Mortgage

UWM to knock 50 bps off VA IRRRL loans

Will apply to rates locked between Sept. 30 and Nov. 11

United Wholesale Mortgage (UWM) announced on Wednesday that it would offer a 50 bps discount on all VA interest rate reduction refinance loans (IRRRL) through Veterans Day on Nov. 11.

The company, which is the nation’s largest wholesale lender and plans to go public at a $16.1 billion valuation later this year, said the new rate is effective on all locks between Wednesday, Sept. 30 and Veterans Day. The program is intended as a “thank you to those who have made great sacrifices for our country,” the company said in a statement.

With interest rates at historic lows, UWM has been offering a variety of loans under 3% to borrowers. In late June, UWM rolled out a new loan program that offered conventional 30-year fixed rates for veterans between 2.25% and 2.375%.

Last week, at the AIME virtual conference, UWM rolled out a new tech offering for brokers. Called UWM InTouch, the mobile app provides brokers access to their entire pipeline of UWM loans. The app allows brokers to handle everything from underwriting through to the close.

On Monday, HousingWire published a deep dive into UWM’s strategy as a public company, and what brokers and rival lenders think of the move.

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