UWM Launches Tool That Helps Brokers Close Loans Within An Hour

Posted by Patrick Barnard on August 12, 2015 No Comments
Categories : Residential Mortgage

United Wholesale Mortgage (UWM) has launched a new tool called UClose that will allow its broker clients to close loans within an hour of receiving clearance.

In a release, UWM says UClose will revolutionize the way brokers and correspondents close loans, as they will have complete control of the closing process, generating closing documents and scheduling the closing directly with their title company.

A broker being in full control of the closing process is very unique. This should prove very valuable to brokers, given that the mortgage industry is now in a purchase market and timing is critical to successfully getting deals down on time.

‘UClose will give brokers complete control over the closing process, enabling them to take borrowers from clear-to-close to closing in just six clicks,’ says Mat Ishbia, president and CEO of United Wholesale Mortgage, in the release. ‘It's very important for realtors and borrowers to get to the closing table as quickly as possible, especially in a purchase market. We've created UClose so our brokers can get their clients to the closing table faster and more efficient than any other lender, and will always be the top choice of realtors.’

UClose will also help brokers comply with the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosure (TRID) rules, the company says.

UClose fits in nicely with UWM's other technology solutions for brokers, including UTrack, which lets borrowers and real estate agents receive real-time loan status updates This way, borrowers can track the mortgage process in much the same way a consumer can track a UPS or FedEx package.

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.

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