• Sun. Aug 7th, 2022

UWM will credit borrowers up to $600 for their appraisal fees

For the next two months, United Wholesale Mortgage (UWM) will credit borrowers up to $600 for their appraisal fees, the lender said in a statement Wednesday.

According to the Pontiac, Michigan-based lender, the credit will be available on all major purchases, including jumbo mortgages. The offer will run until March 31.

Mat Ishbia, CEO of UWM, said in a statement that the move was intended to “kick off the buying season” and that this offer would give independent mortgage brokers a significant advantage over real estate agents and borrowers in an increasing rate, purchase oriented. environment.

“Partnering with an independent mortgage broker continues to be the best choice for realtors and consumers alike, and we’re adding one more reason with no-cost appraisals,” Ishbia said. “This tool will save homebuyers a lot of money and improve the home buying experience for consumers and realtors.”

In September 2021, the top-ranked wholesale lender announced that it would no longer require its brokers to use appraisal management companies to perform appraisals.

Instead, UWM said it would offer appraisals in-house, contracting directly with appraisers, allowing appraisers and brokers to bypass appraisal management companies.

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UWM Direct assessment The program, which was officially launched in October, oversees the entire evaluation process, including evaluation planning, execution and delivery. Appraisers are selected based on a scorecard to assess appraisers’ geographic skills and past performance, the wholesale lender said.

At the launch of the programs last year, UWM chief strategy officer Alex Elezaj noted that the company decided to offer an alternative to AMCs following complaints about poor service, delays in slow execution and overloaded evaluators.

Elezaj, who was once the CEO of Class assessmentsaid that in a pilot of the AMC-free option, the lender noticed a noticeable improvement in the time it took to complete assessments, without compromising the compliance provided by AMCs.

“If a broker has the opportunity to sell the loan to us or another lender, they choose us because of the speed, technology and service, and they will consider the appraisals the same,” Elezaj said. .