United Wholesale Mortgage Transparency
Because United Wholesale Mortgage doesnt originate mortgages, you wont find specific information about lender fees and mortgage rates on its website. But youll find several homebuying guides and calculators on the lenders Find A Mortgage Broker website. These tools can help you estimate your housing costs and understand the purchase or refinance process.
Once you start working with a lender, look for these signs the company is helpful and transparent:
- The website is easy to navigate, clearly labeled, and includes contact information.
- The website includes several tools and resourcessuch as blog posts, videos, and calculatorsto help you understand the mortgage process.
- You can call or email a loan officer or representative to ask questions, get preapproved, or start a loan application.
- You can compare mortgage rate quotes on the lenders website or ask a representative for a customized quote.
- The lender clearly discloses and explains any borrowing costs youll pay. These include down payment requirements, closing costs, lender fees, and discount points. They should also help you calculate third-party fees and prepaid costs, such as homeowners insurance and property taxes.
Uwm To Return To New York Stock Exchange With 100 Independent Mortgage Brokers
UWM to celebrate National Mortgage Brokers Day by ringing the closing bell at NYSE with mortgage brokers from across America for the second year in a row
PONTIAC, Mich.—-United Wholesale Mortgage , the #1 wholesale and purchase lender in America, announced it is bringing 100 independent mortgage brokers to the New York Stock Exchange and ringing the closing bell on National Mortgage Brokers Day, July 18.
UWM celebrates independent mortgage brokers every day for the incredible value they bring to both borrowers and real estate agents in their local communities, and we are proud to recognize them again at the iconic New York Stock Exchange, said Mat Ishbia, chairman and CEO of UWMC. The wholesale channel is seeing fantastic growth because borrowers and real estate agents are seeing what weve known to be true for decades: mortgage brokers are the fastest, easiest and cheapest place to get a mortgage, period.
These 100 brokers represent the thousands of independent mortgage brokers across America who entered for a chance to ring the closing bell.
National Mortgage Brokers Day is an annual celebration of independent mortgage brokers across the country, established by the Association of Independent Mortgage Experts and celebrated each year on July 18.
UWM and these mortgage brokers will ring the NYSE closing bell on Monday, July 18 at 4 p.m. EDT.
About UWM Holdings Corporation and United Wholesale Mortgage
Spac And Public Offering
United Wholesale Mortgage went public in January of 2021 through a merger with Gores Holdings IV, and the formation of a special-purpose acquisition company . At the time of its formation, the SPAC was the largest to ever debut at a valuation near $16 billion.
Since then, shares have fallen, due to a volatile mortgage and housing market, and a planned second offering has been postponed.
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United Wholesale Mortgage Launches Platform For Brokers
Dubbed “Boost,” the one-stop-shop will give brokers access to purchase leads, past clients and real estate agents
Pontiac, Michigan-based lender United Wholesale Mortgage Wednesday launched a new platform for independent mortgage brokers to access purchase leads, past clients and real estate agents a move to entice and retain loan officers in a shrinking mortgage market.
UWM, the largest wholesale lender in the country, has been challenged by rising mortgage rates, decreasing refinancing volumes and fierce competition in the wholesale channel during the past couple of years, mainly from Rocket Mortgage.
Dubbed Boost, the new platform is a one-stop-shop allowing past clients to be phoned by a call center on behalf of their previous brokers, and clients will be transferred directly to the broker as part of its Brand 360 Live Transfers. The marketplace also provides purchase leads at a discount tailored to the brokers needs.
Staying in front of past clients and building new connections are two of the most critical and challenging parts of any business, said Mat Ishbia, president and CEO at UWM, according to a news release. Boost will save brokers time while helping them establish and maintain relationships for short-term and long-term wins.
UWMs most aggressive step, however, was in March 2021, when the company told brokers they could not continue to work with Rocket Pro TPO or Fairway Independent Mortgage and still work with UWM.
How To Apply For A Mortgage With United Wholesale Mortgage
To apply for a mortgage with United Wholesale Mortgage, youll need to work with a mortgage broker that partners with the company. Either visit the findamortgagebroker.com website or go to the UWM website and look up a broker from there.
