United Wholesale Mortgage (UWM) said Wednesday it has enhanced its TRAC program, initially launched in October 2022, to “provide loan officers more speed, options, and flexibility within the title and closing process.”
Effective immediately, UWM has added two settlement agents to the TRAC program, allowing LOs to choose from three UWM-approved settlement agents and still pay a flat $350 fee. LOs will also have the option to request their own settlement agent be added, the company said.
In addition to increased flexibility and optionality, the process is now faster, UWM said.
“With TRAC, LOs can get title documents prepared in an average of one day,” the company said in a news release. “UWM reviews title and closing docs, checks to make sure title is clear and helps to facilitate the closing process. This exclusive tool provides a streamlined experience, making it faster, cheaper and easier for all parties involved.”
The announcement comes a week after UWM announced enhancements to its Safe Check program, which also launched last October. Safe Check now allows lending officers to run a single or tri-merge soft credit check to pre-qualify borrowers. The new tri-merge option, available for a flat rate of $23, provides the FICO score accuracy of a hard credit report, while protecting both the lending officer and the borrower from credit trigger lead solicitations, UWM said.
It also follows UWM’s Control Your Price program, which gives brokers access to 125 basis points to use when and where they need it. The company also recently announced a credit solution that allows independent mortgage brokers to order credit reports for UWM loans for a flat fee of $37.35.