United Wholesale Mortgage announced Wednesday it has launched a “revolutionary tool,” to give mortgage brokers complete control over the closing transaction.
The new solution, UClose 2.0, allows mortgage brokers to complete the closing process without waiting for a closer if they choose. It has also upgraded same-day closings to same-hour closings, UWM said in a press release.
“In this purchase market, the closing process is what everyone remembers,” United Wholesale Mortgage President and CEO Mat Ishbia said. “UClose 2.0 has guardrails in place that allow mortgage brokers to control timing, doc generation and communication with title companies.”
UWM said that the original version of UClose, which was introduced in August 2015, was pre-emptively built to comply with the TILA-RESPA Integrated Disclosure Rule.
Although the product permitted brokers to close in just six clicks, it required the loan to be reviewed by a UWM closer. The company explained that UClose 2.0 eliminates this need, giving mortgage brokers complete control of the process.
The company said the tool also provides a new tracker view, sends immediate notifications whenever a fee change creates a tolerance issue and allows brokers to finalize closing on their own.
“By making the closing process so easy for mortgage brokers, borrowers, realtors and title companies, referrals will follow, and this is another way we’ll help our brokers continue to grow in 2019 and beyond,” Ishbia added.
This year, UWM has created several products geared towards improving efficiency for origination process, including launching a new site for consumers looking for an independent mortgage broker.
The site, FindAMortgageBroker.com, is a website dedicated to promoting the advantages of working with a mortgage broker for borrowers as well as real estate professionals. The company said the site also helps both groups effectively locate mortgage brokers in their area.
“Mortgage brokers are the best way for people to get a mortgage, but it’s difficult for people to use a broker if they don’t know where to find one. This website will make it easy to find a mortgage broker that is local to them,” Ishbia said.