United Wholesale Mortgage Insurance Department
The United Wholesale Mortgage Insurance Department is a division of United Wholesale Mortgage (UWM) that provides mortgage insurance to lenders. Mortgage insurance protects lenders from losses if a borrower defaults on their mortgage loan. UWM is one of the largest providers of mortgage insurance in the United States.
The United Wholesale Mortgage Insurance Department was founded in 2006. The department has since grown to become one of the leading providers of mortgage insurance in the country. UWM offers a variety of mortgage insurance products, including:
- Single-premium mortgage insurance (SPMI)
- Annual-premium mortgage insurance (APMI)
- Private mortgage insurance (PMI)
SPMI is a one-time payment that is made at the closing of the loan. APMI is an annual payment that is made over the life of the loan. PMI is a type of mortgage insurance that is required by lenders for borrowers who have a down payment of less than 20%.
How to Apply for Mortgage Insurance through United Wholesale Mortgage
Applying for mortgage insurance through United Wholesale Mortgage is a straightforward process. Here’s a step-by-step guide:
- Contact a United Wholesale Mortgage loan officer. They will guide you through the application process and provide you with the necessary documentation.
- Complete the mortgage insurance application. The application will ask for information about your income, assets, and debts. You will also need to provide documentation to support your application.
- Submit your application to United Wholesale Mortgage. The underwriting team will review your application and make a decision on whether or not to approve your request for mortgage insurance.
Required Documentation
To apply for mortgage insurance through United Wholesale Mortgage, you will need to provide the following documentation:
- Proof of income (e.g., pay stubs, tax returns)
- Proof of assets (e.g., bank statements, investment statements)
- Proof of debts (e.g., credit card statements, loan statements)
Underwriting Process
The underwriting process for mortgage insurance through United Wholesale Mortgage typically takes 10-14 business days. The underwriting team will review your application and make a decision based on your credit history, income, and debt-to-income ratio.
Benefits of Mortgage Insurance through United Wholesale Mortgage
Mortgage insurance through United Wholesale Mortgage (UWM) provides several advantages to homeowners. It can protect homeowners from financial hardship in case of job loss, disability, or other unforeseen circumstances that may make it difficult to keep up with mortgage payments. UWM’s mortgage insurance can also help homeowners qualify for a loan with a lower down payment, allowing them to purchase a home sooner.
Protections Provided by Mortgage Insurance
UWM’s mortgage insurance offers various protections to homeowners, including:
– Protection against foreclosure: If a homeowner falls behind on mortgage payments, mortgage insurance can help cover the missed payments and prevent foreclosure. This gives homeowners time to recover financially and catch up on their mortgage payments.
– Coverage for medical expenses: In case of a serious illness or injury that results in a loss of income, mortgage insurance can help cover mortgage payments while the homeowner is unable to work.
– Coverage for job loss: If a homeowner loses their job, mortgage insurance can help cover mortgage payments for a limited period, providing financial stability during a difficult time.
– Coverage for disability: Mortgage insurance can also provide coverage in case of a disability that prevents a homeowner from working. This ensures that mortgage payments can still be made, even if the homeowner is unable to earn an income.
United Wholesale Mortgage Insurance Department Contact Information
If you have any questions or need assistance regarding mortgage insurance through United Wholesale Mortgage, you can contact the dedicated Insurance Department through the following channels:
Phone Number
The phone number for the United Wholesale Mortgage Insurance Department is (800) 986-3264. You can call this number during business hours, Monday through Friday, from 8:00 AM to 6:00 PM EST.
Email Address
You can also reach the United Wholesale Mortgage Insurance Department via email at insurance@uwm.com. The team will respond to your inquiries as promptly as possible.
Mailing Address
If you prefer to send correspondence via mail, the mailing address for the United Wholesale Mortgage Insurance Department is:
United Wholesale Mortgage Insurance Department48000 Van Dyke Avenue
Shelby Township, MI 48317
Online Support
In addition to the above contact methods, United Wholesale Mortgage also provides online support for mortgage insurance inquiries. You can access the online support portal here. Through the portal, you can submit a support ticket and track its progress.