To find a mortgage broker from the UWM website:
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The Only Mortgage Company Expected To See An Earnings Increase Next Year
United Wholesale is trading at 9.3 times expected 2020 earnings per share and 8.1 times expected 2021 EPS. Its rival Rocket is trading at 5.2 times expected 2020 earnings and 10.6 times expected 2021 earnings. Analysts see United Wholesale increasing EPS next year by 15%. On the other hand, they see Rocket’s earnings getting cut in half and PennyMac’s earnings falling by roughly a third. This is a bet that rates are going to rise next year, which will depress refinancing activity. Since United Wholesale is focusing more on the home-purchase business , it will be more insulated when rates rise.
So is United Wholesale a buy? I want to see the full-year financials before I decide. The latest pro forma statement only covers the first nine months of 2020 and full-year 2019 . As a general rule, I am bullish on the mortgage business, as I think rates are going nowhere for a while since the Federal Reserve is managing the market via purchases of mortgage-backed securities. As a result, I think there is upside to earnings for the entire sector, not just United Wholesale.
The Fed realizes that one of the easiest non-legislative ways to put money into people’s pockets is to let them refinance their mortgages at low rates. According to Black Knight Financial Services, 32 million borrowers can save 0.75% on their rate by refinancing it will take years to work through that much volume.
Who Is The Owner Of United Wholesale Mortgage
Who is the owner of united wholesale mortgage? When they sell, its often interpreted as a bearish signal . Recently, Mat Ishbia, CEO of UWM Holdings , the parent of mortgage giant United Wholesale Mortgage, canceled a previously announced stock offering.
Who is the owner of UWM mortgage? United Wholesale Mortgage CEO on goal to be top mortgage lender by 2024. UWM CEO Mat Ishbia broke down how he expects his wholesale mortgage lending company will ascend to the top of the list as rates creep up in the future.
Is it legal for owners to keep tips? Under California law, employees have the right to keep any tips that they earn. Employers may not withhold or take a portion of tips, offset tips against regular wages, or force workers to share tips with owners, managers or supervisors. Tips are also separate from wages.
Can owners take tips Canada? When it comes to tipping in Canada, the business owner and managers cannot legally take or retain tips earned by their employees. This means restaurant owners and managers can collect staff gratuities only for restitution between all business employees.
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United Wholesale Mortgage To Merge And Become Public Company
Pontiacâs United Wholesale Mortgage, also known as United Shore Financial Services, the nationâs largest wholesale mortgage originator, is planning to merge and go public.
The company announced today that it is joining forces with Los Angeles-based Gores Holdings IV Inc., founded by Alec Gores, brother of Detroit Pistons owner Tom Gores. Gores Holdings is a special purpose acquisition company sponsored by an affiliate of The Gores Group, which already is a public company that will operate under the name UWM and be listed on NASDAQ under the new ticker symbol UWMC when the transaction is complete in the fourth quarter.
The transaction values UWM at approximately $16.1 billion, or 9.5 times the companyâs estimated 2021 adjusted net income of approximately $1.7 billion.
Along with approximately $425 million in cash held in Gores Holdings IVâs trust account, additional investors have committed to participate in the proposed business combination via a $500 million private placement, led by Gores and other large institutional investors.
Upon completion of the transaction, including the private placement, the current owners of UWM will retain approximately 94 percent ownership of the combined company. The existing management team, led by Mat Ishbia, president and CEO, will continue to lead the business.
United Shore Unifies Under The Name United Wholesale Mortgage
Change reflects companys commitment to continued growth in the mortgage market
PONTIAC, MI, September 28, 2020 United Shore, home to the #1 wholesale mortgage lender and #2 overall mortgage lender in America, United Wholesale Mortgage, , has revealed its plan to solely focus on growth and brand recognition of UWM. UWM has long been the focus nationally and it will now have solidarity locally.
The mortgage giant will continue to hire and grow, and President and CEO, Mat Ishbia remains committed to his pledge to sleep on team members couches before a single layoff. Job titles, roles and responsibilities will remain the same for current and future team members, and the companys headquarters will remain on the Pontiac, Mich. 1.5 million square foot campus.
We are singularly focused on wholesale lending because we know the best thing for borrowers is working with an independent mortgage broker, and we want every communication touch point and dollar to reflect that focus, said Sarah DeCiantis, EVP and Chief Marketing Officer at United Wholesale Mortgage.
As the #1 wholesale mortgage lender, #1 overall purchase lender and second-largest mortgage lender in America, UWM continues to lead the industry with competitive rates, unparalleled service and speed through independent mortgage brokers.
Potential team members can find more information on career opportunities at UWMCareers.com.
