TROY, Mich., Dec. 18, 2014 (SEND2PRESS NEWSWIRE) -- United Wholesale Mortgage (UWM), one of the nation's largest and fastest growing wholesale lenders, announced that it launched a product which offers conventional financing on up to 97 percent loan to value (LTV).
With Fannie Mae's newly released version of Desktop Underwriter® 9.2 (DU®), UWM was able to reintroduce standard conventional and MyCommunity Mortgage financing up to 97 percent LTV for first-time homebuyers with a DU® approval.
This program is significant because it opens up new business opportunities for both real estate agents and originators. Real estate agents will be able to help a broader range of perspective buyers and originators can offer their clients lower down payments and lower monthly payments. It also gives borrowers that are traditionally forced into government loans the opportunity to obtain conventional financing.
"Immediately after Fannie Mae released version 9.2 of DU(R), we had the opportunity to reintroduce this program given Fannie's changes, and we're the first wholesale lender in the country to make it available," stated Mat Ishbia, president and CEO of UWM. "We always strive to give our partners a competitive advantage. Being first to market allows UWM's partners to get many consumers into loans that are more affordable. Our robust technology and extensive training, in part, enables us to turn on a dime and continually expand our product offerings."
UWM's partners can already access the program by logging into its loan portal, EASE, to gain approvals. The program can also be accessed by UWM's award-winning UMobile application for Apple and Android Devices.
Program highlights:
- Instant M.I. available up to 97 percent.
- Gift funds eligible for down payment and reserves.
- Available on purchase and rate/term refinance transactions.
- Standard conventional and MyCommunity Mortgage options.
- At least one borrower must be a first-time homebuyer.
- No homebuyer counseling required for standard 97 percent conventional.
- 1-unit properties only.
Interested parties can learn more about UWM's the program by contacting the company at 800-981-8898 or by visiting http://www.uwm.com/.
About United Wholesale Mortgage:
Headquartered in Troy, Michigan, United Wholesale Mortgage (UWM) underwrites and provides closing documentation for residential mortgage loans originated by mortgage brokers, banks, credit unions and correspondents. UWM provides unparalleled service with its deep understanding of the mortgage process using its talented team of account executives, underwriters, closers and funders, who have years of experience with intricate knowledge in wholesale. UWM's positive teamwork and dedication to exceptional client service has resulted in continued success and growth that has spawned expansion.
For more information, visit http://www.uwm.com/ or call 800-981-8898.
MEDIA CONTACT:
Joe Bowerbank
Profundity Communications, Inc.
949-378-9685
jbowerbank@profunditymarketing.com
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NEWS SOURCE: United Wholesale Mortgage :: This press release was issued on behalf of the news source (who is solely responsible for its accuracy) by and Copr. © 2014 Send2Press® Newswire, a service of Neotrope®.