The leading lender and servicer announced an $803,500 limit for one-unit conventional and Department of Veterans Affairs-backed mortgage locks beginning Wednesday. It also said updated limits are available for conventional loans on 2-to-4 unit properties, months ahead of the Federal Housing Finance Agency's announcement.
A representative for UWM Wednesday morning didn't immediately share the exact conforming amounts for larger properties.
UWM's move follows rival
Certain wholesalers in recent years have raced ahead of the FHFA's annual November loan limit pronouncement, with UWM and Pennymac first to offer this promotion in October 2021. Rocket Pro TPO has since claimed it's been the first mortgage player to bring higher limits for its brokers three years in a row.
UWM, the nation's largest lender, has debuted several initiatives this month, including an
The company this past weekend also unveiled BrokerX, a five-week program to train professionals into licensed mortgage loan originators. The platform, announced at the Association of Independent Mortgage Expert's annual conference, will allow participants to take Nationwide Multistate Licensing System-approved training, and test prep with OnCourse Learning for the first four weeks of the program.
After passing the NMLS' Secure and Fair Enforcement MLO exam, prospective brokers will spend a fifth week onsite at UWM. The training will cost $250, and participants will be responsible for their test registration, background and credit check fees. Broker owners can sign up candidates, with the first session beginning Oct. 21, the company said.
The industry giant in the second quarter this year
