United Wholesale Mortgage (UWM) reports that it has enhanced its UTrack solution – which lets borrowers and real estate agents receive real-time loan status updates – so that borrowers can now track the mortgage process in much the same way a consumer can track a UPS or FedEx package.
With this solution, brokers and correspondents working with UWM have the ability to share a link with their clients, thus enabling borrowers and agents to track loans via a Web portal.
UTrack displays where the loan is in the process, from submission to underwriting to closing, in a condensed, easy-to-understand manner.
UWM says by giving borrowers the ability to track their loans, it will not only help bring transparency to the process, it will also clear up some of the misconceptions about the origination process. UTrack is offered on a white label basis, meaning that brokers and correspondent lenders can offer it as their own branded solution. This way, brokers and correspondents can be the facilitators of the loan status updates, instead of the wholesale lender.
‘We believe communication is of the utmost importance in this industry and UTrack takes communication to the next level,’ says Mat Ishbia, president and CEO of UWM, in a release. ‘When the borrower or real estate agent clicks on the UTrack link to follow their loan's progress, they don't see UWM anywhere. This tool was designed specifically with the broker in mind, so they are the hero and UWM remains invisible to the client. As a wholesale lender, we believe in empowering our brokers with technology enhancements and tools to grow their business.’
The enhancements come on the heels of UWM's redesigned loan origination system, EASE, which was launched earlier this year.
UWM made news on MortgageOrb in December when it announced that it had re-introduced its 3% down product geared for first-time home buyers, following the news that government-sponsored enterprises Fannie Mae and Freddie Mac were launching new programs allowing lenders to offer financing of up to 97% loan-to-value (LTV) on certain mortgages.
Loans originated for Fannie Mae's new program, which is now in effect, must have been underwritten using the newest version of Fannie Mae's Desktop Underwriter.
Freddie Mac's 97% LTV program does not go into effect until later this month.
UWM says these low-down-payment loans will help real estate agents serve more first-time and lower-income buyers by lifting the significant barrier of a large (typically 20%) down payment.