United Wholesale Mortgage (UWM) unveiled a new policy this week, telling brokers that appraisals will be completed within 10 business days or they’ll refund 50% of the appraisal cost back to the customer.
The initiative, called “Appraisal Promise,” drops just a week before the wholesale lender’s Wall Street debut on Jan. 22. UWM is merging with a special purpose acquisition company led by Alec Gores. It’s expected to achieve a valuation of $16.1 billion following the merger, the largest SPAC to date.
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