Loans

UWM offers 100 basis points rate and term refinancing to brokers



United Wholesale Mortgage wants its brokerage partners to get a head start on the next wave of refinances.

The wholesale giant announced Wednesday the launch of Refi 100, a 100 basis point pricing promotion on traditional and term refinance rates.This deal qualifies for new locks through March 29 and is also a refinancing remain silent Amid rising interest rates and sluggish origination activity.

“While big banks and retail banks await the refinancing boom, UWM is making it happen for our partners,” the company said on its website.

On Wednesday, a spokesperson said the promotion was designed to help brokers “build their books of business ahead of time.” Fed rate cut expectations later this year. ”

Qualifying loans must be at least one year removed from the last note date, and non-UWM loans do not require any seasoning, the lender said. “Control your prices” The deal gives brokers up to 340 basis points per quarter at the broker’s request; the deal has run Other pricing promotions In the past, we competed for agents.

Refinances accounted for 34.2% of total mortgage applications in the week ended January 26, up from 32.7% the week before, according to the Mortgage Bankers Association’s latest survey. Average interest rate for 30-year fixed-rate loans The increase is as high as 6.69% last week.

UWM CEO Mat Ishbia said on a third-quarter earnings call in November that his company Employs more than 1,000 workers The Pontiac, Miss.-based lender and servicer reported $3.83 billion in refinancings last fall, relatively flat compared with numbers during the summer reporting period.

Fannie Mae in January projected single-family home refinancing volume in 2024 Soaring to US$490 billion Just $246 billion last year. At the same time, the government-sponsored enterprise proposed purchase initiations of $1.5 trillion, a far cry from the level last year. recent historic boom.

Pontiac, Miss.-based UWM held 47.9% of the wholesale market as of last August, according to data shared by Inside Mortgage Finance in its third-quarter earnings. caused some commotion;It has been mired in multiple lawsuits over its controversial “All In” agent ultimatum.





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