UWM's latest promo slashes pricing by 50 to 100 bps
United Wholesale Mortgage's new Game On pricing promotion expands on its Compete & Beat offering by deeply slashing rates at a time the industry is hurting for volume. Game On makes a 0.5 percentage point to 1 percentage point cut across all product types UWM offers. Since March 2021, UWM has been in a dispute with Rocket TPO Pro, banning any mortgage broker who sells to its Detroit-area rival. "One of the ways Rocket Pro TPO stays competitive is by making adjustments to make sure our broker partners are in a position to win against others in the market and we will continue to do that."Other wholesale competitors contacted by National Mortgage News did not respond or declined to comment. Even with increased activity over the last two weeks, new submissions were down 53% from the same week last year, the Mortgage Bankers Association said. At the same time, mortgage rates continue to rise, with the latest Freddie Mac Primary Mortgage Market Survey reporting a 3 basis point increase in the average 30-year fixed rate loan to 5.81%. This is a gain of 259 basis points since the first week of the year. The original promotion targeted 20 of UWM's largest competitors, by promising select competitors to beat the 30-, 45- or 60-day lock pricing by 1 basis point to a maximum of 40 bps.