United Wholesale Mortgage is bringing its servicing in-house via a partnership with ICE Mortgage Technology.
The Pontiac-based wholesale lender signed a long-term agreement to license the technology provider's MSP loan servicing system to bring operations within the company, it said Wednesday via a press release.
The development follows UWM's decision to
It also added that it opted for the MSP system because ICE is "an independent, neutral and proven technology provider," the wholesale lender said.
UWM's CEO Mat Ishbia called the move "a huge win" for the firm and the broker community.
"This will mean a better experience for borrowers and a stronger, stickier relationship with their brokers, which we believe could result in more repeat business and referrals — the foundation for long-term growth and success," Ishbia said in a statement.
"While we are excited about the cost savings for UWM, we're even more excited about the opportunity to help brokers deepen their relationships with borrowers by leveraging MSP," he added.
Meanwhile, Tim Bowler, president of ICE Mortgage Technology, highlighted the firm's neutrality and touted its dedication to servicing the financial services industry.
"As a neutral provider of third-party software, lenders and servicers can rest assured that we will always be in their corner, helping them support the American dream of homeownership and working to make them successful every day," Bowler said.
In early April, UWM announced the discontinuation of its subserving relationship with Mr. Cooper, noting it will "no longer be MSR sale partner."
At the time, the company did not disclose any further details about the decision to drop Mr. Cooper, nor who would subservice the portfolio.
Mr. Cooper subservices a total of more than $820 billion worth of MSRs, said Eric Hagen, an analyst with BTIG, in March 31 commentary regarding the deal, which was
Analysts previously estimated that around $240 billion of MSRs previously sat with Mr. Cooper.
