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United Wholesale Mortgages
United Wholesale Mortgages
Types of loans offered
Compliant, FHA, VA, USDA, jumbo, construction, bank statement, DSCR, HELOC, Conventional 1% Down
On the United Wholesale Mortgage website
United Wholesale Mortgages
Details
Types of loans offered
Compliant, FHA, VA, USDA, jumbo, construction, bank statement, DSCR, HELOC, Conventional 1% Down
United Wholesale Mortgage FAQs
No, United Wholesale Mortgage is a wholesale lender, not a direct lender. Direct lenders employ loan officers who work directly with borrowers to provide them with a loan. As a wholesale lender, UWM works with many different mortgage brokers across the country, who can then offer UWM mortgages to borrowers in addition to mortgages from other lenders.
At a minimum, you’ll need a credit score of 620 to qualify for a United Wholesale mortgage, but the requirements may be higher depending on the type of mortgage you want.
Some lenders, once your mortgage is closed, will sell the servicing rights to another entity. This means that the company you make your monthly payments to may not be the same one you originally got your mortgage from. United Wholesale Mortgage services some of its loans, so you may make your monthly payments to UWM after closing. But it’s also possible that your loan servicing rights will be sold and you’ll work with another company after closing.
United Wholesale Mortgage: Overall Lender Rating
United Wholesale Mortgage: Pros and Cons
United Wholesale Mortgage Interest Rates and Fees
United Wholesale Mortgage does not allow consumers to view its rates online. To find out what rate you could get with this lender, you will need to get pre-approved through a mortgage broker.
However, the advantage of working with a broker is that you will be able to compare the rates of several lenders you qualify with, which means you can easily see if there is another lender who can offer a better rate.
In 2021, the average borrower getting a conventional mortgage from this lender paid $2,707 in origination fees, according to data from the Home Mortgage Disclosure Act. This is around average compared to other lenders.
Compare United Wholesale Mortgage to other mortgage lenders
United Wholesale Mortgage vs. Rocket Mortgage
Its longtime rivals Rocket Mortgage and United Wholesale Mortgage both stand out in the mortgage business: Rocket was the top lender in the United States in 2021 by number of loans made; UWM was No. 2, according to HMDA data.
If customer service is important to you, Rocket Mortgage may be the best option. Rocket Mortgage is a direct lender and ranks number one in customer satisfaction. In 2022, it earned first place in JD Power’s US Mortgage Origination Satisfaction Study. However, if having a wide range of mortgage options to choose from is important to you, you may prefer to work with a broker who offers UWM products.
United Wholesale Mortgage vs. Guild Mortgage
Guild Mortgage and United Wholesale Mortgage are good options if you’re looking for a lender that offers a streamlined closing process, as both have hybrid closing options. But Guild doesn’t offer a fully virtual fence experience like UWM does.
UWM might also be a better option for independent investors or borrowers, thanks to its DSCR loans and bank statements. For borrowers looking for an affordable mortgage, Guild will likely be the best option. Guild Mortgage allows lower credit scores and will even consider borrowers without a traditional credit score through its full rate program.
How United Wholesale Mortgage Works
United Wholesale Mortgage is a wholesale mortgage lender. To get a mortgage from this lender, you will need to work with a mortgage broker.
Mortgage brokers work with borrowers to compare loan options from many different mortgage lenders and, once the borrower has chosen a lender, guide them through the approval process.
UWM mortgages are available in all 50 states and Washington, DC. This lender offers conforming, FHA, VA, USDA, and jumbo mortgages, in addition to a few other niche mortgage options. These include construction mortgages, which finance the construction of a new home, bank statement mortgages, which are for self-employed borrowers, and DSCR mortgages, which are for those purchasing rental property. It also has HELOCs.
Jumbo loan borrowers have several options when working with this lender, including an interest-only jumbo loan and 5-, 7-, and 10-year adjustable rate jumbo mortgages.
UWM also recently launched a new type of mortgage, called its 1% down payment conventional loan. With this loan, borrowers can deposit just 1% and get a grant of up to $4,000 to reach a total down payment of 3%. These mortgages are available to borrowers who earn 80% or less of the median income of the area in which they plan to buy a home.
United Wholesale Mortgage requires relatively high credit ratings for its government-backed mortgages. Generally, FHA mortgages allow scores up to 580, and some lenders also allow lower scores on VA and USDA mortgages. But with UWM, you’ll need at least a 620 credit score to get one of these mortgages.
Is United Wholesale Mortgage Trustworthy?
United Wholesale Mortgage currently has an A+ rating from the Better Business Bureau. BBB ratings are based on responses to customer complaints, honesty in advertising and transparency in business practices.
In JD Power’s 2022 US Mortgage Agent Satisfaction Study, which measures how satisfied borrowers are with their mortgage agents (the entities they work with after closing to make their monthly mortgage payments), UWM ranked above the industry average.
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