Real Estate
Home›Real Estate›Industry›UWM launches Underwriting+ to cut mortgage processing…
UWM launches Underwriting+ to cut mortgage processing handoffs
In a pilot, UWM said loans averaged 8.3 days from submission to clear-to-close, with 2.1 underwriting touches per file.
United Wholesale Mortgage (UWM) launched Underwriting+, a program aimed at streamlining mortgage processing by keeping more responsibility with the underwriter who reviews the file, HousingWire reports. UWM said the change is designed to reduce the typical handoffs among multiple teams during underwriting, documentation, and coordination with borrowers and third parties.
Underwriting+ expands the underwriter’s role to include tasks such as gathering documentation, communicating with borrowers and third parties, resolving questions, and clearing conditions. HousingWire reports that underwriters will handle both underwriting and additional processing responsibilities as loans move from submission to closing.
UWM said thousands of loans were closed during an Underwriting+ pilot. According to the company, those loans averaged 8.3 days from submission to clear-to-close, with an average of 2.1 underwriting touches per file.
The program is available to UWM mortgage broker partners beginning Wednesday. Through Dec. 31, UWM said partners can use Underwriting+ for three loans at no processing cost.