A growing wholesale mortgage lender has launched a new program for mortgage brokers that, it claims, has the lowest conventional pricing in the industry. But the offering is limited to larger loans and high-quality borrowers.
In order to quality for the low-rate program, borrowers need a minimum FICO score of 760.
In addition, the maximum loan-to-value ratio is capped out at 70 percent.
United Wholesale Mortgage announced the program, ELITE, on Thursday. The product “offers the best conventional rates and pricing in the industry.”
The minimum loan amount under the ELITE program is $250,000.
The Birmingham, Mich.-based lender noted that the program includes acceptance of property inspection waivers and the continued honoring of Fannie Mae’s Desktop Underwriting findings.
“ELITE aims to reward United Wholesale Mortgage brokers that consistently work with borrowers of the highest quality, who expect the best in service and price,” the statement said.
United Wholesale, which reportedly operates in 47 states, reported more than $2 billion in loan originations during 2011, and 2012 production is expected to exceed $3.5 billion. By 2014, volume is expected to reach $8 billion.
