Lender offers 75-basis-point rate cut on select loans
United Wholesale Mortgage (UWM) has ramped up its broker incentives with a new refinancing offer.
The largest mortgage lender in the US has rolled out a new incentive, Refi75, which gives borrowers a 75-basis-point rate cut on various refinancing options. This offer, available until October 31, applies to conforming conventional, FHA, and USDA rate and term refinances, as well as FHA Streamlines and VA IRRRLs.
“This new incentive gives UWM partners a competitive edge with past clients and the ability to attract new borrowers looking to save on their monthly payment,” UWM said. “With thousands of borrowers currently eligible to benefit from a refi, Refi75 can make it easier to secure a lower rate and save.”
To qualify for Refi75, mortgage brokers must meet certain criteria, including having a lender-paid compensation plan at or below 1.5%. If the general compensation plan is above 1.5%, then brokers can adjust the refi compensation plan in compensation settings via the EASE platform, even if they’ve been changed within the past 90 days.
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Other requirements include a maximum net price of 101.50, and adherence to specific loan seasoning and lock requirements. Loans must be locked in between September 4 and October 31, prior to submission for underwriting.
Loans not currently serviced by UWM have no restrictions on note dates, but for loans currently serviced by UWM there are specific seasoning requirements: at least 365 days for conforming conventional loans and 210 days for FHA, VA, and USDA loans.
The offer follows UWM’s recent Govy125 program, which provided a 125-basis-point rate cut for VA IRRRLs and FHA Streamlines.
Borrowers interested in taking advantage of the Refi75 program can check eligibility using UWM’s Eligibility Tool, which verifies property addresses, previous loan types, and note dates to confirm qualification for the refinance.
In announcing the program, UWM encouraged brokers to capitalize on the refinancing boom.
“Leave big banks and retail lenders in the dust — get in on the refi rally now with UWM’s Refi75. It’s a great way to start the refi boom and boost your business,” the company said in its release.
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