Troy, Michigan-based United Wholesale Mortgage announced its latest step in the jumbo market, launching its Jumbo Elite program, which simplifies the process and creates transparent guidelines and direct communication with underwriters
“In such a competitive market, brokers can now look forward to offering their clients extremely competitive jumbo pricing that levels the playing field with larger banks” said Mat Ishbia, president and CEO of UWM.
Features of the program include:
- Loan amounts up to $2 million
- Exclusive rate incentives for borrowers with 740+ FICO
- Eligible for primary and second homes
- ARM and fixed-rate options available
- Closings in 25 days or less
According to the Mortgage Bankers Association’s Mortgage Credit Availability Index, which analyzes data from Ellie Mae’s AllRegs Market Clarity business information tool, jumbo mortgage credit availability tightened by 1.4% in April.
“Investors continued to roll out Fannie Mae and Freddie Mac’s low down payment loan programs, which had a loosening effect on credit availability. However, this was more than offset by tightening among high balance and jumbo loan programs,” said Lynn Fisher, MBA’s Vice President of Research and Economics.