FinTechMortgage

UWM launches virtual eClosings for purchases in 16 states

Expects it will be how all closings are done in near future

United Wholesale Mortgage announced it is expanding its virtual eClosings to borrowers in 16 states, and making the option available to purchase borrowers.

Previously, the company announced it completed its first virtual eClosing on July 28, allowing borrowers to complete their closing completely remote for refinances.

While e-mortgages are making strides in the housing industry, eClosings are still rare. But UWM’s solution allows borrowers to FaceTime or Skype with the notary, making it the first eClosing borrowers can complete remotely, the company previously told HousingWire. Other eClosing solutions require borrowers to physically be with a notary, even while signing remotely.

Now, the company expanded from its original four states of Illinois, Montana, Virginia, and Washington to offer its product in 12 additional states: Alabama, Florida, Indiana, Kansas, Maine, Maryland, Missouri, Nebraska, Nevada, New Hampshire, Ohio and Tennessee.

“Making virtual eClosing technology available in more states and opening it up to purchase business is a huge deal as even more mortgage brokers and borrowers have access to the easiest, most convenient closing process possible,” UWM President and CEO Mat Ishbia said. “Virtual eClosing is available in 16 states now and we expect this will be the way all closings are done in the near future.”

United Wholesale continues to partner with Notarize in order to bring this technology to its borrowers. In fact, due to this partnership, it should come as no surprise that UWM is expanding its program. Notarize announced earlier this year that thanks to a partnership with Westcor Land Title Insurance Company, it is bringing fully digital mortgage closings to 16 new states.

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