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
“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.”
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.
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
UWM CEO Mat Ishbia said on a third-quarter earnings call in November that his company
Fannie Mae in January projected single-family home refinancing volume in 2024
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.