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From A Refinance Market To A Purchase Market
The retail and correspondent models tend to do well in a refinance-heavy environment like we had in 2020 and early 2021. A company like Rocket Companies can send notifications directly to customers, allowing them to refinance via their phones. This additional volume helps the correspondent lenders increase earnings, as there are more loans to buy.
Mortgage brokers source their loans the old-fashioned way: by talking to Realtors, developing relationships with title and closing attorneys, and generally working the phones. This method works much better in a purchase market, which is why the company sees it outperforming the competition as rates rise.
United Wholesale’s success won’t be so much it increasing its lending as much as it will be its competitors shrinking. Many loan officers who started in the business over the past couple of years were able to get all the business they could handle just by answering the phone. In a rising rate environment, the phone stops ringing.
United Wholesale has spent a lot of money developing its technology, which increases the broker’s visibility into the loan’s status as it is being put together. Mortgage brokers know that the key to success is keeping real estate agents happy, and a big part of that is avoiding surprises.
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What Is United Wholesale Mortgage
Founded in 1986, United Wholesale Mortgage is the largest wholesale lender in the country with nearly 7,000 team members nationwide. The company is headquartered in Pontiac, Michigan, and offers mortgages in all 50 states, plus the District of Columbia. In January 2021, UWM went public by merging with Gores Holding in a deal worth $16.1 billion.
United Shore Is Located In Troy Mi
It is interesting to note that United Shore is located in Troy, MI, which is one of the northern suburbs of the Detroit metropolitan area. Said city is something of a commercial center as well as one of the best shopping destinations in the surrounding region, which have combined to make it a pleasant place to live.
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Compare Multiple Lenders First
United Wholesale Mortgage could be a good option, whether youâre buying a home or refinancing. But research shows people who check multiple rates tend to get better deals, so itâs worth exploring your options before you apply for a mortgage.
UWM is not one of our partners, but Credible makes it easy to compare mortgage rates from our partner lenders. You can get personalized rates within minutes all without leaving our platform â checking rates is free, and it wonât affect your credit score either.
Daria Uhlig is a contributor to Credible who covers mortgage and real estate. Her work has appeared in publications like The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.
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United Wholesale Mortgage: Loan Types And Products
To apply for a mortgage, youll need to head to FindAMortgageBroker.com and check out lenders and mortgage brokers in your area. From there, you can apply for a mortgage. Loan options depend on the lender, but United Wholesale funds the following:
Homebuyers have an option between taking out a fixed-rate mortgage, in which the rate never changes, and an adjustable-rate mortgage, which comes with a fixed rate only for a certain amount of time. Once the fixed period is over, the ARM rate may go up or down based on market conditions. United Wholesale funds ARMs with terms of 5/6, 7/6, or 10/6. With a 5/6 ARM, for example, the rate is fixed for the first five years then adjusts every six months for the rest of the loan term. Theres a 1% rate cap at each adjustment.
This lender also funds jumbo loans, which are home loans that exceed a certain dollar amount called the conforming loan limit. United Wholesale Mortgage will fund jumbo loans up to $3 million.
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Investing Sentiment Is Awful For The Mortgage Business
Stocks for mortgage bankers are a tough lot to love since their earnings tend to be volatile. 2020 and 2021 were the best years for the industry since the early 2000s. Those days aren’t coming back anytime soon.
That said, United Wholesale pays a pretty hefty dividend of $0.40 per share per quarter, which gives it a yield of 9.2%. The company is expecting an EPS of $0.69 this year, which means the dividend payout ratio is 58%. That suggests the high yield is safe and not a red flag. At current levels, the stock has a P/E ratio of 6.8 times this year’s earnings per share. A market leader trading under 7 times with a yield over 9% makes an interesting choice for an investor who is willing to accept that sentiment is highly negative for the sector this year.
Brent Nyitray, CFA has no positions in the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
How Does United Wholesale Mortgage Work
UWMs partners can use the Easy Qualifier tool to find a mortgage loan that best suits their borrower. The tool provides varying rates, which partners can present to the borrower.
After partners have obtained all the required information from the borrower, they can use electronic signatures to expedite the process. The Blink+ tool lets borrowers complete the application from anywhere and at any time.
Once youve submitted the loan application, you can manage and track it. Tools like Closing Tracker let you see the interaction between the closer and the settlement agent, and the UTrack feature lets partners and clients access every step of the application process.
Partners who havent closed a deal in a while can take advantage of the Conquest program, which lets them offer loans at rates lower than most of the market.
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