General World News

UWM rolls out bank statement loans for self-employed borrowers

United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, announced on Wednesday it will accept personal or business bank statements in self-employed borrowers’ loan applications. 

The step comes as rising interest rates slow the flood of refinances, reduce lenders’ origination volume, and companies prepare to boost their non-qualified mortgage (non-QM) products. 

According to UWM, only self-employed borrowers will be able to send bank statements to qualify for a loan, instead of income documents or tax transcripts. The product is available for loans up to $3 million and up to 90% loan to value. No mortgage details ⇒

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