Top U.S. mortgage lender United Wholesale Mortgage (UWM) is offering discounted rates on some government loans until January for brokers to create their own “refi boom,” the company announced on Wednesday.
The initiative includes three new exclusive rates – 5.749% paying 1.5 points, 5.999% paying 2 points and 6.249% paying 2.5 points – on FHA and VA refinances available to brokers until Jan. 31, 2024. Borrowers must have at least 210 days from the first payment due date.
To compare, at HousingWire’s Mortgage Rates Center, Optimal Blue’s data showed a 30-year fixed conforming mortgage rate at 6.978% on Tuesday. FHA rates were at 6.759% and rates for jumbo loans were even higher, at 7.333%.
The UWM’s discounted rates apply to the FHA Streamline program, which offers a simplified refinance process with reduced documentation requirements on Federal Housing Administration (FHA) loans. It also includes VA Interest Rate Reduction Refinance Loans, which allows veterans to refinance their Department of Veteran Affairs (VA) loans at a lower rate without needing an appraisal or income verification.
Mat Ishbia, president and CEO at UWM, said the company is giving brokers “the opportunity to create their own refinance boom for their FHA and VA borrowers.”
“No other lender can match this offering, and with VA IRRRL and FHA Streamline loans being so quick and easy to close, this is the perfect opportunity to help borrowers lower their monthly payment while also showcasing the elite service an independent mortgage broker can provide through their partnership with UWM.”
Top wholesale lenders have launched new initiatives to boost production at the end of 2023.
Rocket Pro TPO, the wholesale arm of Rocket Mortgage, announced in late November a credit of 25 basis points to the loan level pricing adjustment (LLPA) on agency mortgages for non-owner-occupied homes.
“This is a huge win for any brokers who have clients shopping for a second home or an investment property or even those who want to take some cash out of one of their properties that has grown in value over the last few years,” Mike Fawaz, executive vice president at Rocket Pro TPO, said in an emailed response to HousingWire.
Rocket Pro TPO kicked off an initiative on Dec. 1 called “December to Remember,” with offerings for broker partners to help them “finish the year strong,” Fawaz said.
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