Pontiac-based United Wholesale Mortgage, the nation’s top wholesale and purchase lender, today added a new product, Prime Jumbo, designed to help independent mortgage brokers compete with banks and retail lenders.
Prime Jumbo, according to UWM, offers competitive rates, simplified guidelines, and gives brokers the ability to run desktop underwriting for approved eligibility and fast closing on loans up to $2 million with a loan-to-value ratio up to 89.99 percent.
It is available on purchases, rate/term refinances, and cash out, as well as on primary, secondary residences, and investment properties.
“We’re excited about the launch of Prime Jumbo and the competitive edge it’s giving brokers around the country,” says Mat Ishbia, president and CEO of UWM. “Traditionally, banks offer the more highly desired jumbo products but this product levels the playing field for brokers to get their jumbo borrowers into their dream homes or refinance into a lower rate.”
UWM previously offered two jumbo products, High Balance Nationwide and Jumbo Bank Buster, but removed both from rate sheets in March 2020 due to the COVID-19 pandemic. Prime Jumbo combines competitive pricing to more borrowers and quick turn times, says the company.
As the second largest lender in America, UWM offers competitive products to all borrowers through independent mortgage brokers. Mortgage brokers who are interested in working with UWM can get more information at www.UWM.com.
To read DBusiness’ cover story about Mat Ishbia in the Sept./Oct. 2020 issue, visit here.