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ELI420
88 Posts |
 Posted - 07/01/2009 : 04:59:28 AM
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Just finished June with a record month and I owe to my rep at UWM. I closed 7 FHA loans this month and all of them closed in less than 11 business days from when I submitted them. 3 of them in less than 6 business days. My Rep Kristina Leszczynski is so helpful and I speak directly to her UW's Kim and Jammie anytime I have a question.
They have helped me get the biggest realtor in my region become loyal to me based on getting her paid fast, and I have gotten more referrals from my borrowers than ever before. I close more loans now than I ever could have imagined before, and it is easier with UWM.
Now after I have pumped Kristina and UWM up.... I hate that they don't do Conventional loans or RD.... I don't know who to use and I am almost not originating those loans or taking them all FHA, because I can't get them closed. I have tried 5/3, Franklin, TBW, BOA... almost anyone...?
Anyways, United Wholesale is the Best for FHA but does anybody have any suggestions on a great ( fast and friendly) conventional lender would be so helpful.
Thanks
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tractor65
46 Posts |
Posted - 07/01/2009 : 07:24:15 AM
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| A couple of months ago I had a rep from a FHA lender who claimed they are as fast if not better than The FHA lender I was using. I was sending all my FHA loans to UWM and closing them quickly and often in the same month I was submitting them in. This new rep from a different company was trying to buy up my business and offered me a .25 better price than UWM, Like a idiot I submitted 4 purchases to them and all 4 took a average of 45 days to close. My Real Estate Agent was not happy at all with me because I decided to use a different lender. I have Learned my lesson never ever chase a extra .50 or .25 . UWM is where i go for all my FHA loans hands down. I regained the realtors trust and now his whole office is using me because I am able to get them paid in record time by using UWM. ELI420, I have to agree with you if UWM only did Conforming and RD, The whole nation would not need another lender other than UWM. I am using 5/3 and BOA for the other products but the serivce and the speed does not compare at all it is like a different world when you are able to contact a underwriter or when a underwriter calls you back. |
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Kenneth Fedak
506 Posts |
Posted - 07/01/2009 : 07:28:09 AM
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| I sure wish they did 203K's as well. Their prices are not the best, however; they do make up for it in speed. |
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liverichly
6079 Posts |
Posted - 07/01/2009 : 10:41:17 AM
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| We are approved with UWM as well, their speed does impress me but I have yet to find a real need for them yet, I just don't ever have clients come to me needing an FHA loan approval in 2 days, guess I am just lucky. Once I get an immediate FHA situation I will use them though. |
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Kenneth Fedak
506 Posts |
Posted - 07/01/2009 : 10:48:31 AM
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| If their rates/YSP was a little more competitive, I would definitely use them alot more frequently!!! |
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tractor65
46 Posts |
Posted - 07/01/2009 : 11:56:57 AM
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| I used to think the same way as you do. Here is the way the UWM AE explained it to me about how competitive they really are. If you look at their lower coupons like 5.50 or 5 etc... they are very competitive. On the higer coupons they are about .50 or a .25 off. Now picture this: Would you put a 660 borrower into a higher coupon or lower coupon. The 660 borrower is looking for the best rate and they will always shop you. You need to take that excellent credit borrowers off the street in record time. Waiting 40 days to close a 660 plus borrower is taking a chance on your paycheck becuase they are the shopping clients. Give them the going rate and take them off the street fast. I never looked at it that way till my AE at UWM explained it to me. I run all my good credit clients through UWM. |
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Scrooge McDuck
15108 Posts |
Posted - 07/01/2009 : 12:03:15 PM
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| id sacrifice a whole bunch of YSp for a 2 days close. UWM has been on my wish list for quite some time. no luck yet though. |
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jakeh@loanpacifi
245 Posts |
Posted - 07/01/2009 : 12:20:52 PM
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If you are looking for a quick FHA lender we are at 48 hours in UW. Every FHA loan I funded last month closed in 10 days or less. Here is the link to our rates: http://wcweb.loanpacific.com/webdocs/pufrates.pdf
I can also give discounts on the FHA jumbos too. Call me if I can help. |
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ELI420
88 Posts |
Posted - 07/01/2009 : 1:13:36 PM
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I always used to want better rates, but now I have figured out that I make MORE Money using UWM even if I get .25 less in YSP because my processor is able to handle more file, I have more time to originate new loans, and I get more referrals from borrowers and realtors. I agree with you Scrooge and Tractor... Fast closings is where the money is at.
Now, that isn't to say, that I don't want better rates from UWM and all of my lenders, but usually there is a price to pay for better rates and that is poor service and long turn times....atleast from my experience.
Any suggestions on a conventional lender like UWM.. focused on Service and Speed? thanks |
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johnmathai4
258 Posts |
Posted - 07/01/2009 : 2:06:58 PM
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I agree with OP. I would be happy to sacrifice 0.25/loan because with UWM, I am generating more revenue by closing more files. I have 5 go-to FHA lenders I 'm signed up with, but after we signed up w/ UWM, the others are out of my business books.
Great turntimes mean a little cost, so I will take that happily.
