United Wholesale Mortgage is a wholly owned subsidiary of United Shore Financial Services LLC located in Troy, Michigan. United Shore was founded in 1986 and branched out with two supportive wholly owned subsidiaries, one of which is United Wholesale Mortgage (UWM). UWM is one of the largest residential lenders in the United States, providing home loans to all 50 states as a wholesale brokerage for loans and connected through broker partners. Generally, as a homeowner, you do not decide directly on a UWM mortgage but are directed to its products by a mortgage broker in your local area. UWM was the 28th-largest residential lender in the United States, with $2.3 billion in loans as of Q3 2014. However, in 2015, UWM was the largest wholesale lender in the United States with $13 billion in loans; up almost 55% over 2014 in the wholesale market.
The company has one of the largest offerings of mortgage products, including different loan products in the same category of loans. This wide range of products has helped UWM reach as many consumers as possible, throughout the country, that are tailored to different demographics.
UWM has a wide range of different loans, even within each loan category. For example, under conventional loans, the company offers 18 different possible home loan solutions. Two examples in this category include a typical conventional loan named Elite, with a loan-to-value ratio maximum of 80%, a high FICO score of 740 and up, and loan limits up to the conventional limit. Another example is its HomeReady product that is a Federal National Mortgage Association (OTC: FNMA), known as Fannie Mae, which is an insured home loan. Rare programs such as the Texas Cash Out, Home Affordable Refinance Program (HARP) and the Limited Review Condos loans offer conventional loans not available at most home loan companies.