A new jumbo product is being rolled out by a wholesale lender that claims to offer the only non-conforming product that can be closed within two weeks. The program is expected to result in higher originations for the wholesaler.
The “exclusive” product was announced Tuesday. Loan amounts can go as high as $2.5 billion, while fixed interest rates are in the neighborhood of 4.5 percent.
The lender, United Wholesale Mortgage, is marketing the product to its 3,000 approved mortgage brokers as “The Big and Easy.”
In addition to 15- and 30-year fixed rates, the product can be closed as a 10-year adjustable-rate mortgage or a five-year ARM.
The maximum loan-to-value ratio is 80 percent, and the minimum FICO score is 720.
Acceptable properties include primary residences, second homes and condominiums. The loan can also be used to finance two-unit and planned-unit development properties.
The Birmingham, Mich.-based lender, which is a subsidiary of Shore Financial Services Inc., claims that its jumbo mortgage is “the only true jumbo loan in the country that originators can close in two weeks or less.”
Originations are expected to significantly increase during the next year as a result of the offering. United Wholesale reported $1.4 billion in originations for the first nine months of this year.
“We are one of the few lenders in the country that has the capability to underwrite, close and fund jumbo loans all under one roof,” United Wholesale Mortgage President Mat Ishbia said in the statement.
