Wholesale and purchase lender United Wholesale Mortgage (UWM) has added a new product to its rate sheets: prime jumbo. The company says the new offering is designed to provide independent mortgage brokers with a competitive edge over banks and retail lenders.
Prime jumbo offers competitive rates, simplified guidelines and gives brokers the ability to run Desktop Underwriter for approved eligibility and fast closing on loans up to $2 million with an LTV up to 89.99%. It is available on purchases, rate/term refinances and cash out, as well as on primary, secondary residences and investment properties.
“Traditionally, banks offer the more highly desired jumbo products, but this product levels the playing field for brokers to get their jumbo borrowers into their dream homes or refinance into a lower rate,” says Mat Ishbia, president and CEO of UWM.
UWM previously offered two jumbo products – High Balance Nationwide and Jumbo Bank Buster – but removed both from rate sheets in March 2020 due to the COVID-19 pandemic. The company says Prime Jumbo combines the best of both products, with its competitive pricing to more borrowers and quick turn times.