentation for residential mortgage loans originated by mortgage brokers, banks, credit unions and correspondents. UWM provides unparalleled service with its deep understanding of the mortgage process using its talented team of account executives, underwriters, closers and funders, who have years of experience with intricate knowledge in wholesale. UWM’s positive teamwork and dedication to exceptional customer service has resulted in continued success and growth that has spawned expansion.  For more information, visit www.uwm.com or call 800-981-8898. 

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Experiences Explosive Growth  and Product Expansion

BIRMINGHAM, Mich., January 17, 2012 – United Wholesale Mortgage (UWM), a national wholesale mortgage lender operating in 47 states, announced that in 2011 it significantly expanded its business in all functional areas, hired top executives, increased its workforce, implemented new technology and launched several new products.  UWM plans to continue with its aggressive growth strategy as they remain focused on originating high quality loans in excess of $3.5 billion in 2012 and upwards of $8 billion by 2014.

“2011 was a phenomenal year for UWM in terms of our growth and the impressive talent we acquired,” said Mat Ishbia, president of UWM.  “Everything that we do revolves around providing top-notch service to our brokers and correspondents.  Brokers can utilize our industry-leading technology, which helps them gain more market share in their territory, and in turn significantly increases our volume.  We have earned a reputation for offering the highest quality of customer service, exceptional products and the ease to close loans quickly.  As we move into 2012, we are looking to take our business to the next level by offering a full spectrum of mortgage products and warehouse lines to our Broker network.”

Notable UWM products released in 2011 include:

• Introduced a rare $2.5 million dollar jumbo loan product, dubbed “The Big & Easy”
• Among one of the first lenders to implement and roll out the changes to HARP 2.0
• Launched the Pay Advantage loan – a Conventional product up to 97% LTV with no monthly M.I.
• One of the few Lenders to offer Conventional Split M.I. products up to 97% LTV
• Instant M.I. Certification on Conventional loans
• The Patriot Plus VA IRRL

Notable UWM accomplishments in 2011 include:

• Implemented EQ (Easy Qualifier), a proprietary product engine, which allows Brokers to qualify and price a borrower on up to 10 products at once 
• Named Mortgage Technology Magazine’s Top 25 Tech-Savvy Lenders
• Completely paperless process that embraces e-consent for borrowers
• Hired hundreds of sales, operations and executive management staff
• Launched an outside sales force to complement our inside division 

Company officials at UWM say they plan to double its number of employees and move to a new 100,000 square foot facility in the next 12 months.

About United Wholesale Mortgage

Headquartered in Birmingham, Michigan, United Wholesale Mortgage underwrites and provides closing documentation for residential mortgage loans originated by mortgage Brokers, banks, credit unions and correspondents. UWM provides unparalleled service with its deep understanding of the mortgage process using its talented team of account executives, underwriters, closers and funders, who have years of experience with intricate knowledge in wholesale. UWM’s positive teamwork and dedication to exceptional customer service has resulted in continued success and growth that has spawned expansion.  For more information, visit www.uwm.com or call 800-981-8898. 

BIRMINGHAM, Mich., December 20, 2011 – United Wholesale Mortgage (UWM), a national wholesale mortgage lender operating in 47 states, announced today that it has successfully implemented the government’s enhancements to the Home Affordable Refinance Program (HARP 2.0) that went into effect December 1, 2011.

HARP is a federal government program designed to help millions of underwater homeowners refinance into a fixed loan with a lower monthly payment.  The release of HARP was originally announced in March of 2009, but as of August 31, 2011 only 894,000 borrowers have refinanced through the original HARP plan.  The HARP 2.0 version, however, is expected to significantly increase the number of eligible participants into the program with the aggressive changes to make the program more viable for both borrowers and lenders.

“Access to HARP 2.0 provides much needed relief to underwater borrowers who have been making their payments but unable to refinance due to lack of equity in their homes,” said Mat Ishbia, president of United Wholesale Mortgage. “The recent change to HARP is something we wanted to make available to our Broker Network so they may assist borrowers that they otherwise could not have helped.  There are very few lenders that have implemented HARP 2.0 thus far, and we don’t expect to see immediate adoption because of the technology, staffing and liquidity implications.  At UWM, we are committed to offering our customers the products they need to satisfy marketplace demands and grow their business.”

