Our experts answer readers’ home-buying questions and write unbiased product reviews (here’s how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.
The bottom line: United Wholesale Mortgage Mortgages – Product Name Only is the second largest mortgage lender in the country, according to Home Mortgage Disclosure Act data. It offers a large range of mortgages to suit many different borrowers’ needs, and it ranks high in customer satisfaction for its servicing. UWM also recently introduced its Conventional 1% Down loan, which allows 1% down payments and includes a down payment grant of up to $4,000.
But UWM is a wholesale lender, so you’ll only be able to get a mortgage from this lender by working with a mortgage broker. This means that, instead of reaching out to UWM directly, you’ll get started with a broker who will show you loan options from a variety of lenders.
United Wholesale Mortgage FAQ
Is United Wholesale Mortgage a direct lender?
No, United Wholesale Mortgage is a wholesale lender, not a direct lender. Direct lenders employ loan officers that work directly with borrowers to give them a loan. As a wholesale lender, UWM works with many different mortgage brokers around the country, who can then offer UWM mortgages to borrowers in addition to mortgages from other lenders.
What is the minimum credit score for United Wholesale Mortgage?
At minimum, you’ll need a 620 credit score to qualify for a United Wholesale Mortgage, but requirements may be higher depending on the type of mortgage you want.
Does United Wholesale Mortgage sell your loan?
Some lenders, once your mortgage is closed, will sell the servicing rights to a different entity. This means that the company you make your monthly payments to may not be the same one you originally got your mortgage from. United Wholesale Mortgage does service some of its loans, so it’s possible you’ll make your monthly payments to UWM after closing. But it’s also possible your loan servicing rights will be sold and you’ll work with a different company post-closing.
United Wholesale Mortgage: Overall Lender Rating
FeatureInsider rating (out of 5)Loan types5Affordability3.5Customer satisfaction4.5Trustworthiness5Total4.5
United Wholesale Mortgage: Pros and Cons
ProsCons
Has many different types of mortgages
Conventional 1% Down mortgage allows 1% down payments and includes a grant up to $4,000
Offers the ability to have a hybrid or virtual closing
Jumbo loan borrowers can choose from a variety of options, including interest-only loans and ARMs
You’ll need to work with a mortgage broker, since UWM isn’t a direct lenderRequires a score of at least 620 for its government-backed mortgagesYou’ll need to work with a broker to see mortgage rates
United Wholesale Mortgage Interest Rates and Fees
United Wholesale Mortgage doesn’t let consumers view its rates online. To find out what rate you might get with this lender, you’ll need to get preapproved through a mortgage broker.
However, a benefit of working with a broker is that you’ll get to compare rates from multiple lenders that you qualify with, meaning you can easily see if there’s another lender that can offer a better rate.
In 2021, the average borrower getting a conventional mortgage from this lender paid $2,707 in origination charges, according to Home Mortgage Disclosure Act data. This is around average compared to other lenders.
Compare United Wholesale Mortgage to Other Mortgage Lenders
United Wholesale Mortgage vs. Rocket Mortgage
United Wholesale Mortgage
Rocket Mortgage
Types of mortgages
Conforming, FHA, VA, USDA, jumbo, construction, bank statement, DSCR, HELOC
Types of mortgages
Conforming, jumbo, FHA, VA
Standout feature
Hybrid and virtual closing option
Standout feature
Customer service
United Wholesale Mortgage Mortgages – CTA Text
Rocket Mortgage – CTA Text
Longtime rivals Rocket Mortgage and United Wholesale Mortgage are both standouts in the mortgage industry: Rocket was the No. 1 largest lender in the US in 2021 by number of loans originated; UWM was No. 2, according to HMDA data.
If customer service is important to you, Rocket Mortgage may be the better option. Rocket Mortgage is a direct lender and ranks high in customer satisfaction. In 2022, it earned the top spot in J.D. Power’s US Mortgage Origination Satisfaction Study. However, if being able to choose from a wide range of mortgage options is important to you, you might prefer to work with a broker that offers UWM products.
United Wholesale Mortgage vs. Guild Mortgage
United Wholesale Mortgage
Guild Mortgage
Types of mortgages
Conforming, FHA, VA, USDA, jumbo, construction, bank statement, DSCR, HELOC
Types of mortgages
Conforming, jumbo, FHA, USDA, VA, reverse, renovation, manufactured, bridge, energy-efficient, doctor, 3-2-1 Home Plus, Payment Advantage, ITIN mortgages
Standout feature
Hybrid and virtual closing option
Standout feature
Complete Rate program
United Wholesale Mortgage Mortgages – CTA TextGuild Mortgage – CTA Text
Both Guild Mortgage and United Wholesale Mortgage are good options if you’re looking for a lender that offers a streamlined closing process, since both have hybrid closing options. But Guild doesn’t offer a fully-virtual closing experience, while UWM does.
UWM might also be a better option for investors or self-employed borrowers, thanks to its DSCR and bank statement loans. For borrowers looking for an affordable mortgage, Guild will likely be the better option. Guild Mortgage allows lower credit scores and will even consider borrowers with no traditional credit score through its Complete Rate program.
How United Wholesale Mortgage Works
United Wholesale Mortgage is a wholesale mortgage lender. To get a mortgage from this lender, you’ll need to work with a mortgage broker.
Mortgage brokers work with borrowers to compare loan options from many different mortgage lenders and, once the borrower has decided on a lender, guide them through the approval process.
UWM mortgages are available in all 50 states and Washington, DC. This lender offers conforming, FHA, VA, USDA, and jumbo mortgages, in addition to a few more niche mortgage options. These include construction mortgages, which fund the building of a new home, bank statement mortgages, which are geared toward self-employed borrowers, and DSCR mortgages, which are for those purchasing rental property. It also has HELOCs.
Jumbo loan borrowers have multiple options when working with this lender, including an interest-only jumbo loan and 5-, 7-, and 10-year adjustable-rate jumbo mortgages.
UWM also recently launched a new type of mortgage, called its Conventional 1% Down loan. With this loan, borrowers can put just 1% down and get a grant of up to $4,000 to achieve a total down payment of 3%. These mortgages are available to borrowers who earn 80% or less of the area median income in the area they plan to buy a home.
United Wholesale Mortgage requires relatively high credit scores for its government-backed mortgages. Typically, FHA mortgages allow scores down to 580, and some lenders allow lower scores on VA and USDA mortgages as well. But with UWM, you’ll need at least a 620 credit score to get one of these mortgages.
Is United Wholesale Mortgage Reputable?
United Wholesale Mortgage currently has an A+ rating from the Better Business Bureau. BBB ratings are based on responses to customer complaints, honesty in advertising, and transparency about business practices.
In J.D. Power’s 2022 US Mortgage Servicer Satisfaction Study, which measures how satisfied borrowers are with their mortgage servicers (the entities that they work with after closing to make their monthly mortgage payments), UWM ranked above the industry average.