United Wholesale Mortgage announced the release of UClose, a new tool that will allow mortgage brokers to close their loans within an hour of receiving their clear to close.
UWM built UClose to comply with the upcoming TILA-RESPA Integrated Disclosure Rule, in order for brokers and correspondents take better control of the closing process.
TRID officially goes into effect on Oct. 3. The new forms with TRID consolidate the TILA-RESPA forms and are meant to give consumers more time to review the total costs of their mortgage. The Loan Estimate is due to consumers three days after they apply for a loan, and the Closing Disclosure is due to them three days before closing.
"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," said Mat Ishbia, president and CEO of United Wholesale Mortgage.
"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," said Ishbia.
UWM also recently began offering an interest-only financing program for borrowers who want to save on additional, monthly discretionary income.
The program requires a 20% down payment on the cost of a loan, and borrowers must have a minimum FICO score of 720 and a 42 debt-to-income.
For more on the company's CEO, HousingWire featured Mat Ishbia in the August issue. Here's a quick teaser to his story:
But how many of us can reach out and touch our dream, and then decide to go another way? How many have the guts and strength to take a leap into the unknown, and then once we find solid footing in the unknown, how many of us have what it takes to not only survive but to thrive? Mat Ishbia is one of those people.