Flagstar Bank is selling $5 billion in warehouse loans to JPMorgan Chase and exiting the warehouse channel.
United Wholesale Mortgage (UWM) made a host of announcements at its UWM LIVE! event, including the launch of its 0% Down Purchase product. This new program allows qualified borrowers to receive a 3% downpayment assistance loan up to $15,000 in the form of a second lien loan. This loan will not accrue interest and will not require a monthly payment. To be eligible for this product, borrowers must be at or below 80% of the area median oncome for the address of the property they are buying, or one borrower must be a first-time homebuyer.
UWM also unveiled TRAC+, an upgrade to the TRAC program it launched in 2022. With TRAC+, UWM offers the handling of everything throughout title review, closing and disbursement, eliminating the need for a broker to work with a title company or settlement agent for title work, balancing fees, scheduling closing or any related communication. The company additionally debuted ChatUWM, a smart search powered by artificial intelligence designed to support independent mortgage brokers and offering information on guidelines, matrices, UWM’s tools and technology and more. Finally, UWM announced that its consumer-facing brand, Mortgage Matchup, is now the official mortgage partner of the NBA and the WNBA.
