United Wholesale Mortgage updated its loan tracking technology, UTrack, becoming one of the first wholesale lenders to provide a tool for brokers to create greater transparency for borrowers.
The tool was originally released at the beginning of the month and assisted brokers in providing the current status on loans to real estate agents.
“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.
With the update, UWM’s brokers and correspondents can now share a link with borrowers and real estate agents to have real-time access to track their purchase and refinance loans.
It is also branded with the broker and correspondent partners’ information, so they can be the facilitator of 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,” Ishbia said about the new update.
“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.”