UWM expands its hard credit reports program

In the Safe Check Complete version, wholesale lender will provide a hard credit report at no additional cost to borrowers

United Wholesale Mortgage (UWM) has enhanced its Safe Check program, which provides credit reports without initiating unwanted trigger lead solicitations to brokers’ competitors. In some cases, the lender will provide a hard credit report at no additional cost to borrowers.  

The program was launched in October 2022 to provide brokers $10 single-bureau soft credit checks for conventional loans. In January 2023, it expanded to offer a three-bureau soft check for $23. 

But the Pontiac-based lender expanded Safe Check to government and jumbo loans, it announced Wednesday.

In addition, in its Safe Check Complete version, launched Wednesday, the broker can order a pre-qualification based on a three-bureau soft credit check for $23. Meanwhile, UWM will pull a tri-merge hard credit report at no additional cost to the borrower. 

“LOs will also be able to recoup the cost of Safe Check Complete at closing,” the company states in a news release. 

UWM’s website clarifies that Safe Check is not eligible for home equity lines of credit (HELOCs), bank statement, investor and USDA loans. Meanwhile, Safe Check Complete is unavailable on VA interest rate reduction refinance loans and FHA streamline loans. 

Other lenders in the wholesale space have launched initiatives related to credit reports this year. The strategy is expected to court more brokers in an industry facing higher credit report fees

In January, Rocket Pro TPO, a wholesale arm of Rocket Mortgage, announced credit reports at no cost for brokers when closing loans through the Detroit lender. 

Rocket Pro TPO’s executive vice president Mike Fawaz said in an interview with HousingWire that the Fee Freedom initiative aims to give the broker community “tools” to drum up business.

Regulators are moving to address the credit report cost issues. 

In March, FHFA announced proposed implementation timelines for using the FICO 10T and the VantageScore 4.0 credit score models by Fannie Mae and Freddie Mac

The government-sponsored enterprises also plan to transition to two, rather than three, credit reports from the national consumer reporting agencies within a year.

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