Guide to United Wholesale Mortgage [Review]

Guide to United Wholesale Mortgage [Review]

With compelling mortgage products to offer, this lender is worth considering if you’re someone looking to acquire a home under a variety of future scenarios.

United Wholesale Mortgage (UWM) is a national mortgage lending company founded in 1986. Today, it helps broker partners boost their profits by providing a host of exceptional loan programs. The company offers a series of lending products that seek to make the lives of its mortgage-broker partners easier with various benefits. It also offers payment facilities and customer service that is considered some of the best in the market.

Unlike many mortgage lenders we have written about at Eggworth, UWM is a lender that has taken a tack slightly different from that of most lenders. Rather than focusing on acquiring its business directly from consumers, UWM focuses on broker, financial institution, and correspondent lending partners who, in turn, face customers directly. Much like a wholesaler that imports goods from abroad and sells them to a retailer from which consumers buy the items, UWM is a bulk-provider of lending solutions to retail providers.

There are plenty of mortgage lenders that focus on various kinds of properties (e.g. single-family, FHA, multi-family) with various kinds of uses. However, United Wholesale Mortgage isn’t one of them. Instead, it is very much a specialist when it comes to residential properties that has focused exclusively on the single-family residential market.

United Wholesale Mortgage is one of the biggest players in the U.S. market. In its news releases, the company regularly states that it is one of the top five mortgage originators in the country. United Wholesale Mortgage has managed to become such a major presence in the market because it operates in all 50 states.

Some of the statistics cited by UWM on its website are truly staggering. USM has carved out a massive business in the mortgage-broker space and claims to originate 1 out of every three purchase-mortgage loans originated by mortgage brokers in the US. This amounts to 5% of all mortgages in the country!

Types of Loans

Conquest Program

While UWM offers loan products common to many mortgage providers, UWM’s Conquest program is a unique program targeted towards borrowers who have not closed a loan with UWM in the past 1.5 years. The “Conquest” alluded to by the name of the product is the ultra-compelling rates designed to lure clients who would otherwise close with another mortgage provider.

All rates mentioned below are current as of 12/15/2020.


UWM offers rates as low as 1.999% for 30-year fixed mortgages for purchases, cash-out refinances, and refinances without taking cash out.


A Federal Housing Administration (FHA) loan is a mortgage that is insured by the Federal Housing Administration (FHA) and issued by an FHA-approved lender. UWM offers FHA loans with rates as low as 1.999% and loan terms for non-jumbo loans from 8-30 years.

Borrowers with this FHA product must have a minimum FICO credit score of 640, and there is no debt-to-income ratio cap.


VA loans are for men and women who served in the armed services of the United States and offer competitive rates with low-down-payment options. United Wholesale Mortgage offers a rate starting at 1.999% for primary-residence purchases.

The VA also offers a program it terms the “interest rate reduction refinance loan,” or IRRRL. UWM offers VA IRRRL programs with rates starting at 1.999% for up to a 30-year fixed term. As with the company’s FHA program, borrowers must have a minimum 640 FICO score.


United Wholesale Mortgage has a flat closing fee of $200 in most areas where it lends. There’s also a $31 fee for a credit report check. One notable perk is that United Wholesale Mortgage doesn’t charge an escrow waiver fee on most conventional and VA loans.

Minimum Borrower Requirements

United Wholesale Mortgage’s borrower requirements vary by loan type. For a conventional mortgage, borrowers need a credit score of 640 or higher and a down payment of at least 3 percent. UWM doesn’t publish its debt-to-income (DTI) requirements, but following Fannie Mae’s guidelines, you’ll generally need a DTI of 43 percent or lower in order to qualify.


While UWM does not directly face consumers as many lenders do, it is nevertheless a mortgage lender with compelling products that are well-worth considering. The lender offers a wide range of services and loans for those people looking to acquire homes under a variety of scenarios.

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