Bilt Rewards just closed a $250 million funding round, pushing its valuation to $10.75 billion. $100 million of this round came from United Wholesale Mortgage (UWM), and the two companies are joining forces to bring mortgage rewards to market via mortgage brokers.
Bilt, which started by letting renters earn points on rent payments without transaction fees, is now expanding its model to cover the entire housing payment journey, including mortgage servicing and originations.
From Rent To Mortgage: Bilt’s Housing Lifecycle Strategy
Bilt, launched in 2021, has made a name for itself by helping renters turn rent payments into rewards. Through its Bilt Mastercard, users earn points on rent, dining, and travel, without fees to landlords. The program covers more than two million units and is tied into property portfolios from heavyweights like Blackstone, Related, and AvalonBay.
Bilt renters can earn up to 2x points on rent and 1x on non-rent purchases when paying through the Bilt Mastercard. The card, initially issued by Evolve Bank & Trust, turned housing payments into a loyalty asset for renters across the U.S.
The new round of capital will support its plan to allow borrowers to earn rewards on their mortgage payments. UWM’s investment not only fuels that development, it makes them Bilt’s primary mortgage partner.
UWM’s Role And What It Means For Originators
As part of the partnership, UWM will integrate Bilt into its mortgage servicing ecosystem. The goal: create a reward layer around mortgage payments, just like Bilt did for rent. UWM’s brokers will also be able to tap into the Bilt platform to help drive new purchase business and potentially improve servicing retention through ongoing engagement.
This isn’t just about points. It’s a strategy that ties loyalty directly to a borrower’s monthly payment, making it easier to keep them connected to both the broker and servicer over time.
UWM’s CEO, Mat Ishbia, called the partnership a win for brokers and borrowers, citing the potential for “a better servicing experience and everyday rewards that create loyalty.”
Mortgage Track Record And What’s Ahead
Their original financial partner on the rent rewards card was Wells Fargo, which pulled out of the relationship in 2024 due to profitability concerns. Since then, Bilt has transitioned card issuance to fintech platform Cardless, with new products expected to launch in early 2026.
The next iteration of the Bilt Card will include three tiers, including a no-annual-fee version and two premium options. More importantly for originators, the company has confirmed it will expand rewards to cover mortgage payments, potentially giving brokers a new talking point when helping renters become homeowners.
Bilt expects to process more than $100 billion in annual housing payments and is projecting nearly $1 billion in revenue by Q1 2026. The company’s mortgage platform is expected to launch later this year.
Why It Matters For The Wholesale Channel
Bilt’s move into mortgage rewards, powered by UWM’s capital and distribution, has the potential to reshape how borrowers engage with lenders — and how brokers stay in front of past clients. For wholesale lenders and originators, it adds a new incentive to the borrower experience, especially in competitive markets where retention is key.
It also signals a broader trend: mortgage lenders building full-lifecycle housing ecosystems, much like Rocket’s move to acquire Refin earlier this year. Bilt started with rent, but the company isn’t stopping there, and now it has the backing to make a serious play in mortgages via the largest network of mortgage brokers.
