UWM Announces One-Time Close New Construction Loans
Pontiac, February 1, 2023 – United Wholesale Mortgage (UWM), the #1 overall lender in America, announced it will be offering One-Time Close New Construction loans, making the new build period as seamless as possible.
Available today, this product provides LO’s with a unique opportunity to generate new business and build referral partnerships with builders and real estate agents. With One-Time Close New Construction loans, there is only one closing and one interest rate, with automatic modification if the market improves once construction is complete.
“We continue to listen and provide independent mortgage brokers with the tools and products they need to stay competitive and dominate the market,” said Mat Ishbia, president and CEO of UWM. “The streamlined process and certainty One-Time Close New Construction loans offer is unmatched and will set brokers up to be the hero with builders, real estate agents and contractors, and get their borrowers in their dream home.”
UWM will also facilitate communication with the builder and will provide checklists for the project and builder approvals, enabling all involved to communicate information throughout the entire approval process. In addition, once the loan is closed, UWM will handle the rest of the process by staying in direct communication with the builder on subsequent draws as well as subsequent inspections to confirm the project is on pace.
With One-Time Close New Construction loans, borrowers will save time and money. They can pay lower, interest-only payments during the build period for the home and will also have less out-of-pockets expenses.
One-Time Close New Construction loans are available on conventional loans, including ARMs and high balance.
This launch comes after UWM made enhancements to its TRAC program, offering additional flexibility for LO’s when it comes to choosing a settlement agent. In addition, the company recently announced Control Your Price Match, where UWM will match the basis points used on loans under $200,000. Control Your Price currently gives brokers access to 125 basis points to use when and where they need it, up to 40 basis points per loan.
UWM supports independent mortgage brokers with industry-leading training, technology and service. For more information on how to sign up as a broker with UWM, visit uwm.com.