UWM in Pontiac Debuts 0% Down Program, ChatUWM, TRAC+, and More

United Wholesale Mortgage (UWM) in Pontiac, the No. 1 overall mortgage lender in America, has announced 0% Down Purchase, a program aimed to help more borrowers become homeowners without an upfront down payment.
United Wholesale Mortgage in Pontiac has announced 0% Down Purchase, a program to help more borrowers become homeowners without an upfront down payment. // Photo courtesy of UWM

United Wholesale Mortgage (UWM) in Pontiac, the No. 1 overall mortgage lender in America, has announced 0% Down Purchase, a program aimed to help more borrowers become homeowners without an upfront down payment.

This UWM-exclusive program allows qualified borrowers to receive a 3 percent down payment assistance loan of up to $15,000 from UWM. This loan will not accrue interest and will not require a monthly payment. The announcement was made on Thursday at UWM LIVE!, the largest mortgage broker event of the year.

“UWM’s 0% Down Purchase program is going to change the game this purchase season,” says Mat Ishbia, president and CEO at UWM. “No other wholesale lender in the country is offering this, meaning independent mortgage brokers now have a significant advantage with consumers and real estate agents. Thousands of borrowers are sitting on the sidelines because they don’t have a down payment — this program removes that barrier.”

To be eligible for this product, borrowers must be at or below 80 percent of the Area Median Income for the address of the property they are buying or one borrower is a first-time homebuyer. The qualifying borrower will then be given a 3 percent down payment assistance loan, up to $15,000, in the form of a second lien loan.

Borrowers also will have the flexibility to choose when and how often they want to make payments on the second lien loan, which must be paid in full by the end of the loan term, or if the first lien loan is paid off.

Additional details on this exclusive offering can be found here.

In other news, the National Basketball Association (NBA), the Women’s National Basketball Association (WNBA), and UWM have announced a multiyear U.S. partnership that makes UWM’s consumer-facing brand, Mortgage Matchup the Official Mortgage Partner of the NBA and WNBA, marking the first-ever mortgage partnership for both leagues.

Mortgage Matchup, which offers consumers and real estate agents educational material around the homebuying and refinancing process, along with a searchable database of local independent mortgage brokers, will collaborate with the leagues on marketing and promotional activities to expand the reach of its platform, raising awareness around the benefits of partnering with a mortgage broker and making it easier for fans to access the resources they need when purchasing or refinancing a home.

“Our partnership with the NBA and WNBA marks a significant milestone for the Mortgage Matchup brand and our clients,” said Sarah DeCiantis, chief marketing officer at UWM. “Our end goal is to empower borrowers and draw attention to the value and importance of having a mortgage broker as your advocate during the homebuying and refinancing process.”

As part of the partnership, Mortgage Matchup will receive media exposure across a variety of league platforms, including through on-court virtual signage during NBA and WNBA national broadcasts as well as the leagues’ official social and digital platforms. UWM has served as a partner of the Detroit Pistons since the 2021-22 NBA season, with its logo prominently featured on the team jerseys.

In addition, UWM has unveiled TRAC+ at UWM LIVE! The new service builds on the groundbreaking process introduced with TRAC, which UWM launched in October 2022.

With TRAC+, UWM can now handle everything throughout title review, closing, and disbursement. As a result, a broker will no longer need to work with a title company or settlement agent for title work, balancing fees, scheduling closing, or any related communication when they use TRAC+.

With TRAC pricing incentives applied based on loan amount, a flat TRAC+ fee of $1,850 with no additional settlement agent fees, brokers will be able to save borrowers thousands of dollars and provide a simplified process that is streamlined through UWM. This new service can be used on conventional, FHA and VA refinances that are TRAC+ eligible and utilize Virtual Close within UWM’s UClose 3.0 platform.

Additional details on this exclusive offering, including eligibility requirements can be found here.

UWM also introduced ChatUWM at UWM LIVE! The AI-powered smart search is designed to support independent mortgage brokers, demonstrating UWM’s continued investment in leveraging artificial intelligence to enhance speed, and efficiency.

ChatUWM provides instant responses to UWM’s clients on a range of topics, including guidelines, matrices, summaries of UWM’s tools and technology, and more. Utilizing UWM’s knowledge base, The Source, ChatUWM will also provide the full article or page from which the information was found, giving brokers additional context and access to more information when needed.

The introduction of ChatUWM highlights UWM’s commitment to technological innovation and reinforces the company’s position as a leader in AI adoption within the mortgage industry.

For more information, visit uwm.com.