United Wholesale Mortgage is a wholesale home loan lender* originating in 1986 in Pontiac, Michigan.
 
At United Wholesale Mortgage its main services are aimed towards borrowers(mortgage brokers and banks), searching for the best loan option for their customers. It offers many loan options for borrowers to choose from, such as: fixed-rate and adjustable-rate mortgage loans (including a perfectly balanced 5/5 ARM), FHA loans, USDA loans, VA loans, and Jumbo loans.
 
*A wholesale lender gives out loans to banks who then give out it's loans to customers. Wholesale lenders are one of the root sources for banks and mortgage brokers tap into for money. A wholesale lender will lend money to brokers and banks for a fee and then they will in turn assist their customers with the loaned money. Additionally, some wholesale lender will sell its loans directly to customers. This type of lending allows potential home buyers to buy directly from wholesale mortgage companies, skipping the need and cost of mortgage brokers all together. Typically, wholesale mortgage lenders are known for their discounted prices due to the directness of the transaction between lender and customer, no middleman necessary. United Wholesale Mortgage does not appear to be involved intensely with direct lending yet.
 
This comprehensive United Wholesale Mortgage Review is geared towards lenders, not borrowers.
 

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The Good

  • High Loan Balance Available
  • Competitive Rates for Bad Credit
  • Tools for Lenders
  • Speed
  • Customer Service
  • Tools for Borrowers

High Loan Balance Available

United Wholesale Mortgage offers loan amounts for both primary and secondary homes up to $726,525, funding purchases up to 90 percent LTV (loan-to-value ratio) and refinances up to 80 percent LTV. These high-balance loans require a minimum credit score of 680 with a 43 percent maximum DTI (debt-to-income ratio).

Such high loan balances with a 90:10 LTV can help lenders meet the needs of a wider array of customers.

Competitive Rates for Bad Credit

In 2019, United Wholesale Mortgage rolled out a new threshold for borrowers with low credit score, claiming to offer the best rates and pricing in America for those who do not have stellar credit. This claim is backed up by the notion from CEO Mat Ishbia that United Wholesale Mortgage is one of the very few lenders that will offer a home loan to those with with a low credit score, 640+ FICO.

This change makes it possible for more brokers and lenders to get approval of customers that are wanting a home loan, but have below average credit.

Tools for Lenders

United Wholesale Mortgage gives it's independent mortgage brokers and lenders a plethora of tools to help them attract new customers in addition to helping lenders price out different scenarios more easily. 

The company’s marketing toolbox is a great resource that helps lenders and brokers attract new customers. The tool includes the following marketing materials:

  • The tools to create customized fliers, videos, social media posts, and emails
  • A downloadable monthly marketing calendar
  • Client retention tools — helping customers keep in touch with past borrowers

In addition to these great tools, United wholesale Mortgage also provides a platform for lenders to easily create a purchase or refinance loan estimate using an advanced form. Lenders can price out scenarios and match borrowers with the right loan with Easy Qualifier as well as get the estimated market value of a prospect’s property. This tool makes it easier for lenders to understand what the mortgage rates will look like for their customers in a more timely manner. Ease and speed for the lenders also makes for an easier and quicker process for it's customers.

In additional, UWM participates in professional development events like conferences and expos to assist lenders in providing the best services to borrowers. This training helps lenders to make better use of the tools that are already available to them in their membership.

Speed

United Wholesale Mortgage has a conventional loan turn time in two days or less. FHA loans, Jumbo/Non-Agency loans, USDA loans, and VA loans also have a turn time of two days. UWM averages 15 days or less submission to CTC (clear to close). And United Wholesale Mortgage members get access to loan accelerator tools like Doc-Less, EASE Docs, and virtual e-closing.

Customer Service

UWM members can call for assistance or use the online chat feature. The company also has a help desk service called PRONTO that facilitates communication between you and your account executive. With all of these resources, the company shows it cares about getting your questions answered and your problems resolved.

Tools for Borrowers

Borrowers visiting the United Wholesale Mortgage website can keep up with today’s mortgage stats by viewing today’s market data. They can also find new home listings and the agents who manage them. Borrowers should also be aware that United Wholesale Mortgage complies with Freddie Mac and Fannie Mae regulations. Freddie Mac and Fannie Mae is a government policy that helps lenders, such as United Wholesale Mortgage fund home loans to low-income and moderate-income individuals and families.

The Bad

  • Membership Required
  • United Wholesale Mortgage Reviews

Membership Required

Unfortunately, many of the features discussed are available only to members of the United Wholesale Mortgage lender network.  In order to obtain a membership and enroll with a United Wholesale Mortgage login, you must be a professional broker, financial institution, or correspondent. The products and services are directly geared towards lenders serving their own borrowers.

United Wholesale Mortgage Reviews

From the United Wholesale Mortgage reviews on Best Company it is a bit difficult to tell if mortgage brokers are satisfied with their lending experience. Most of the United Wholesale Mortgage reviews highlight either a very positive or negative experience — most of United Wholesale Mortgage reviews are exclusively five star or one star reviews.

