United Wholesale Mortgage Review 2021

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At a glance

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4.3

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Bankrate Score

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Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing
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Nationwide availability

Available in all U.S. states
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Min. credit score required

640 for conventional loans; 680 for jumbo loans; 580 for FHA loans; 640 for VA loans

Pros and cons

Pros

  • High loan amounts available for conventional financing
  • Low flat-rate $200 closing fee ($300 in Colorado and New Jersey)
  • Fast turnaround times for new loan originations (15 days or less on average)
  • No escrow waiver fee
  • Fee-free digital payment option

Cons

  • Doesn't lend directly to borrowers
  • Doesn't offer home equity loans or home equity lines of credit (HELOCs)

United Wholesale Mortgage overview

United Wholesale Mortgage, as its name suggests, is a mortgage wholesaler, which is a fancy way of saying it does not lend directly to borrowers. Instead, you have to apply for a loan through a mortgage broker, and many of the specific loan terms and fees will vary. Founded in 1986, the lender is headquartered in Pontiac, Michigan, and is one of the top wholesalers in the country.

Good for

Borrowers who are working with a mortgage broker

Loan types 

  • Conventional
  • Jumbo
  • FHA
  • VA
  • USDA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term, cash-out and streamline refinancing

Lender fees

United Wholesale Mortgage has a flat closing fee of $200 in most areas where it lends. In Colorado and New Jersey, the closing fee is $300. There’s also a $31 fee for a credit report check.

One notable perk is that United Wholesale Mortgage doesn’t charge an escrow waiver fee on most conventional and VA loans. That means borrowers who choose to waive escrow (pay taxes and insurance on their own) won’t have to pay extra to do so.

Rates

United Wholesale Mortgage does not publicize mortgage rates on its website; the broker you work with might.

Reputation 

United Wholesale Mortgage is accredited with the Better Business Bureau, where it has an A+ rating. On Trustpilot, it is rated 3.7 out of five stars. In J.D. Power’s 2021 U.S. Primary Mortgage Servicer Satisfaction Study, it is ranked 17 out of 32.

Online services 

Borrowers cannot apply directly for loans through United Wholesale Mortgage, but can find a mortgage broker to help at FindAMortgageBroker.com. Depending on the broker you work with, you might be able to get preapproved or prequalified online, but that is outside of United Wholesale Mortgage’s purview. Some of the brokers who work with the lender might also offer other online conveniences and resources like educational tools and paperless documents.

Minimum borrower requirements

United Wholesale Mortgage’s borrower requirements vary by loan type. For a conventional loan, borrowers need a credit score of 640 or higher and a down payment of at least 3 percent. The lender doesn’t publish its debt-to-income (DTI) requirements online, but following Fannie Mae’s guidelines, you’ll generally need a DTI ratio of 43 percent or lower in order to qualify.

Jumbo mortgage borrowers can have a FICO score as low as 680, but borrowers only putting 10 percent down will need a credit score of 720 or higher.

It’s possible to qualify for an FHA loan with a credit score as low as 580. For an FHA loan, you’ll typically need a DTI ratio of 50 percent or less.

VA loans through the lender require a credit score of 640 or higher. There’s a minimum loan amount of $125,000. You’ll also need low debt relative to your income.

There are no credit or minimum down payment requirements for USDA loans, but borrowers must meet income eligibility guidelines and be located in an eligible rural area. To get the best pricing through the lender, however, borrowers need a minimum credit score of 640.

Refinancing with United Wholesale Mortgage

As with purchase loans, all refinancings through United Wholesale Mortgage must be done through a mortgage broker.

Not sure if United Wholesale Mortgage is right for you? Consider these alternatives

Breakdown of United Wholesale Mortgage overall review score

  • Affordability: 14.75/15
  • Availability: 11/15
  • Borrower experience: 9/10

Review methodology 

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

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United Wholesale Mortgage consumer reviews

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Written by
Zach Wichter
Mortgage reporter
Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.
Edited by
Mortgage editor