“UWM is singularly focused on giving mortgage brokers a competitive advantage in the mortgage industry,” UWM said in a statement.
Read more: What could conforming loan limits mean to your mortgage?
Its competitor Rocket Pro TPO, the wholesale arm of Rocket Mortgage, also expects to hike its conforming loan limits to $715,000.
“That means more folks will be able to get a new conventional loan – better rates, better pricing, less money down on purchases, which is a big deal, more cash-out available on a refi and typically an easier process in documentation compared to a jumbo loan,” Austin Niemiec, executive vice president of Rocket Pro TPO, told Mortgage Professional America in an exclusive interview. “It’s a better overall loan for the borrower, better experience in getting the loan closed and, on purchase, it makes their offer a heck of a lot more attractive to sellers.”