New quarterly lending activity at
United Wholesale Mortgage came up just shy of mortgage production generated in the previous three-month period. But a new program could help upcoming business.
During the three months ended June 30, the Birmingham, Michigan-based wholesale lender closed 12,520 home loans for $3.279 billion.
UWM disclosed its mortgage production data
as part of its participation in the Mortgage Daily Second Quarter 2015 Mortgage Origination Survey.
New business was off slightly compared to the first quarter, when it closed 12,401 loans for $3.423 billion.
The latest activity brought year-to-date mortgage originations to 24,921 loans for $6.703 billion.
UWM reported no servicing portfolio.
While no staffing numbers were provided, parent-company United Shore Financial Services LLC
previously reported company-wide headcount of 1,200 employees as of Dec. 31, 2014.
UWM was in the spotlight earlier this week when it announced an interest-only product for its broker network.
The program requires a 20 percent down payment, a minimum FICO score of 720 and a maximum 42 percent debt-to-income ratio.
Principal repayment is required after 10 years.
“We expect the program to be an incredibly popular option for well-informed borrowers, and in turn, a significant boom for mortgage originators,” United Wholesale Mortgage Chief Executive Officer Mat Ishbia said in the statement. “The purpose of the program is not to enable a consumer to afford a larger house; it’s for savvy borrowers who can regularly afford a house on a 30-year fixed mortgage, but choose the interest-only option to save additional discretionary income.”
