UWM Partners with NAMB to Grow Independent Mortgage Channel
$500,000 KickStart Initiative Will Help Loan Officers Open Their Own Mortgage Brokerages
Sep 23, 2016, 04:30 ET
TROY, Mich., Sept. 23, 2016 /PRNewswire/ -- United Wholesale Mortgage (UWM) has signed on as the first partner of the KickStart Independent Mortgage Program, an initiative co-launched by UWM and the National Association of Mortgage Brokers (NAMB), The Association of Mortgage Professionals, to spur more loan originators to open their own independent mortgage broker shops.
KickStart will grant qualified individual loan originators an amount up to $10,000, with the aim of covering startup costs such as office space and software technology that makes it possible for them to accept loan applications. Applicants are not required to pay back the funds.
The program is targeting loan originators in banks or branch networks who have at least three years of experience in the residential mortgage industry and demonstrate a potential aptitude to successfully own and operate an independent mortgage brokerage firm.
UWM has allocated $500,000 in total funding to the program. Funding requests will be reviewed by the KickStart Review Committee, which consists of one UWM representative, three NAMB representatives and two independent mortgage brokers. More information about KickStart is available at www.nambkickstart.com.
"The KickStart program is about strengthening the mortgage broker channel as a whole because it's the best way for consumers to get a loan," said Mat Ishbia, President and CEO of UWM. "Wholesale currently makes up 12 percent of market share – the goal is to at least double that. KickStart will strengthen the market by getting more loan originators where they belong, at independent mortgage companies. We hope that our competitors will join us in this initiative to make the wholesale channel stronger."
"At NAMB, our mission is to grow the mortgage broker channel, and the KickStart initiative shows how committed we are to putting our money where our mouth is," said Don Frommeyer, CEO of NAMB. "We value the support and sponsorship UWM has provided to get this program off the ground, and we hope other lenders will participate in the program as sponsors as well."
A NAMB survey of loan originators found 70% of respondents were interested in opening their own shops, with 44% saying that a lack of funding was the primary obstacle. However, 60% said they would be more likely to open their own company if they received seed money.
KickStart is a part of UWM's ongoing advocacy campaign for independent mortgage brokers, a profession that has been radically transformed since the 2008 financial crisis. Other UWM initiatives include:
- www.findamortgagebroker.com, a database of more than 6,500 mortgage brokerages in all 50 states to help homebuyers locate qualified brokers near them
- Proprietary research on consumer buying patterns
- A year-round in-house training program for mortgage brokers at UWM's headquarters
- Investment in new technologies and processes to ensure brokers are in compliance with regulations and provide them with the tools to give the best customer service
- Quadrupling their headcount since 2013 to over 1,800 team members serving mortgage brokers
About United Wholesale Mortgage
Headquartered in Troy, Michigan, United Wholesale Mortgage (UWM) is the #1 wholesale lender in the nation. UWM underwrites and provides closing documentation for residential mortgage loans originated by mortgage brokers, small banks, local credit unions and correspondents. UWM provides unparalleled service with its deep understanding of the mortgage process using its talented team of account executives and underwriters, who have years of experience with intricate knowledge in wholesale. UWM's positive teamwork and dedication to exceptional client service has resulted in continued success and growth that has spawned expansion. For more information, visit www.uwm.com or call (800) 981-8898.
About The Association of Mortgage Professionals (NAMB)
The Association of Mortgage Professionals is a trade association of mortgage professionals with membership in all 50 states and the District of Columbia. NAMB provides education, certification and government affairs representation for the mortgage industry. For more information, visit www.namb.org.
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SOURCE United Wholesale Mortgage