United Wholesale Mortgage (UWM) CEO Mat Ishbia announced three initiatives for brokers at AIME Fuse on Saturday. The most impactful may be an alternative to the traditional lender title process, called TRAC. Ishbia said his company has hired attorneys to review title and closing docs, make sure the title is clear and then help facilitate the closing process.
Ishbia said brokers leveraging attorney opinion letters through TRAC could save borrowers up to $1,100 on purchase loans and about $800 on refis.
Ishbia also announced the roll out of UClose 3.0, an enhanced version of UWM’s UClose 2.0 platform, which was launched in 2018. The new platform will allow brokers to choose from three closing options: in-person, hybrid or a virtual close. Ishbia said it will now take only minutes to move from clear to close to final closing using the new version.
“UClose 3.0 and TRAC are changing the way we do closings,” Ishbia said in a press release. “These exclusive offerings will allow for a faster, cheaper and more efficient experience for all parties involved. Brokers now have access to a more streamlined platform that will guide them through the closing process step-by-step with more transparency, smarter technology and increased control.”
Ishbia also announced Safe Check, which will allow borrowers to get an appraisal waiver pre-check before submitting their loan. This is a soft-pull credit check that will help them move ahead in the process without initiating trigger leads to brokers’ competitors.
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