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UWM offer pricing promo to brokers for its 40th anniversary

M&A, Marketing, MARKETING TO BORROWERS, Mortgage brokers, Originations, UWM /

United Wholesale Mortgage is running a pricing promotion in honor of its 40th anniversary. Processing Content Under this latest program, UWM 40, mortgage brokers have a 40-basis-point pricing incentive through the end of February on conventional, Federal Housing Administration, Veterans Affairs and U.S. Department of Agriculture mortgages. It can be applied to purchase loans as […]

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Judge dismisses disclosure class action against UWM

Industry News, Law and legal issues, Lawsuits, UWM /

A California judge granted United Wholesale Mortgage‘s motion to dismiss a class action by borrowers over allegedly disclosing personal and financial information to third parties, like Meta and Google. Processing Content The plaintiffs, Ethan Allison and Mark Caloca, filed the initial complaint in June, but the judge ultimately agreed Sunday with UWM, who said the

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UWM posts best production quarter in four years

Artificial Intelligence, Earnings, MARKETING TO BORROWERS, Originations, Servicing, UWM /

UWM Holdings had its strongest production quarter since the pandemic-fueled 2021, beating its own guidance, taking advantage of a brief window where rates fell in September. “Although I don’t know if you guys recognize it, but it was a dominant, dominant quarter,” Mat Ishbia, chairman, CEO and president said on the earnings call. The company

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Why a federal judge dismissed RICO accusations against UWM

Law and legal issues, UWM /

A federal judge dismissed the most serious charges against United Wholesale Mortgage in a racketeering lawsuit which arose from an explosive media report last spring.  U.S. District Judge Brandy R. McMillion this week tossed all but two claims against the megalender which borrowers suggested improperly steered them to higher cost loans. The class action case,

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UWM reduces fees, enhances TRAC+ title alternative offering

Marketing, MARKETING TO BORROWERS, Originations, Underwriting, UWM /

United Wholesale Mortgage has reduced the fees and added other enhancements for one of its title alternative programs. The company’s title review and closing program, known as TRAC+, looks to save borrowers money by significantly reducing costs for refinances compared with traditional title insurance options. In the past, Mat Ishbia, president and CEO, has been

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UWM downgraded by Morgan Stanley on stock valuation risk

Equities, Marketing, MARKETING TO BORROWERS, Originations, UWM /

Analysts at Morgan Stanley have downgraded UWM Holdings, the parent of United Wholesale Mortgage, citing valuation risk, given the 55% increase in its stock price since the end of July through today. But at various points between those two milestones, the gain in UWM on a percentage basis was even higher. On July 31, UWM’s

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UWM aims for broker-majority market amid 300% profit surge

Earnings, MARKETING TO BORROWERS, Originations, Servicing, UWM /

UWM Holdings CEO Mat Ishbia’s new target for mortgage broker originations share is for them to do over half of production. On the company’s earnings call, he cited statistics giving the current broker share at 30%. “Our goal is for brokers to be No. 1,” Ishbia said. “In my mind, that means 50.1%; I don’t

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UWM sues nearby rival Towne Mortgage for poaching

CAREER & COMPENSATION, Law and legal issues, UWM /

United Wholesale Mortgage is suing nearby rival Towne Mortgage in a rare theft of trade secrets case from the industry’s largest lender. The lawsuit filed in January accuses nine former UWM account executives of taking trade secrets, including broker partner information, to Towne. The competing retail and wholesale lender and servicer last month denied the

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