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Posted on 5/14/20 at 8:59 am to HYDRebs
Talked to a few more people about it, huge sham! What a marketing ploy. I'm better off with a 3.15% no points no hidden fees and a $900 lender credit. .
Posted on 5/14/20 at 9:01 am to HYDRebs
quote:
More catches than just that.. they are charging 10 basis points for every single day pass the initial lock period which is insanely high considering how short of terms they are locking people in for.
what are basis points?
Posted on 5/14/20 at 9:03 am to Mudminnow
quote:
Talked to a few more people about it, huge sham! What a marketing ploy. I'm better off with a 3.15% no points no hidden fees and a $900 lender credit. .
Explain
You realize there are hidden fees in that offer
Posted on 5/14/20 at 9:03 am to Mudminnow
quote:
what are basis points?
Every basis point is 1% of 1%. There are 100bps in 1%. So 10bps is 10% of 1% or .10%.
This post was edited on 5/14/20 at 9:05 am
Posted on 5/14/20 at 9:15 am to Janky
(no message)
This post was edited on 2/4/25 at 7:30 pm
Posted on 5/14/20 at 9:18 am to Janky
Gotta hand it to them as a great marketing strategy as its making waves across the country.
Posted on 5/14/20 at 9:26 am to Mudminnow
You never explained
Posted on 5/14/20 at 9:32 am to Mudminnow
I just read a press release. I don’t think it’s a sham, they are very upfront about the guidelines.
I closed my loan very quickly because I had all my documents in order and the broker was responsive. Also helped that I didn’t need to reconcile years of tax returns; just basic w2 and recent bank statements.
Uwm is very clear this program isn’t for everyone. For those that fit, it’s great.
I also really like their loan servicing website. It’s very user friendly.
I closed my loan very quickly because I had all my documents in order and the broker was responsive. Also helped that I didn’t need to reconcile years of tax returns; just basic w2 and recent bank statements.
Uwm is very clear this program isn’t for everyone. For those that fit, it’s great.
I also really like their loan servicing website. It’s very user friendly.
Posted on 5/14/20 at 11:03 am to 632627
Don’t know the in and outs of uwm’s program, but Advertising a shiny 2.5% rate with a 8 day lock period and .1% charge everyday after the lock period seems like a sham. A 100+ things could go wrong to delay the closing that is out of the lender/banker/broker or even customers hand.
Posted on 5/14/20 at 11:06 am to HYDRebs
If they make it clear up front, how is it a sham?
The press release from the ceo explicitly says its for brokers and clients that can close quick. New business to uwm only.
Excerpt:
According to Ishbia, the “Conquest” program is about enabling brokers to go after new customers, even ones that a broker lost to another lender just weeks ago.
According to Ishbia, UWM is setting a maximum interest rate lock period of 22 days for this program. And any broker who seeks to extend that lock period will find that to be an expensive proposition.
“Brokers that close loans fast are going to dominate,” Ishbia said. “Extensions are going to be very expensive. We’re talking about 10 basis points per day. Relocks are very expensive too. Conquest is not for every loan, but we’re focused on helping you grow your business and dominate.”
According to the company, UWM created the program to “help borrowers with affordability and keep the purchase market strong.”
By offering conventional 30-year fixed rates in the 2.5 to 2.99% range, UWM said that it “intends to increase demand for homes and spur a strong purchase season despite the economic impacts of COVID-19 across the country.”
The press release from the ceo explicitly says its for brokers and clients that can close quick. New business to uwm only.
Excerpt:
According to Ishbia, the “Conquest” program is about enabling brokers to go after new customers, even ones that a broker lost to another lender just weeks ago.
According to Ishbia, UWM is setting a maximum interest rate lock period of 22 days for this program. And any broker who seeks to extend that lock period will find that to be an expensive proposition.
“Brokers that close loans fast are going to dominate,” Ishbia said. “Extensions are going to be very expensive. We’re talking about 10 basis points per day. Relocks are very expensive too. Conquest is not for every loan, but we’re focused on helping you grow your business and dominate.”
According to the company, UWM created the program to “help borrowers with affordability and keep the purchase market strong.”
By offering conventional 30-year fixed rates in the 2.5 to 2.99% range, UWM said that it “intends to increase demand for homes and spur a strong purchase season despite the economic impacts of COVID-19 across the country.”
This post was edited on 5/14/20 at 11:10 am
Posted on 5/14/20 at 11:11 am to 632627
Because the average, uniformed buyer/borrower, does not know what the hell 10 bps per day means. And how quickly that can add up.
This post was edited on 5/14/20 at 11:13 am
Posted on 5/14/20 at 11:13 am to HYDRebs
quote:
Don’t know the in and outs of uwm’s program, but Advertising a shiny 2.5% rate with a 8 day lock period and .1% charge everyday after the lock period seems like a sham. A 100+ things could go wrong to delay the closing that is out of the lender/banker/broker or even customers hand.
Some may need an appraisal and those were hard to come by and those have caused delays. Then many are working remotely and getting verification of employment has been difficult for some and loans for home sales have fallen as a result.
Posted on 5/14/20 at 11:20 am to HYDRebs
quote:
Because the average, uniformed buyer/borrower, does not know what the hell 10 bps per day means. And how quickly that can add up.
That’s what the broker is for.
I would say that it’s up to each broker to make this a positive or negative experience for the borrower. If the broker doesn’t discuss the program up front, than yes, a client may perceive it as a sham if things don’t go smoothly.
This post was edited on 5/14/20 at 11:33 am
Posted on 5/14/20 at 11:29 am to Lickitty Split
I just locked in at 2.875 for 30 
Posted on 5/14/20 at 11:35 am to Mudminnow
quote:
Some may need an appraisal and those were hard to come by and those have caused delays.
They allow drive by or desk top on Rate and Term/Purchase. Those take a few days to get done
quote:
Then many are working remotely and getting verification of employment has been difficult for some and loans for home sales have fallen as a result.
Its should take a week max.
You can the lock rate from 8-22days obviously 8 gets best pricing
You dont need to lock your rate today they wont come off the floor for a while
Posted on 5/14/20 at 12:21 pm to 24nights
That's outstanding if no upfront points.
Posted on 5/14/20 at 12:39 pm to SoloTiger
Just got quoted 3% on a 20... would shave 6 years off my current mortgage and only bump the note about 100 bucks. Currently at 4% 4 years into a 30
This post was edited on 5/14/20 at 12:40 pm
Posted on 5/14/20 at 12:39 pm to SDVTiger
quote:
You don't need to lock your rate today they wont come off the floor for a while
They very easily could come off the floor any day based on market environment. Absolutely no guarantee a certain rate will be there tomorrow to lock in.
Posted on 5/14/20 at 1:19 pm to 24nights
quote:
I just locked in at 2.875 for 30
Where at? Looking to refi and need to be closer to 2.75 for it to make a ton of sense.
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