United Wholesale Mortgage

Feb 15, 2023

Twitter icon Twitter Copy Link Redeem now Our experts answer readers' home-buying questions and write unbiased product reviews ( here's how we assess mortgages ). In some cases, we receive a commission from our partners ; however, our opinions are our own. The bottom line: United Wholesale Mortgage is the second largest mortgage lender in the country, according to Home Mortgage Disclosure Act data . It offers a large range of mortgages to suit many different borrowers' needs, and it ranks high in customer satisfaction for its servicing. But UWM is a wholesale lender, so you'll only be able to get a mortgage from this lender by working with a mortgage broker. This means that, instead of reaching out to UWM directly, you'll get started with a broker, who will show you many different loan options from a variety of different lenders. United Wholesale Mortgage Mortgages Minimum Credit Score United Wholesale Mortgage Mortgages Minimum Credit Score United Wholesale Mortgage Mortgages Details Editor's Rating Pros & Cons Pros Wide range of mortgage options Check mark icon Hybrid and virtual closing capability Check mark icon Multiple jumbo loan options Only available through a broker Dash icon High credit score requirements for government-backed mortgages Dash icon Can’t explore rates online Highlights More Information Not a direct lender — you’ll need to work with a broker to get a mortgage from this lender Offers jumbo loan amounts up to $3 million Available in all 50 states and Washington, DC Minimum credit score and down payment displayed are for conforming mortgages United Wholesale Mortgage: Overall Lender Rating Feature Loan types Pros Offers the ability to have a hybrid or virtual closing Jumbo loan borrowers can choose from a variety of options, including interest-only loans and ARMs You'll need to work with a mortgage broker , since UWM isn't a direct lender Requires a score of at least 620 for its government-backed mortgages You'll need to work with a broker to see mortgage rates United Wholesale Mortgage Interest Rates United Wholesale Mortgage doesn't let consumers view its rates online. To find out what rate you might get with this lender, you'll need to get preapproved through a mortgage broker. However, a benefit of working with a broker is that you'll get to compare rates from multiple lenders that you qualify with, meaning you can easily see if there's another lender that can offer a better rate. Compare United Wholesale Mortgage to Other Mortgage Lenders United Wholesale Mortgage vs. Rocket Mortgage United Wholesale Mortgage Longtime rivals Rocket Mortgage and United Wholesale Mortgage are both standouts in the mortgage industry: Rocket was the No. 1 largest lender in the US in 2021 by number of loans originated; UWM was No. 2, according to HMDA data. If customer service is important to you, Rocket Mortgage may be the better option. Rocket Mortgage is a direct lender and ranks high in customer satisfaction. In 2022, it earned the top spot in J.D. Power's US Mortgage Origination Satisfaction Study . However, if being able to choose from a wide range of mortgage options is important to you, you might prefer to work with a broker that offers UWM products. United Wholesale Mortgage vs. Guild Mortgage United Wholesale Mortgage Both Guild Mortgage and United Wholesale Mortgage are good options if you're looking for a lender that offers a streamlined closing process, since both have hybrid closing options. But Guild doesn't offer a fully-virtual closing experience, while UWM does. UWM might also be a better option for investors or self-employed borrowers, thanks to its DSCR and bank statement loans. For borrowers looking for an affordable mortgage, Guild will likely be the better option. Guild Mortgage allows lower credit scores and will even consider borrowers with no traditional credit score through its Complete Rate program. How United Wholesale Mortgage Works United Wholesale Mortgage is a wholesale mortgage lender. To get a mortgage from this lender, you'll need to work with a mortgage broker. Mortgage brokers work with borrowers to compare loan options from many different mortgage lenders and, once the borrower has decided on a lender, guide them through the approval process. UWM mortgages are available in all 50 states and Washington, DC. This lender offers conforming , FHA , VA , USDA , and jumbo mortgages, in addition to a few more niche mortgage options. These include construction mortgages , which fund the building of a new home, bank statement mortgages, which are geared toward self-employed borrowers, and DSCR mortgages, which are for those purchasing rental property. It also has HELOCs . Jumbo loan borrowers have multiple options when working with this lender, including an interest-only jumbo loan and 5-, 7-, and 10-year adjustable-rate jumbo mortgages. United Wholesale Mortgage requires relatively high credit scores for its government-backed mortgages. Typically, FHA mortgages allow scores down to 580, and some lenders allow lower scores on VA and USDA mortgages as well. But with UWM, you'll need at least a 620 credit score to get one of these mortgages. Is United Wholesale Mortgage Reputable? United Wholesale Mortgage currently has an A+ rating from the Better Business Bureau. BBB ratings are based on responses to customer complaints, honesty in advertising, and transparency about business practices. In J.D. Power's 2022 US Mortgage Servicer Satisfaction Study , which measures how satisfied borrowers are with their mortgage servicers (the entities that they work with after closing to make their monthly mortgage payments), UWM ranked above the industry average. Insider's Featured Mortgage Lenders AmeriSave Mortgage Corporation Mortgages