Industry Watch: UWM launches new originator training program and more

All the biggest company news from the past week

Industry Watch: UWM launches new originator training program and more

All the biggest company news from the past week

United Wholesale Mortgage (UWM) has introduced BrokerX, a new initiative aimed at providing brokers with a streamlined solution for training and licensing new talent. BrokerX is a five-week program that incudes comprehensive training, licensing prep and professional development for candidates seeking to become licensed mortgage loan originators (MLOs). Participants will engage virtually in Nationwide Mortgage Licensing System (NMLS)-approved training and test prep with OnCourse Learning for the first four weeks of the program. Upon passing the SAFE MLO test, they will then spend the fifth week onsite at UWM. The program will be offered for an exclusive rate of $250, which participants are responsible for paying, along with the SAFE MLO test registration fee and costs associated with required background and credit checks. Broker owners can sign up candidates directly, or individuals can register on their own. The first session will begin Oct. 21.

UWM has also announced that it will honor 2025’s expected conforming loan limits for conventional and VA loans, effective immediately. The increased limit bumps the ceiling for one-unit conventional and VA loans from $766,550 to $803,500; updated conforming loan limits are also available on conventional loans for 2-4 units properties.

Pennymac TPO and Pennymac Correspondent have also announced the increase of their conforming loan limits. Both are raising the conventional loan ceiling for new locks to $795,000; government loan limits remain unchanged.

A&D Mortgage and investment firm Atlas Merchant Capital have announced a joint venture partnership that will support the expansion of A&D’s $7 billion mortgage securitization platform. The joint venture, which will draw from a combination of internal and third-party capital, will purchase mortgage loans originated and serviced by A&D and other lenders with the goal of securitizing them, while investing across a range of securities in the sponsored transactions.

Finance of America has announced the commencement by its subsidiary Finance of America Funding of an exchange offer for FOA Funding’s outstanding 7.875% senior unsecured notes due 2025. Holders of those notes can swap them for either new senior unsecured notes due 2026, or for new bonds with a 10% interest rate due 2029. Investors who make the swap may also be eligible for a cash fee equal to 0.25% of the aggregate principal amount of outstanding 2025 unsecured notes that are exchanged. The exchange offer is set to expire on Oct. 25.

Global investment firm Carlyle has announced that it has agreed to purchase up to $300 million of equity sharing home loans from home equity sharing loan company Unison. In addition, Carlyle made a strategic investment into Unison. This partnership will enable Unison to launch the Unison Equity Sharing Home Loan product, which offers homeowners a fixed below-market interest rate for accessing a portion of their home equity.

The National Association of Mortgage Brokers (NAMB) has announced the National Association of Professional Mortgage Women (NAPMW) as its latest association affiliation. As a new affiliation, NAPMW will be able to leverage many tools available through NAMB, such as partnering on education opportunities, NAMB board members mentoring NAPMW’s board of directors and meeting at NAMB events.

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