Weekly Real Estate News
United Wholesale Mortgage is waiving credit-score-based loan-level pricing adjustments on FHA and VA mortgages for eligible borrowers with credit scores of at least 580, according to the lender’s published broker information.
The pricing relief applies to eligible loan locks through December 31, 2026. UWM has also reduced the adjustment for VA cash-out refinances above 90% loan-to-value from 1.250 to 0.750, a 50-basis-point improvement in loan pricing.
Timing clarification: Although industry reporting appeared October 21, UWM’s own public promotion is dated October 8. This is catch-up coverage of an earlier lender announcement, not a pricing change first introduced on October 21.
Pricing and loan eligibility are different
Eliminating a credit-score pricing adjustment may reduce a qualifying borrower’s loan costs or improve rate-and-cost options. It does not remove all pricing adjustments, guarantee approval or automatically lower a borrower’s mortgage note rate by 0.5 percentage points.
The move is distinct from UWM’s earlier removal of minimum credit-score overlays on agency products. That change concerned lender-specific eligibility restrictions; the new offer concerns price adjustments on eligible FHA and VA loans.
For mortgage brokers, the changes may justify rechecking previously quoted government-loan scenarios in which credit-based pricing was a barrier. Actual borrower benefits depend on the full pricing structure, eligibility and lock terms.
Sources: UWM’s October 8 product announcement; National Mortgage Professional, October 21, including company-spokesperson confirmation.
