PONTIAC, Mich. — United Wholesale Mortgage (UWM) is rolling out a new program that allows borrowers to earn rewards on their mortgage payments, as the lender seeks to help independent brokers stand out in a competitive market, according to a new report.
The initiative, called “Built-In Rewards,” will be available to independent mortgage brokers working with UWM as the company brings loan servicing in-house, HousingWire reported. Loans originated through UWM will also be serviced by the company, with borrowers given the option to make payments through the Bilt platform.
Borrowers who make on-time digital payments through the system can earn rewards points that are automatically deposited into their accounts, HousingWire stated.
‘Change the Ways Consumers Think’
“Built-In Rewards will change the way consumers think about their mortgage,” Sarah DeCiantis, UWM’s chief marketing officer, said in a statement cited by HousingWire.
She added that while consumers are accustomed to earning rewards on everyday spending, mortgage payments — typically the largest monthly expense — have not traditionally offered such benefits.
The program is designed to give brokers an additional value proposition beyond interest rates and loan terms, HousingWire reported, allowing them to differentiate themselves as competition for borrowers remains intense.
‘Visibility’ for Brokers
UWM said brokers will also remain visible to borrowers after closing, with their contact information displayed on payment dashboards and in ongoing loan communications.
Through the Bilt platform, borrowers can manage their mortgage payments and redeem rewards points for purchases such as dining, groceries and travel, or apply them toward future principal-only mortgage payments, according to HousingWire.
The program is available exclusively to brokers partnered with UWM.
HousingWire also reported the launch coincides with other incentives from the lender, including a 75-basis-point pricing incentive for eligible refinance loans through March and a $600 appraisal credit for eligible purchase loans through April.
