"Earlier this year, UWM decided to bring its servicing operations in house, ending its subservicing relationship with Mr. Cooper Group after the latter agreed to sell to Rocket Mortgage. It still maintains a relationship with Cenlar FSB. UWM's MSRs totaled $211 billion in unpaid principal balance as of June 30, down slightly from $214 billion at the end of March."
"Ishbia said that UWM would never bring servicing in house unless it could do it significantly better than everybody else. The way everyone else does servicing is not for me, just like the way everyone else does origination wasn't for me, and it's worked out well for us at UWM, Ishbia said. We look at it differently, and trying to get better for the consumer and the broker in our world."
UWM moved its servicing operations in-house and ended a subservicing relationship with Mr. Cooper Group after that company agreed to sell to Rocket Mortgage, while maintaining a relationship with Cenlar FSB. UWM's mortgage servicing rights totaled $211 billion in unpaid principal balance as of June 30, slightly down from $214 billion at the end of March. UWM asserted it would only insource servicing if it could perform significantly better than competitors and emphasized a different approach focused on consumers and brokers. A partnership with Bilt enables borrowers to earn points for on-time payments and grants brokers automated engagement tools and access to Bilt's member base. UWM contributed $100 million to a funding round that valued Bilt at $10.75 billion, framing the partnership as a solution to borrower retention challenges for brokers.
Read at www.housingwire.com
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