United Wholesale Mortgage (UWM)
has launched UClose 2.0, a tool that gives Mortgage Brokers complete control over the closing transaction and enables on-the-spot closings.
This marks the first time that Mortgage Brokers have the ability to complete the closing process without waiting in a queue for a closer, though they still have the ability to work with a closer if they choose. Now, the value of same-day closings has been upgraded to same-hour closings.
“In this purchase market, the closing process is what everyone remembers,” said Mat Ishbia, President and Chief Executive Officer of UWM. “UClose 2.0 has guardrails in place that allow mortgage brokers to control timing, doc generation and communication with title companies. 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.”
UClose 2.0 provides a new tracker view that lets Mortgage Brokers see outstanding tasks and who is responsible for completion, sends immediate notifications whenever a fee change creates a tolerance issue, and allows brokers to trigger the final closing package on their own. This tool is a significant enhancement to the original UClose
, which UWM introduced in August of 2015.
The original version of UClose was built to pre-emptively comply with the TILA-RESPA Integrated Disclosure Rule that went into effect that October. It allowed brokers to take borrowers from clear-to-close to closing in just six clicks, but still required the loan to be reviewed by a UWM closer. That requirement is now eliminated, putting mortgage brokers fully in the driver’s seat and making the closing process faster and easier than ever before.