UWM in Pontiac announced today that it is automatically selecting the best credit score returned for a consumer by obtaining FICO Scores and VantageScore 4.0 on all credit pulls.
The move is intended to ensure the company provides the borrower with the lowest payment, cheaper mortgage insurance, and lower all-in fees and costs.
“Our goal is simple: put borrowers in the best possible position while making it easier for brokers to do business,” says Mat Ishbia, president and CEO of UWM. “No one should have to worry about which credit model wins.
“We handle that automatically by obtaining FICO and Vantage on all credit pulls to help consumers save more money and improve affordability, empowering brokers to close more loans and further strengthening UWM’s position as the mortgage industry leader in delivering innovation, value, and better outcomes for brokers and borrowers alike.”
According to UWM, early research shows pulling all scores could save many borrowers thousands of dollars.
Rather than pursuing only short-term cost savings, UWM says it has made the deliberate choice to leverage every available tool and innovation to help consumers secure the best deal possible.
As a result, brokers no longer need to navigate the nuances between scoring models because UWM now defaults to the strongest qualifying score available, helping borrowers receive the best possible outcome and maximize opportunities while creating a faster, more seamless experience for brokers.
The company credits Federal Housing Finance Agency Director Bill Pulte and the FHFA’s approach to driving competition in credit scoring by supporting multiple credit models, including the potential of a third model with FICO Score 10T, with a positive impact on consumers, ultimately driving costs down.
For more information, visit uwm.com.
