2018 proved to be a rough year for lenders due to the high cost to originate and rising interest rate climate. However, mortgage brokers bucked that trend, with the growth of that channel made especially evident by United Wholesale Mortgage, the nation’s No. 1 wholesale lender, as it reported a 52% year-over-year increase in loan volume this year, from Q3 2017 to Q3 2018, and ranked as a top-five overall mortgage lender.
“More than 75% of our business is purchase, and that’s because our brokers are continuing to grow and do a lot of purchase business, even as the rest of the market has been struggling,” said Mat Ishbia, president and CEO of UWM.
As the No. 1 wholesale lender in America, UWM is dedicated to serving the independent mortgage broker channel and helping each individual broker expand their business.
“There are close to 3,000 people working at UWM and every person at our company is 100% focused on helping independent mortgage brokers grow their business and be successful,” Ishbia said.
The company rolled out two impressive products toward the end of 2018 that will enhance the way brokers do business moving forward, UClose 2.0 and One-Click AUS. Both solutions will help brokers expand clientele and close loans faster than ever before.
UClose 2.0 gives brokers total control of the closing process, allowing them to close loans faster and more efficiently as they no longer require interaction with a UWM-based closer. Brokers can handle the process in its entirety, but still have the ability to work with a closer if they choose. UClose 2.0 has changed same-day closings into same-hour closings, transforming what used to take brokers hours into minutes.
One-Click AUS allows mortgage brokers to run Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector at the same time, instantaneously comparing the best parts of each in order to choose which product best suits the borrower. Not only does this allow brokers to get more appraisal waivers, but it also delivers a quicker and easier process for both the broker and the borrower.
“We’re known for having great products, pricing, service and technology, but the truth is that UWM is a great partner because we’re on the same team as our mortgage broker clients,” Ishbia said. “We’re 100% aligned and tied at the hip. We’re not just a lender or an investor, we’re a partner.”
UWM anticipates the biggest challenge for 2019 will be continuing to help its network of 10,000 mortgage broker companies and 30,000 loan officers across the country continue to grow through marketing initiatives, technology and compliance.
“We’ve got a lot of things coming from a product and technology perspective. “We are going to focus completely on helping our clients grow their business, and loan officers will continue to leave mega banks and retail lenders to join mortgage brokers so they can make themselves more attractive to consumers,” Ishbia said.
UWM predicts the mortgage broker channel will continue to grow over the course of 2019 and with the company’s extensive wholesale knowledge and broker solutions, UWM is prepared for that growth.
“The mortgage broker channel will grow and UWM will grow right along with it. We’ll continue to partner with brokers and help them thrive in 2019 and beyond,” Ishbia said.
Fast Facts
- Founded in 1986 in Birmingham, MI
- Mission: to grow the mortgage broker channel by providing independent mortgage brokers throughout the country with an unrivaled level of transparency, innovative technology, top-notch client service, and partnership tools.
- No. 1 wholesale mortgage lender in America for the past 4 years
