United Wholesale Mortgage is the #1 Lender in the nation so how do you get a loan with them?

United Wholesale Mortgage is the #1 Lender in the nation so how do you get a loan with them?

Today we are talking all things United Wholesale Mortgage or UWM. The #1 Mortgage Lender in the Nation.
But you can’t just call UWM to get a loan so who are they and how do you get a loan through them?

Let me start by saying UWM was a huge reason why I went back into wholesale in 2019. A move I had wanted to make for years. Their becoming #1 in the third quarter of 2022 was a huge move for the mortgage broker movement as well. For years it was Wells Fargo at the top, who left Brokers and Wholesale Lending during the meltdown. Then Rocket Mortgage took #1 with their multiple services agreements with different insurance and financial institutions, massive marketing budget, and massive call centers, but then, in the third quarter of 2023 the “underdogs” (although they really are pretty big underdogs) dedicated to wholesale lending and the mortgage broker, became #1.

This shows the consumer and the American general public that the mortgage brokers are here to stay, and do a better job originating, and focusing on purchase business, than most retail loan officers and in tough markets, they still produce.

How do you get a loan through UWM?
United Wholesale Mortgage (UWM) is a wholesale mortgage lender that typically works with mortgage brokers rather than individual borrowers. To get a loan through United Wholesale Mortgage, you’ll need to follow these general steps:

  • Find a Mortgage Broker:
    UWM primarily works with mortgage brokers who act as intermediaries between borrowers and lenders. If you’re looking for a loan through UWM, you’ll need to find a mortgage broker who has a relationship with UWM. You can search for a mortgage broker in your area or ask for referrals from friends or family.
  • Meet with Your Mortgage Broker:
    Schedule a meeting with your chosen mortgage broker to discuss your financial situation, your homebuying goals, and your specific mortgage needs. The broker will assess your creditworthiness and provide guidance on the types of loans that might be suitable for you.
  • Submit an Application:
    Your mortgage broker will help you complete a mortgage application. Be prepared to provide detailed information about your income, employment history, assets, debts, and other financial information.
  • Mortgage Pre-Approval:
    Based on your application and financial documentation, your mortgage broker will work with UWM to get you pre-approved for a loan. This step will help you determine the loan amount you qualify for and provide you with a better idea of your budget when shopping for a home.
  • Property Search:
    Once you’re pre-approved, you can start searching for a home that fits within your budget. Work closely with your real estate agent to find a property that meets your criteria.
  • Final Loan Approval:
    Once you have an accepted offer on a home, your mortgage broker will work with UWM to obtain final loan approval. UWM will review your financial documents, the property appraisal, and other relevant information to make a lending decision.
  • Closing:
    After final loan approval, you’ll move forward with the closing process. This involves signing all necessary documents, paying closing costs, and completing the purchase of your home.
  • Repayment:
    Once the loan is closed, you’ll begin making regular mortgage payments to UWM as per the terms of your loan agreement.
    Keep in mind that UWM’s specific loan programs, interest rates, and requirements may change over time, so it’s essential to work closely with your mortgage broker and UWM to ensure you have the most up-to-date information throughout the loan application process.

Who is UWM?
United Wholesale Mortgage (UWM) is one of the largest and most prominent mortgage lending companies in the United States. As of my last knowledge update in September 2021, it is important to note that the company’s status, operations, and reputation may have evolved since then. Nevertheless, I can provide an overview of UWM based on information available up to that point.

  • Company Overview:
    United Wholesale Mortgage, headquartered in Pontiac, Michigan, is a leading wholesale mortgage lender that specializes in providing residential mortgage loans to mortgage brokers and independent mortgage loan originators. Founded in 1986 by Mat and Jeffrey Ishbia, UWM has grown significantly over the years and has played a pivotal role in the mortgage industry.
  • Key Features and Highlights:
    Wholesale Lender: UWM primarily operates as a wholesale lender, which means it doesn’t directly lend to consumers but rather partners with independent mortgage brokers and loan officers who use UWM’s products to originate mortgage loans for homebuyers. This business model allows UWM to leverage the expertise of mortgage professionals across the country.
  • Technology-Driven:UWM is known for its commitment to innovation and technology in the mortgage industry. The company has developed and continuously refined its proprietary loan origination platform called “BOLT,” which streamlines the mortgage application and approval process, making it faster and more efficient.
  • Product Offerings: UWM offers a wide range of mortgage products, including conventional loans, FHA loans, VA loans, USDA loans, and jumbo loans. This diverse product lineup allows mortgage brokers to serve a broad spectrum of borrowers.
  • Client-Focused Approach: UWM is often praised for its dedication to serving the needs of its broker partners. The company provides training, educational resources, and marketing support to help brokers grow their businesses.
  • Rapid Growth: UWM experienced rapid growth in the years leading up to 2021, becoming one of the largest mortgage lenders in the United States. This growth was partially attributed to the surge in mortgage refinancing driven by historically low interest rates.
  • Going Public: In January 2021, UWM made headlines by going public through a special purpose acquisition company (SPAC) merger with Gores Holdings IV, Inc., resulting in its listing on the NASDAQ under the ticker symbol “UWMC.”
  • Industry Recognition: UWM has received numerous awards and accolades within the mortgage industry, including being recognized as a top wholesale lender and for its corporate culture.

Becoming #1…
UWM is the #1 lender in the Nation over taking Rocket mortgage in Q3 of 2022 when we saw rates hit the highest levels in 20 years.

United Wholesale Mortgage vs Rocket Mortgage

From The Detroit News:
Ishbia accused Quicken Loans LLC’s Rocket Mortgage of incentivizing and working directly with real estate agents to cut brokers out of the process. He also claimed Wisconsin-based Fairway Independent Mortgage Corp. solicits loan officers away from brokers.
“There are two companies that are underhandedly trying to take the lifeblood of the mortgage brokers by soliciting the loans officers and the real estate agents,” Ishbia told The Detroit News on Thursday. “We don’t agree. We made the decision that if you want to work with them, we are not going to help you guys. Simple.”

Source: The Detroit News

In March of 2021 UWM president and CEO, Mat Ishbia, revealed that the company will be issuing an addendum to its partners, stating that they can not do business with the two aforementioned companies, during the company’s recent State of the Industry Facebook Live.

  • Product Offerings:
    UWM: UWM provides a range of mortgage products, including conventional loans, FHA loans, VA loans, and jumbo loans. They offer various loan programs and may have competitive rates, depending on market conditions. In the post pandemic markets, UWM offers everything from HELOC’s to construction financing.
  • Customer Service:
    UWM: Your experience with UWM’s customer service will largely depend on the mortgage broker you choose to work with, as UWM primarily interacts with brokers. Be sure to select a reputable and responsive mortgage broker for a smooth process.

That is why your journey with UWM should begin with a solid mortgage broker. Fresh Home Loan is known for being a boutique brick and mortar Independent Mortgage Broker in the town of Alameda in the East Bay Area.

To begin your Journey, click here.

Visit First Time Home Buyer and Cash Out Refinance 

Garrick Werdmuller
President CEO | Fresh Home Loan Inc
NMLS 242952

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Garrick Werdmuller

(510) 282-5456