UWM CEO Matt Ishbia declared that the company would be lowering its rates across the board in a recent Facebook Live video.
The announcement was teased as the biggest announcement in UWM history. It is part of Ishbia and UWM's "double up plan" which he says is all about growing your business.
Ishbia believes in competing as a team against competitors and stated that without the growth of LOs and their businesses, UWM would have no chance at growth itself.
Before announcing the rate drop, Ishbia revealed that out of 1,792 LOs who submitted 75% or more of their loans to UWM between 2016-2018 grew their business by 96%.
So to further solidify its relationship with LOs, UWM is lowering their rates across the board with a 640 score being its base.
"We’ve dropped our rates across the board — from conventional and government to elite and jumbo — making UWM the best lender for every loan, every time," according to the company's announcement.
"We’ve even removed all state adjustments and most Loan Level Price Adjustments (LLPA). So now, in addition to our exceptional service, cutting-edge technology and commitment to growing the broker channel, you’re getting the best pricing, too."
You can check out the video below to see Ishbia's entire announcement.