With so many mortgage lenders, originators and servicers available, it's hard to know which one is right for your needs. You need to have a quality understanding of any mortgage lender you choose in order to avoid common mistakes, such as choosing a nonresponsive mortgage servicer or limiting your loan options with a provider that has only a few products. The right research can help understand a company’s loan products, approach to home loans and comparative success in the industry. Here is information for understanding United Wholesale Mortgage.

Who They Are

United Wholesale Mortgage is a wholly owned subsidiary of United Shore Financial Services LLC located in Troy, Michigan. United Shore was founded in 1986 and branched out with two supportive wholly owned subsidiaries, one of which is United Wholesale Mortgage (UWM). UWM is one of the largest residential lenders in the United States, providing home loans to all 50 states as a wholesale brokerage for loans and connected through broker partners. Generally as a homeowner, you do not decide directly on a UWM mortgage but are directed to its products by a mortgage broker in your local area. UWM was the 28th-largest residential lender in the United States, with $2.3 billion in loans as of Q3 2014. However, in 2015, UWM was the largest wholesale lender in the United States with $13 billion in loans; up almost 55% over 2014 in the wholesale market.

The company has one of the largest offerings of mortgage products, including different loan products within the same category of loans. This wide range of products has helped UWM reach as many consumers as possible, throughout the country, that are tailored to different demographics.

Mortgage Products Offered

UWM has a wide range of different loans, even within each loan category. For example, under conventional loans, the company offers 18 different possible home loan solutions. Two examples in this category include a typical conventional loan named Elite, with a loan-to-value ratio maximum of 80%, a high FICO score of 740 and up, and loan limits up to the conventional limit. Another example is its HomeReady product that is a Federal National Mortgage Association (OTC: FNMA), known as Fannie Mae, which is an insured home loan. Rare programs such as the Texas Cash Out, Home Affordable Refinance Program (HARP) and the Limited Review Condos loans offer conventional loans not available at most home loan companies.

UWM also offers the Federal Housing Administration (FHA) loan programs that include Housing and Urban Development (HUD) real estate-owned (REO) loans as well. With the U.S. Department of Agriculture (USDA) and the Veterans Affairs (VA) programs available, along with jumbo and non-agency loans, UWM offers a very large portfolio of home loan products in residential lending.

Mortgage Rates

UWM, like most private mortgage lenders, and especially as a wholesale mortgage lender, does not post mortgage interest rates publicly online. As one of the largest wholesale lenders, it likely offered competitive rates in 2015, simply based on its organic growth compared to its competitors. This, of course, does not guarantee the same rates in the future.

What Consumers Are Saying

As UWM is not a direct consumer lender, its reviews are generally from brokers that rely on the company’s lending services. The company does have a top-rated A+ from the Better Business Bureau with only 16 complaints filed in the last three years, all of which were resolved. Of 79 reviews posted on Google Reviews, the company has received an aggregate score of 3.8 out of five stars. Another review rating service, Listen360, has almost 4,000 reviews of the company providing a very strong 4.4 stars out of five stars. It seems that the growth of the company’s business in 2015 may be a combination of good rates and excellent service.

As UWM is a wholesale mortgage originator, you must get in contact with your local mortgage broker to see if it carries UWM products, as loans are not available directly to consumers from the company.

Waterstone Mortgage Overview (WSBF)

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