Bilt Rewards, best known for offering renters rewards points for paying on time, plans to do the same for mortgages through a partnership with United Wholesale Mortgage LLC, its first tie-up with a home lender.
Bilt, which more than tripled its valuation in July to $10.8 billion, will allow homeowners with new or existing mortgages from UWM to earn points every time they make on-time payments, according to a statement Tuesday.
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“The single most-requested feature that I get emailed, called and texted about is ‘When do I get to use Bilt for mortgages?'” Chief Executive Officer Ankur Jain said in an interview.
Bilt has grown beyond its trademark credit card, which consumers snapped up to earn points on what’s often the biggest bill of the month for a tenant. The firm has scaled its rewards platform through relationships with more than 40,000 merchants and 70% of the top 100 property managers in the US, according to the statement.
The company also expanded its services in April to student renters, allowing them to rack up rewards while paying for housing, and launched a home search platform last November.
UWM is different from many other lenders in that it works with independent mortgage brokers to originate home loans. Teaming up with Bilt and the offer of points for mortgage payments gives those brokers another way to entice would-be homebuyers, UWM CEO Mat Ishbia said in an interview.
“The opportunity is there right now,” said Ishbia, who is also a majority owner of the National Basketball Association’s Phoenix Suns. UWM invested $100 million of the $250 million Bilt raised in July, and is among the largest mortgage lenders in the US.
Ishbia also views the loyalty program as a way to retain customers, if they wish to buy another home or refinance a mortgage.
Customers will be able to start earning points on their mortgages beginning early next year, according to the statement.
