Media Alert: UWM Introduces Exclusive Conventional Cash-Out Product Allowing Up to 89.99% LTV Without Mortgage Insurance

With Record-High Home Equity Conventional Cash-Out 90 Offers More Financial Flexibility

Pontiac, October 16, 2024 – United Wholesale Mortgage (UWM), the nation’s #1 overall mortgage lender, today announced Conventional Cash-Out 90, enabling borrowers to access up to 89.99% loan-to-value (LTV) on their homes without incurring mortgage insurance (MI).

This innovative product is designed to help homeowners take full advantage of today’s record-high home equity. By providing access to additional equity, borrowers can consolidate debt, prepare for the upcoming tax season and achieve personal goals such as funding their children's education, taking a dream vacation or financing a home renovation.

Available immediately, this product empowers brokers to provide their borrowers with greater financial flexibility without adding the extra monthly costs associated with MI. Historically, borrowers have been limited to a maximum of 80% LTV for cash-out transactions, often requiring MI for loans exceeding this threshold. With UWM’s new offering, mortgage brokers can now help their borrowers tap into an additional 9.99% of their home’s equity.

This unique offering also provides independent mortgage brokers with a significant competitive edge over banks and retail lenders who may either require mortgage insurance on similar loans or have stricter limits on how much cash a borrower can access. To date, no other lender has a product like this, providing an opportunity for brokers to win more business and gain valuable referrals.

Conventional Cash-Out 90 is available for loan amounts up to conforming loan limits, requires a minimum FICO score of 680 and is eligible for primary homes with 30-year fixed terms.

UWM supports independent mortgage brokers with industry-leading training, technology and service. For more information on how to sign up as a broker with UWM or join UWM’s network, visit uwm.com.