United Wholesale Mortgage (UWM) has rolled out a new product called Investor Edge, designed specifically for borrowers that are looking to purchase or refinance non-owner-occupied investment properties.
The Investor Edge program provides UWM's broker partners with an opportunity to increase their businesses by catering to a niche segment of borrowers.
UWM says that similar to commercial financing, there is no need to verify personal income with Investor Edge, and the debt-to-income ratio is based solely on the proposed cashflow for the subject property.
‘The last few years, residential investment purchase property transactions have largely been dominated by all-cash investors,’ states Mat Ishbia, president and CEO of UWM. ‘Our Investor Edge program helps level the playing field by giving investors alternative options to an all-cash transaction. The launch of Investor Edge is yet another innovative product that helps our partners better compete in their local area markets.’
Some highlights of the Investor Edge program are as follows:
áÂ Â Â Unlimited number of financed properties
áÂ Â Â Approval based on cashflow of property
áÂ Â Â Loan amounts from $75,000-$1 million
áÂ Â Â 720+ FICO
áÂ Â Â Verification of employment history only
UWM's partners can log into its EASE Web portal to run product eligibility and pricing on borrowers that are a good fit for Investor Edge. The program can also be accessed by UWM's UMobile application for Apple and Android devices, which gives brokers real-time access to status updates, offers the ability to lock loans on the go, enables communication with UWM underwriters and more.