Michigan-based United Wholesale Mortgage (UWM) wants to court more brokers by offering no-cost appraisals on 1-0 temporary rate buydowns amid fierce competition in the industry. 

The wholesale lender will cover up to $600 of the appraisal cost on all conventional and government-backed home loans until March 31 when a broker uses UWM’s 1-0 temporary rate buydown.

Borrowers with temporary rate buydowns funded by a seller, builder or lender pay a lower mortgage rate during the initial period of their loans, and the borrower’s reduced monthly payments are subsidized with money deposited into an escrow details ⇒

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