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Calling all mortgage folks
I can across a company called “United Wholesale Mortgage.” Has anyone heard of them?
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11 Replies
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Yes, sir. United Wholesale Mortgage is one of our wholesale lenders located in Pontiac, Michigan. How did you hear of them?
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Doreen did, maybe read it NY Times?
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And? What did the NY article say about United Wholesale Mortgage?
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I have know Gustan 15 years and have been working with Gus and team Gustan Cho Associates since 2012. United Wholesale Mortgage (UWM) is a great wholesale mortgage lender but I know Gus does not use them for his borrowers because their pricing is very high. UWM pricing is substantially higher than the competitor’s pricing but their service is phenomenal. You can get a one day conditional loan approval where other wholesale lenders, it may take 72 hours or longer. United Wholesale Mortgage is one of the largest mortgage wholesale lenders in America, UWM, or United Wholesale Mortgage was created in 198 in Pontiac, Michigan. The company issues mortgage loans through independent brokers, banks, credit unions, and other financial institutions. UWM does not directly lend to borrowers but partners with mortgage brokers who take care of loan origination and management.
The Key Features of United Wholesale Mortgage are the following points:
Wholesale Lending: UWM operates exclusively in the wholesale mortgage market, working with mortgage brokers rather than directly with consumers.
Product Offering: Offers a variety of mortgage products, including traditional loans, FHA loans, VA loans, USDA loans, and non-QM (non-qualified mortgage) loans.
Technology: Known for its advanced technology and user-friendly platforms designed to streamline the loan origination process for brokers.
Service: UWM prides itself on providing exceptional customer service and support to its broker partners.
Relationship with NEXA Mortgage and Gustan Cho Associates
NEXA Mortgage and Gustan Cho Associates have partnered strategically with UWM to tap into their extensive product offerings at competitive rates. Gustan Cho Associates, aka GCA MORTGAGE GROUP, NMLS 2315275 is a dba of NEXA Mortgage in 48 states including Washington, DC, Puerto Rico, and the United States Virgin Islands.
NEXA Mortgage:
Overview: NEXA Mortgage is one of the biggest players in America’s mortgage brokerage industry, offering a wide range of residential and commercial loan products. NEXA Mortgage is the largest mortgage broker and correspondent lender in the United States.
Partnership: As a big national mortgage broker, NEXA Mortgage works together with UWM to gain access to a wide array of mortgage products and services. This enables NEXA Mortgage to offer clients competitive rates and a diverse product mix.
Value Proposition: The relationship enhances NEXA’s ability to develop tailor-made lending options for different categories of customers, including those with unique financial status quo.
Gustan Cho Associates:
Overview: Gustan Cho Associates is a division within the larger umbrella of NEXA MORTGAGE specializing in complicated loan scenarios and helping borrowers who might not qualify with traditional mortgage lenders. Gustan Cho Associates is the largest branch at NEXA Mortgage, based in 17W662 Butterfield Road, Suite 305, Oakbrook Terrace, Illinois.
Leadership: The national managing director at Gustan Cho Associates is Gustan Cho, NMLS 873293. There are NMLS licensed mortgage loan originators who report to the offices of Gustan Cho Associates as well remote NMLS licensed loan originators throughout the United States. The head of operations is National Operations Director Angie Torres and the head of Corporate Operations is Margaret Jurilla. Angie Torres is in charge of all support and operations as well as support, operations, licensed, and third-party contracted personnel for Gustan Cho Associates. Nelson Thompson is Gustan Cho’s partner in Lending Network, Inc. an affiliate partner of Gustan Cho Associates and runs the operations of commercial operations.
Specialization: These are loans that other lenders cannot make; hence, they are non-QM loans, DSCR loans, and loans to borrowers with low credit scores or other difficulties.
Relationship with UWM: For this reason, the company has entered into a relationship with UWM to offer its customers competitive rates and specialized credits.
How the Partnership Works:
Broker Access: By partnering with UWM, both NEXA Mortgage and Gustan Cho Associates access UWM’s full range of loan products.
Technology and Support: To enable them to originate and approve loans quickly, these brokers are provided by UWM with state-of-the-art technology as well as outstanding support
Competitive Advantage: In collaboration with United Wholesale Mortgage (UWM), NEXA Mortgage and Gustan Cho Associates have an opportunity to develop more flexible mortgage solutions that are countrywide competitive.
United Wholesale Mortgage (UWM) is instrumental in the mortgage industry by offering wholesale lending solutions to brokering firms like NEXA Mortgages and Gustan Cho’s Associates. This allows brokers to offer a wide range of mortgage products at competitive rates, thereby improving their ability to cater to different client needs. Through utilizing UWM’s resources, NEXA Mortgages and Gustan Cho Associates can effectively manage complex loan scenarios while delivering exceptional service to their clients.
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Number one lender in the country, not for long
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Yes, when you talk about speed and a streamline process. They’re one of the best in the industry
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Yes sir. And if you talk about speed and process on business and commercial loans, Nelson Thompson of Lending Network and Mortgage Sensei is your man.
https://www.lendingnetwork.org/
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Peter, United Wholesale Mortgage, UWM, started as a rinky dink small wholesale mortgage company in or around 2008. Over the years, they have grown to a giant. I was invited to United Wholesale Mortgage and boy I have never seen a campus that large in my life. It was a humongous prison like campus where you need a shuttle to get around. United Wholesale Mortgage are wholesale lenders so they cannot originate mortgage loans for consumers. UWM CANNOT do retail and can only do wholesale. UWM does not have licensed personnel which means they cannot deal with consumers. United Wholesale Mortgage clientele are banks, credit unions, mortgage lenders, mortgage bankers, mortgage brokers, and licensed retail correspondent mortgage lenders. UWM is not NEXA Mortgage’s competitor. NEXA Mortgage and UWM work together as a team, like Ying and Yang.
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I knew you would know