Mortgage

UWM: Industry is taking the wrong approach to protecting veterans

CEO explains why brokers’ future looks bright

United Wholesale Mortgage released its 3 Points video for April in which CEO Mat Ishbia started off by explaining the industry is taking the wrong approach toward helping veterans.

Ishbia explained that many in the mortgage industry are concerned with interest rate reduction refinance loans and veterans being exploited, however he says this is the wrong approach.

“People are saying, ‘Are we doing right by the veterans? We can’t refinance them so fast. We can’t put in these IRRRLS, we gotta make them stay in their mortgage for six months or more,’” Ishbia said. “That’s the wrong way of thinking.”

He explained this approach really only protects the large mortgage lenders who gave veterans a high mortgage rate on the first loan. If veterans were taken care of on their first loan with a low mortgage interest rate, they wouldn't have to refinance.

“How about we do right by our veterans the first time and we won’t have this issue,” Ishbia said.

He also touched on Freddie Mac’s loan option that won’t require an appraiser, which could be rolled out within the next three to six months.

Lastly, Ishbia notes that not only are brokers the best option for homebuyers, but also explains why they will continue to grow.

“2016 was good, 2017 will be even better,” he said.

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