TROY, Mich., July 2, 2013 (SEND2PRESS NEWSWIRE) -- United Wholesale Mortgage (UWM), the fourth largest wholesale mortgage lender in the nation, announced that it rolled out a new program that gives brokers the option to waive escrows up to 90 percent LTV, with no M.I., on all conventional products in all states.
"Our new Escrow Advantage option gives originators the ability to waive escrows on up to 90 percent LTV, which significantly reduces monthly payments and closing costs," said Mat Ishbia, president of UWM. "Typically this would have only been allowed with 20 percent down or more. Borrowers can now keep this extra money in the bank. It's yet another attractive UWM offering that arms our brokers with additional options to help them be more successful."
Program Criteria -
To be eligible for Escrow Advantage, loans need to meet the following criteria:
* Maximum 90 percent LTV.
* Minimum 720 FICO. (No FICO Restrictions in Calif.)
* Conventional loan.
"By combining Escrow Advantage with UWM's wildly successful Ultimate Advantage program, borrowers can spend as little as $100 more per month to keep more than $20,000 in the bank," said Allen Beydoun, SVP of sales. "This option allows the borrower to retain financial stability while pursuing their dream home."
Interested parties can learn more about UWM's Escrow Advantage by contacting the company at 800-981-8898.
About United Wholesale Mortgage:
Headquartered in Troy, Michigan, United Wholesale Mortgage 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 customer 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. © 2013 Send2Press® Newswire, a service of Neotrope®.