United Wholesale Mortgage Review [2024]: A Top Lender Partnering with Mortgage Brokers

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If you’re a mortgage broker looking to grow your business, United Wholesale Mortgage is one of the top choices to consider for your borrowers. Here’s everything you need to know.
Updated Jan. 4, 2024
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United Wholesale Mortgage is a wholesale lender that partners with mortgage brokers to offer various loan types for borrowers. It offers low, flat closing fees, customized terms, and options for borrowers with a range of credit scores.

Here’s everything you need to know about United Wholesale Mortgage and the company’s offerings, whether you’re a mortgage broker looking to grow your business or a borrower shopping around.

In this article

An overview of United Wholesale Mortgage

Since 2015, United Wholesale Mortgage has been a top wholesale lender in the U.S., representing 20% of the market share. The company was founded in 1986 and is headquartered in Pontiac, Michigan. Chairman, President, and CEO Mat Ishbia has helped grow the company to a 9,000-person team, taking the company public on the New York Stock Exchange in 2021.

United Wholesale Mortgage is not a direct lender but rather works with independent mortgage brokers to provide home loans to borrowers. The company also provides mortgage brokers with marketing tools and the technology to manage loan applications around the clock.

It’s dedicated to responsive customer service and is able to provide an average real estate closing time of just 17 days. Typically, real estate closings take between 30-45 days. What’s more, United Wholesale Mortgage offers flat closing fees of $200 ($300 in New Jersey and Colorado) and no additional attorney fees. Once loans have closed, borrowers can make payments online through the company’s website or call its loan servicing department if they have questions.

United Wholesale works with mortgage brokers to offer a variety of loan products for borrowers, serving qualified applicants with credit scores as low as 620 and down payments as low as 0%.

Which loan products and services does United Wholesale Mortgage offer?

United Wholesale Mortgage offers various conventional and government-backed home loans, each with a different set of criteria for borrowers. However, the company doesn’t publish its rates, so borrowers will need to work with a mortgage broker to see what they can qualify for.

Conventional loans

United Wholesale Mortgage offers up to 14 types of conventional loan products through partner brokers. Some are designed for creditworthy borrowers with a high down payment amount, while others aim to give first-time homebuyers or those with fair credit and less savings a chance to buy a home. Flexible terms between 8 and 30 years are available for all mortgages.

United Wholesale’s Elite mortgage product comes with some of the best interest rates. But it also requires a 700 FICO score or greater and at least a 20% down payment.

Other conventional loans, such as its Home Possible product, offer low down payment options for first-time homebuyers as an alternative to government-backed loans. United Wholesale Mortgage also has some unique options, like a Single Premium M.I. that allows borrowers to save money on mortgage insurance over time. These could be helpful for homebuyers who are having trouble saving for a down payment.

United Wholesale Mortgage offers adjustable-rate mortgages (ARM) as well, which come with 5-, 7-, and 10-year terms. Borrowers would likely need a 640 FICO score with a 5% down payment or a 700 FICO score with a 20% down payment to qualify for these ARMs.

Those interested in refinancing might benefit from United Wholesale Mortgage’s RefiNow product, which is designed for homeowners with a Fannie Mae-backed loan and income at or below 80% of the median for their area. This refi loan requires borrowers to have a credit score of at least 640 and a debt-to-income ratio (DTI) of no more than 65%.

Government-backed loans

In addition to conventional loans, United Wholesale Mortgage also offers FHA loans through its partner brokers. Borrowers with FICO scores as low as 620 could qualify for FHA loans, and there’s also an FHA Elite product with lower rates available to borrowers with a credit score of 640 or more. Both require at least a 3% down payment.

Additionally, the company has USDA and VA loan options, with $0 down payment options. Borrowers with credit scores as low as 640 could qualify for USDA loans, and closing costs can be financed for some transactions. Borrowers with credit scores as low as 620 could qualify for VA loans.

