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United Wholesale Mortgage President/CEO Mat Ishbia joined Kent Smetters to discuss adjustable-rate mortgages (ARMs) on "Your Money", a program on SiriusXM Business Radio.
United Wholesale Mortgage released its 3 Points video for April in which CEO Mat Ishbia started off by explaining the industry is taking the wrong approach toward helping veterans.
“People are saying, ‘Are we doing right by the veterans? We can’t refinance them so fast. We can’t put in these IRRRLS, we gotta make them stay in their mortgage for six months or more,’” Ishbia said. “That’s the wrong way of thinking.”
Mortgage brokers now have the ability to compete with Quicken Loans’ Rocket Mortgage and other digital mortgage options from large lenders, as United Wholesale Mortgage unveiled its own fully digital mortgage that brokers can offer to their borrowers.
The new offering is called BLINK, which stands for “borrower link,” and according to the United Wholesale, it allows mortgage brokers to be on an even playing field in the digital mortgage space.
With interest rates on the rise, it may be time for home buyers to take a fresh look at some alternatives to the 30-year, fixed-rate mortgage, which has dominated the mortgage market since the financial crisis.
“ARMs are very underutilized,” says Mat Ishbia, president of United Wholesale Mortgage, a lender in Troy, Mich. He expects the 7/1 ARM to account for 15% of new mortgages within the next few years, up from less than 5% today. Historically, ARMs become more popular as interest rates rise, making savings from the loan’s low initial “teaser rate” more attractive, he notes.
Many Millennials want to enter the housing market, and even could enter, but are unaware they already hold the resources they need for homeownership.
United Wholesale Mortgage recently conducted a study on Millennials, generally referenced as ages 20 to 36 and the largest living generation with 75.4 million, according to Pew Research Center.
“Most of them [Millennials] are on the fence not buying houses, and the big why behind that is they think they have to save up a lot more money for a down payment,” he said. “When you tell them that a down-payment can be as little as two months’ rent, 96% of them say they’ll buy, and that’s a big difference.”
The Federal Reserve raised short-term interest rates by a quarter of a percentage point today. In terms of suspense, this was the slowly inflating balloon that didn’t pop. The result: no surprise.
“There was a high likelihood that the Fed was going to raise rates, so that was already priced into the market,” Mat Ishbia, president and CEO of United Wholesale Mortgage, tells NerdWallet. As a result, housing experts don’t expect the latest Fed move to cause a sharp spike in mortgage rates.
The time for sitting on the sidelines is over.
With last year’s mortgage rates hitting historic lows and the Federal Reserve eyeing another rate hike later this year, prospective homebuyers have more reasons than ever to achieve their dreams of homeownership. But biding your time or using the wrong lender could cost you…big time.
Still unsure? Read on and see why low interest rates coupled with some of the best choices in mortgages are making 2017 a banner year for home-buying.
United Wholesale Mortgage recently launched its new Success Track program to give loan officers a head start on a career in the mortgage industry, the company said.
Held at UWM headquarters in Troy, MI, the program has already seen over 60 participants come through after having its first session in late-January. Open to licensed and unlicensed individuals looking to expand in the mortgage space, Success Track offers the options of a two-day or four-day program held twice monthly, providing more fully-comprehensive training to help brokers be successful in today’s competitive marketplace.
In what United Wholesale Mortgage CEO Mat Ishbia calls a shocking down payment study, the National Association of Realtors determined 87% of non-homeowners think they need at least 10% down in order to purchase a home.
With so many down payment programs available to homebuyers, Ishbia explained there’s no need for consumers to think they need a 10% down payment.