It should be noted that the amount of reviews on United Wholesale Mortgage's company profile are very limited. Due to the polarizing reviews it is recommended to call one of United Wholesale Mortgage's customer service reps in order to address any concerns that you may have.

The Bottom Line

For lenders, there isn’t a better loan network to join than United Wholesale Mortgage. The company offers excellent products and services to lender members with a United Wholesale Mortgage login and these benefits trickle down to borrowers. For example, United Wholesale Mortgage does not charge an escrow waiver fee, which can save borrowers thousands of dollars at closing. Plus, borrowers can use assets as income in the application process and sometimes UWM has promotions such as offering free appraisals.

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User Reviews

Star Rating

2.7
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13 Reviews

Review Breakdown

5 star
38%
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8%
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1 star
54%

Sentiment Criteria

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Ryan Kelly

April 24th, 2020 Wheaton, IL DETAILS arrow_drop_down
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UWM does offer a solid loan with great customer service experience. My VA Home Loan was transferred after only 9 months!!! to one of the worst in the mortgage industry, NewRez, aka Penn Financial. I understand transferring loans is a common practice as UWM will state in their response. We will see how this does work. Since Mat and UWM rely on refinancing of loans as with the rest of the mortgage industry; VA Home Loans are easily refinanced; should hold onto them.

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ShellaMarie Angeles

March 26th, 2020 Rialto, CA

Trying to close refinance loan, had to sign closing disclosures multiple times, all with lower rate than previous loan but 3 days before closing had to sign another closing disclosures with higher rate and $5,000 cash to close from borrower. Underwriter being difficult causing delay. I end up backing out. Extremely bad company.

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James Graves

March 10th, 2020 DETAILS arrow_drop_down
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It's a good experience. I like to pay my mortgage bi-weekly. They made it very easy and simple to do this. Other mortgage companies either make it difficult or won't allow it.

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Former customer

March 2nd, 2020 Toronto, ON DETAILS arrow_drop_down
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I had original financing through UWM, but they sold my loan mid-year. The following year, I never got a 1098 via U.S. mail. I signed in to their site but could not retrieve the 1098. Reason: my loan was sold last year. That should not matter, since I paid interest last year and therefore I still need my 1098 from last year to do my taxes. I called but they refused to send a copy of the 1098. I was told to send an email with my name and loan number. I sent the email. They replied 10 days later saying I had not authenticated and asked for more personal information. All they had to do was send a copy of the 1098 to the address of record but they would not. So I sent them more personal information via email, against my better judgement. Now I wait for my 1098.

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Rooster

February 4th, 2020 Grand Prairie, TX DETAILS arrow_drop_down
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UWM is the worst lender on the market. The uwm.loanadministration website is trash and the customer service is horrible. Long story but for the past 5 months I literally have to fight to pay my mortgage, they make the process so difficult and won’t claim responsibility for anything. I now have resorted to sending a certified check every month because that’s the only way this incompetent company can’t mess up taking my money.

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Carey Donaldson

January 20th, 2020 Spokane, WA DETAILS arrow_drop_down
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Horrible company to work with. My mortgage was pulled twice in one month and I called to get a refund. It has taken countless hours of being on the phone, inconsistent answers, zero follow through, errors throughout, cover ups and excuses. It has been 12 days and I still am having to deal with this company! DO NOT USE THEM!

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Andrea Jones

December 6th, 2019 Grand Rapids, MI DETAILS arrow_drop_down
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Jacked up my escrow and refused to fix it Promised follow up by multiple people that never happened. Recently re financed with them and to say that I truly regret it is an understatement. Run away and avoid at all cost

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Lee

October 9th, 2019 Devon, PA DETAILS arrow_drop_down
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I'm a mortgage customer who recently refinanced. The ease of the website and straightforward customer service on the phone is a step up from my previous mortgage company. So far so good.

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KARAMA RASHEED

September 17th, 2019 West Covina, CA DETAILS arrow_drop_down
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Trying to close a loan with this mortgage company. The underwriters are difficult to work with and very adamant on items required no middle grounds. Extremely bad customer service too

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JT Blair

September 4th, 2019 Woodland Park, CO DETAILS arrow_drop_down
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United Wholesale Mortgage is the epitome of Efficiency and Customer Service. They have no equal in the Home Loan business.

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Leslie Bridges

April 18th, 2019 Sherrills Ford, NC DETAILS arrow_drop_down
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WARNING!!! This company is incompetent. Please do your research before doing business with United Wholesale Mortgage. If you already have a loan with them get out because, if you have a problem there is basically no customer service read reviews! Fast growing big Corp . GOOGLE AND READ seems in recent fast wealth for UWM they’ve forgotten about their customers

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Terence A Weber

June 11th, 2018 Las Vegas, NV DETAILS arrow_drop_down
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Good customer service and good customer support

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Jacob Kiesel

June 11th, 2018 Salt Lake City, UT DETAILS arrow_drop_down
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Good service, excellent loan offerings. Highly recommended for those with good credit.

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