UWM offer pricing promo to brokers for its 40th anniversary

United Wholesale Mortgage is running a pricing promotion in honor of its 40th anniversary.

Under this latest program, UWM 40, mortgage brokers have a 40-basis-point pricing incentive through the end of February on conventional, Federal Housing Administration, Veterans Affairs and U.S. Department of Agriculture mortgages. It can be applied to purchase loans as well as rate-and-term and cash-out refinance mortgages; the incentive also includes FHA Streamlines and VA IRRRL (interest rate reduction refinance loan) originations.

While it is available to all who do business with UWM in January, to maintain access for February, the loan officer must have Pro Elite status in December or January, the company's website said.

This approach is a common practice for the company, allowing it to reward originators who consistently provide an elite client experience with extended access to exclusive benefits and offerings, a UWM spokesperson said.

Brokers are able to combine this incentive with 40 basis points of the Control Your Price promotion.

Fitch Ratings in December shifted its outlook on UWM to stable from positive. This revision is due to increased gross and corporate leverage as compared to 2024, "as borrowings have increased to fund originations and operations and tangible equity has declined with dividends in excess of earnings," Fitch said.

But the ratings agency added it no longer expects corporate leverage to decline below its upgrade trigger of 1.0 times over the next 12-to-24 months.

While unable to share any specific details regarding other promotions the company would be offering related to this event, "we look forward to celebrating our 40th anniversary milestone with our team members and partners throughout 2026," the company spokesperson added.

Background on UWM

Mat Ishbia is the current chairman, CEO and president of UWM Holdings. The company, once called Shore Financial Services, was founded by his father Jeff in 1986.

The younger Ishbia joined the mortgage business following his time as a college basketball walk on at Michigan State during its 2000 National Collegiate Athletic Association tournament run. In 2002 he was a student assistant for Tom Izzo and later had an opportunity for a coaching career but instead returned to the family business. Today, Ishbia is the majority owner of the Phoenix Suns and the Phoenix Mercury. His brother Justin, who is also on UWM's board and part of the Suns ownership team, is a minority partner in the Chicago White Sox, but has an agreement where he can acquire control from current owner Jerry Reinsdorf.

Mat Ishbia became president of the wholesale operation in 2009 and CEO of the holding company in May 2013. Jeff Ishbia served as executive chairman until the company went public in January 2021, and remains on its board, its website said.

Ishbia has been an unabashed promoter of the mortgage broker channel, taking the company to No. 1 among all producers, no matter the channel. It has held the top slot since the third quarter of 2022.

When UWM went public via a merger with Gores Holdings IV, it was one of the first to do so during the special purpose acquisition company boom. This past December, UWM agreed to purchase Two Harbors and its Roundpoint servicing operation, a move designed to help with the process of bringing the function in-house via ICE Mortgage Technology's MSP platform.

In the past, Ishbia has said on earnings calls he does not manage his company to mortgage servicing right fair valuation changes, which are out of his control. He has also made disparaging comments about companies who use MSR retention to develop business, such as UWM's rival Rocket.

UWM has seen its share of court proceedings, including prevailing on several cases involving its All-In declaration and on most of a potential class action filed after a venture capital fund, Hunterbrook, put out a report alleging the lender lied about the independence of the mortgage brokers it worked with, resulting in breaches of fiduciary duties.