UWM added HARP 2.0 to its broker portal, EASE (Easiest Application System Ever), where brokers can price and determine eligibility via EQ (Easy Qualifier).  UWM’s robust technology infrastructure was a big part of why they were able to bring HARP 2.0 to market so quickly after it was announced, the company says.

The primary changes to HARP are the reduction of pricing adjustments on all HARP loans which allows borrowers to save more money than they could have before, removing the 125% CLTV restriction, and the ability to not require appraisals on many loans.  Notable is that Fannie Mae and Fannie Mae’s Desktop Underwriter® (DU) system will not be updated to accept unlimited loan-to-value applications until March of 2012, and UWM will roll out that enhancement once Fannie Mae’s system is ready.

Company officials at UWM say they are dedicated to helping homeowners and brokers across the country by swiftly supporting the revised, government-backed Home Affordable Refinance Program.  Interested parties can learn more about UWM’s HARP 2.0 by calling 800-981-8898.

About United Wholesale Mortgage

Headquartered in Birmingham, Michigan, United Wholesale Mortgage underwrites and provides closing documentation for residential mortgage loans originated by mortgage Brokers, banks, credit unions and correspondents. UWM provides unparalleled service with its deep understanding of the mortgage process using its talented team of account executives, underwriters, closers and funders, who have years of experience with intricate knowledge in wholesale. UWM’s positive teamwork and dedication to exceptional customer service has resulted in continued success and growth that has spawned expansion.  For more information, visit www.uwm.com or call 800-981-8898. 

BIRMINGHAM, Mich., December 6, 2011 – United Wholesale Mortgage (UWM), a national wholesale mortgage lender operating in 47 states, announced today that it has a unique jumbo product with loan amounts up to $2.5 million and LTV’s up to 80%. This product is exclusive and has extremely competitive low fixed rates in the mid 4s along with multiple ARM options if the borrowers choose. 

“Investors have been slow to embrace the return of jumbo loans over the past year as a result of the risk factor,” said Mat Ishbia, president of United Wholesale Mortgage. “We are one of the few lenders in the country that have the capability to underwrite, close and fund jumbo loans all under one roof. UWM has the ability to offer this program based on its exceptional reputation of originating the highest quality loans across the country.”  Ishbia added: “Our quality of business is a direct result of our account executives working only with brokers that have proven to originate quality loans and our centralized team of underwriters ensuring that these loans will perform.” 

UWM has dubbed the product “The Big and Easy” due to the size of the loan it can fund coupled with the straightforward, trouble-free process that UWM has established. UWM offers brokers a number of different tools to make them more successful. Among them are EASE (Easiest Application System Ever), its broker portal, and Easy Qualifier (EQ), its product and pricing engine. Further, the accessibility to UWM’s customer service staff and quick underwriting turn times attracts top tier brokers who produce high volumes of quality loans. The Big and Easy can be priced and underwritten using EASE and EQ.

The Big and Easy offers a variety of financing options that include a 30-year fixed, 15-year fixed, 10-year ARM and also a 5-year ARM.  This program accepts FICO scores as low as 720.  Eligible property types for The Big and Easy include primary residences, second homes, condominiums, PUDs (planned unit developments) and double units. Officials at UWM say it is the only true jumbo loan in the country that originators can close in two weeks or less and they expect UWMs volume to rise significantly within the next year.

Notably, in September UWM was named a Top 25 Tech-savvy lender by Mortgage Technology magazine and is currently one of the top wholesale lenders in the country. Details about The Big and Easy can be found by clicking here or by calling 800-981-8898.  

About United Wholesale Mortgage

Headquartered in Birmingham, Michigan, United Wholesale Mortgage underwrites and provides closing documentation for residential mortgage loans originated by mortgage brokers, banks, credit unions and correspondents. UWM provides unparalleled service with its deep understanding of the mortgage process using its talented team of account executives, underwriters, closers and funders, who have years of experience with intricate knowledge in wholesale. UWM’s positive teamwork and dedication to exceptional customer service has resulted in continued success and growth that has spawned expansion.  For more information, visit www.uwm.com or call 800-981-8898.