In May, the company unveiled its “Compete & Beat” initiative, enabling UWM to match and then beat the prices of 20 of the top wholesale lenders on conventional, governmental and jumbo loans on primary, second and investment properties, company officials said. Effective until June 30, UWM will beat select competitors on 30-, 45- or 60-day lock pricing by one basis point to a maximum of 40 basis points, officials added. For example, if UWM is outpriced by 31 basis points, it will give 32 basis points.
“We rolled out Compete & Beat to help independent mortgage brokers succeed, and we know when our clients use UWM they get the best technology, service and partnership to help them build their reputation,” a company spokesperson told Mortgage Professional America. “If a couple of basis points is the only reason a broker is sending a loan to another lender, UWM needs to compete and beat that price for them so they can wow their borrower and build their business for the long term. The early reaction has been extremely positive, and we’re excited to see the competitive edge this gives our clients in the current market.”
In April, the company departed from its usual borrowing standards in announcing it would accept personal or business bank statements in lieu of income documents or tax receipts to help self-employed borrowers qualify for a loan. The alternative forms of income will be available for loans of up to $3 million, up to 90% LTV with no mortgage insurance required, company officials announced. In making the announcement, the company said this would give independent mortgage brokers another competitive edge as it relates to working with non-W2 borrowers.
And in January, United Wholesale Mortgage offered borrowers credits of up to $600 to offset appraisal costs through March. Ishbia told MPA the offering would yield a significant edge for independent mortgage brokers with both real estate agents and borrowers amid a purchase-focused environment with rising rates. He called the $600 credit – which effectively covers the typical cost of an appraisal – a win-win for borrowers and brokers, the latter helped in gaining relationships with real estate agents while increasing client referrals.