Prime jumbo loans

Those looking to borrow a higher amount might consider working with a United Wholesale partner broker that offers prime jumbo mortgages for loans up to $3 million. Its jumbo mortgages require a 680 minimum FICO score and a maximum DTI of 45%.

Business services

United Wholesale Mortgage also offers services to support mortgage brokers in growing and maintaining their businesses. These include a package of tools to manage a pipeline, including a customer relationship manager, point of sale, and loan origination system in one application.

Furthermore, United Wholesale Mortgage provides marketing tools useful for mortgage brokers. It offers assistance with building a website, alerts to connect with borrowers when interest rates change, and the ability to customize marketing materials with your own branding.

What makes United Wholesale Mortgage different

United Wholesale Mortgage is able to leverage technology to speed up the underwriting process and close loans quickly, with most closing in 17 days or less. It also offers some exclusive products, like its Elite conventional mortgage, which provides competitive loan rates.

Another thing that makes United Wholesale Mortgage unique is that it offers a suite of solutions for mortgage brokers beyond just providing loans. For example, its Blink+ tool allows mortgage brokers to receive applications around the clock, while the UWM Intouch mobile app allows brokers to view their pipeline and more from their phones.

Borrowers even have access to virtual e-closings. And United Wholesale Mortgage provides an elevated level of service as well, with a dedicated team for closings and direct communication between mortgage brokers and underwriters.

What United Wholesale Mortgage customers are saying

United Wholesale Mortgage is accredited with the Better Business Bureau (BBB) and has an A+ rating. However, customer reviews with the BBB and other third-party websites are mixed.

While many people were very satisfied with the rates they received on their loans, others had difficulty communicating with customer service or making payments. Some people said they were overcharged by United Wholesale Mortgage or had other issues that weren’t resolved after repeated phone calls. Still, others were happy with the company’s user-friendly website.

FAQs about United Wholesale Mortgage

Is United Wholesale Mortgage a good company?

United Wholesale Mortgage has been a top wholesale mortgage lender in the U.S. since 2015. The company is based in the Detroit area and has over 9,000 employees. It offers a variety of loan products to brokers for borrowers. It also offers tools to help brokers support their business development. However, some borrowers report an unfavorable experience with the company on third-party review sites.

Who are United Wholesale Mortgage's competitors?

United Wholesale Mortgage’s competitors are wholesale lenders such as:

How do you contact United Wholesale Mortgage?

You can reach United Wholesale Mortgage by phone at 800-981-8898 or by email at info@uwm.com.

Alternatives to United Wholesale Mortgage

While United Wholesale Mortgage provides several loan products and solutions for mortgage brokers, they’re not the best option for every homebuyer.

If you’re looking for a direct purchase or refinancing loan, Freedom Mortgage offers conventional loans as well as FHA, VA, and USDA loans. Options are available for borrowers with FICO scores as low as 600 and down payments as low as 0%.

Read our full Freedom Mortgage review.

If you qualify for a VA loan, Veterans United might be another good option for you. They offer purchase and refinance loans with as little as a $0 down payment.

Read our full Veterans United review.

Bottom line

If you’re a mortgage broker looking to manage and grow your business with ease, United Wholesale Mortgage offers the tools and support to help you do just that. With both marketing and pipeline management applications, you’ll be able to inject efficiency into every process. Plus, your borrowers can enjoy fast closing times, a variety of options, and potentially low rates.

If you’re a borrower wondering how to get a loan, you might be looking for a lender you can apply to directly. Check out the best mortgage lenders to compare your options. Even if you’re working with a mortgage broker, it’s a good idea to do some research yourself.

Author Details

Lindsay Frankel Lindsay Frankel is a Denver-based freelance writer who specializes in credit cards, travel, budgeting/saving, and shopping. She has been featured in several finance publications, including LendingTree. When she's not writing, you can find her enjoying the great outdoors, playing music, or cuddling with her rescue pup.

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