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United Wholesale Mortgage Partners with National Association of Mortgage Brokers.

MANews-(C)2009-2016

26 September 2016 - US-based wholesale lender United Wholesale Mortgage has signed on as the first partner of the KickStart Independent Mortgage Program, an initiative co-launched by UWM and US trade association the National Association of Mortgage Brokers to spur more loan originators to open their own independent mortgage broker shops, the company said.

KickStart will grant qualified individual loan originators an amount up to USD 10,000, with the aim of covering startup costs such as office space and software technology that makes it possible for them to accept loan applications. Applicants are not required to pay back the funds.

The programme is targeting loan originators in banks or branch networks who have at least three years of experience in the residential mortgage industry and demonstrate a potential aptitude to successfully own and operate an independent mortgage brokerage firm.

UWM has allocated USD 500,000 in total funding to the program.

Funding requests will be reviewed by the KickStart Review Committee, which consists of one UWM representative, three NAMB representatives and two independent mortgage brokers.

A NAMB survey of loan originators found 70% of respondents were interested in opening their own shops, with 44% saying that a lack of funding was the primary obstacle.

However, 60% said they would be more likely to open their own company if they received seed money.

KickStart is a part of UWM's ongoing advocacy campaign for independent mortgage brokers, a profession that has been radically transformed since the 2008 financial crisis.

Headquartered in Troy, Michigan, United Wholesale Mortgage is a wholesale lender. UWM underwrites and provides closing documentation for residential mortgage loans originated by mortgage brokers, small banks, local credit unions and correspondents.

The Association of Mortgage Professionals is a trade association of mortgage professionals with membership in all 50 states and the District of Columbia.

NAMB provides education, certification and government affairs representation for the mortgage industry.

Country: USA

Sector: Construction/Real Estate

Target: KickStart Independent Mortgage Program

Buyer: United Wholesale Mortgage

Vendor: National Association of Mortgage Brokers

Deal size in USD: 500,000

Type: JV

Financing: Cash

Status: Agreed

Buyer advisor: , ,

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Publication:M & A Navigator
Date:Sep 26, 2016
Words:353
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