United Wholesale Mortgage premiered UWM Track, which assists brokers in providing current status on loans to real estate agents.
The new tool eliminates communication issues and facilitates the broker’s ability to create stronger relationships with agents, increasing business.
Additionally, it provides real estate agents with detailed information on the loan, including when it was submitted to underwriting, conditions reviewed and the closing schedule.
“In 2013, we saw the early beginnings of an uptick in the purchase market and started developing UWM Track,” said Mat Ishbia, president at UWM.
“One of the ways brokers can grow their business in a purchase market is to establish sound relationships with realtors. The idea behind UWM Track is to keep realtors apprised as to what stage the loan is in so they know the deal is progressing and can keep their buyer informed,” Ishbia explained.
This announcement falls in line with the decision yesterday by mortgage technology firm Roostify, which automates closing activities between borrowers, lenders and real estate agents, to partner with Liquid Logics.
Liquid Logics CEO Sam Kaddah said: "Bullseye's joint integration with Roostify will combine both organizations’ strengths and provide a rare and cost-effective opportunity to simplify the mortgage origination complex process, untangle it for the borrower to understand, and allow the mortgage bankers to transact efficiently with real cost savings in origination and speed of closing."