Just submitted another file to them today and by the way I'm floating at 6.5, so am not worryied about pricing. |
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loancloser1342
842 Posts |
Posted - 07/01/2009 : 2:29:53 PM
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| My first deal with UWM took a month. The initial underwrite was 10 days, then they conditioned for one unrelated item at a time for two more weeks. Maybe I just had bad luck, but that first experience was pretty awful compared to what I was promised. Though compared to other lenders, it still closed more quickly than usual! |
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benjamin
6966 Posts |
Posted - 07/01/2009 : 4:08:48 PM
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| 6.5 rate is ripe for a streamline refi. What is the time for early payoff, yield spread repayment? |
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ELI420
88 Posts |
Posted - 07/02/2009 : 05:39:20 AM
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I don't think UWM has 6.5% on the rate sheet, 6% is the highest rate, but I think John was just making the point that he isn't selling rates to his customers.
Any ideas on conventional lenders... I just got one that they refuse to take MI, so i can't take it FHA. My realtor referred it to me, and I know I can't close it fast using my current Conv. lenders. |
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Kenneth Fedak
506 Posts |
Posted - 07/02/2009 : 05:40:36 AM
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| Try Plaza Home Mortgage for your conventional. |
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ELI420
88 Posts |
Posted - 07/02/2009 : 06:39:06 AM
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We are signed up with Plaza.... I will call the rep and give them a try.
thanks for the help! |
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KipW
933 Posts |
Posted - 07/02/2009 : 08:31:21 AM
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Provident for conventional.
They like clean one- touch files |
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jtrejo
90 Posts |
Posted - 07/02/2009 : 10:47:37 AM
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| THey licensed in CA? |
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KipW
933 Posts |
Posted - 07/02/2009 : 11:41:41 AM
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quote:
Originally posted by jtrejo
THey licensed in CA?
I think they are nationwide. |
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ELI420
88 Posts |
Posted - 07/02/2009 : 1:00:04 PM
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Kip W., thanks for the help too. I don't know if we are approved with Provident, but I will check.
Jtrejo, United Wholesale Mortgage is licensed in the following states....
AL,AZ,AR,CO,CT,FL,GA,IA,ID,IL,IN,KS,KY,LA,MA,MD,ME,MI,MN,MO,MS,MT,NE,NH,NM,NV,NC,ND,OH,OK,OR,TN,SC,UT,VA,WA, WI,WY,TX
.... my rep said California is coming in 60 days or so |
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wadeger
544 Posts |
Posted - 07/02/2009 : 2:10:36 PM
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my rep said UWM was coming to California in 60 days 45 days ago..... should be anytime ;)
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ctr2
130 Posts |
Posted - 07/04/2009 : 10:53:44 AM
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"I always used to want better rates, but now I have figured out that I make MORE Money using UWM even if I get .25 less in YSP because my processor is able to handle more file, I have more time to originate new loans, and I get more referrals from borrowers and realtors. I agree with you Scrooge and Tractor... Fast closings is where the money is at.
Now, that isn't to say, that I don't want better rates from UWM and all of my lenders, but usually there is a price to pay for better rates and that is poor service and long turn times....atleast from my experience.
Any suggestions on a conventional lender like UWM.. focused on Service and Speed? thanks"
-------------->Bingo! Great post. I have now moved to the camp where I'm willing to make less to have a fast closing.
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kellamtom
1163 Posts |
Posted - 07/04/2009 : 11:58:42 AM
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| .25 this wrong, I'm comparing uwm to wells and its .875 |
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mgr2602
266 Posts |
Posted - 07/04/2009 : 12:28:34 PM
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quote:
Originally posted by kellamtom
.25 this wrong, I'm comparing uwm to wells and its .875
I agree with you...we had the ability to broker to them when I was with Allied but their pricing was so off that I couldn't bring myself to do it to save 5 days.
I don't know why people on this board don't align themselves with a banker/broker that has great turn times and rates.
I'm always amazed when I read these TBW threads about turn times, wires, etc. |
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benjamin
6966 Posts |
Posted - 07/12/2009 : 07:17:32 AM
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Fridays rates FHA, 650 score, Mi, 5%rate
United Wholesale 15 day -.75 30 day -1.00
Everbank 15 day +.80 30 day +.500
Same as above 5.25%
United 15 day -.375
Everbank 15 day +1.75
Huge difference for a couple of days waiting. They are maikng a killing on the backend, of course they should be fast.
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brandtrust
712 Posts |
Posted - 07/12/2009 : 07:28:55 AM
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| In my state, the rates are terrible, I have never used them. I don't love the turn times everyone else has, but I have no need to close the file in a week or so. Maybe other states have better pricing. |
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DSouthr
147 Posts |
Posted - 07/12/2009 : 09:32:33 AM
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Got to say, I work for a lender now and we do not have a relationship set up with UWM, but I sure wish we did. I loved working with their folks, Tyrone was the last AM i worked with there and I would LOVE to see my company hire that guy! But everyone I worked with at UWM was top self relationship orientated people. I don't care who gives me that extra .25bps, I care about getting my deals closed quick and right.
If any of you do contact UWM, ask for Tyrone and tell him David Southern said hi and to help ya! |
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benjamin
6966 Posts |
Posted - 07/12/2009 : 10:01:27 AM
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| Its more like 1.5-2 points. That is a lot to pay for a week or two. |
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