“As a result, brokers will no longer need to work with a title company or settlement agent for title work, balancing fees, arranging closings or any related communications when using TRAC+,” the company said in a prepared statement.
The first version of TRAC, launching in October 2022, will still be subject to a flat fee of $1,600, plus up to $500 in settlement agent fees. In the first iteration of TRAC, brokers selected settlement agents to handle settlements, balance fees, arrange settlements and other communications. At the same time, UWM, the largest lender in the United States, is responsible for title review. It only applies to conventional loans in purchase and refinance transactions.
With the new option TRAC+, UWM charges a flat fee of $1,850 and no closing agent fees because the lender will handle all title work. This product can be used for regular, federal housing administration (Federal Housing Administration), and U.S. Department of Veterans Affairs (VA) loan, but only for refinancing purposes.
UWM’s announcement of TRAC+ comes as the federal government is promoting alternatives to title insurance designed to save consumers money. Fannie Mae and Freddie Mac Now accepting attorney submissions and their regulators federal housing finance agencyrecently launched a new pilot program that waives lender ownership requirements for refinancing.
0% drop
During UWM Live!, the wholesale lender also announced a new program that offers eligible borrowers a 3% down payment assistance loan of up to $15,000. The loan does not accrue interest and requires no monthly payments.
“UWM’s 0% down payment purchase program is a game changer this buying season,” said UWM President and CEO Mat Ishbia. “No other wholesale lender in the country offers this service, which means independent mortgage brokers now have a significant advantage among consumers and real estate agents. Thousands of borrowers are on the sidelines because they don’t have a down payment — —This program removes that barrier.
The borrower’s income must be at or below 80% of the median income for the area where the property is being purchased, or one of the borrowers must be a first-time home buyer. Qualifying borrowers will then receive a 3% down payment assistance loan in the form of a second lien loan, up to $15,000.
Borrowers must make payments on a second lien loan by the end of the loan term, but have flexibility in choosing when and how often repayments are made.
artificial intelligence cat
During UWM Live!, the company also launched ChatUWM, an AI-powered search engine that provides customers with instant responses, including guidance, matrices, lender tools and technology. ChatUWM is based on the company’s knowledge base “Search”.
UWM also announced during the event that its brand, Mortgage Matchup, has become the official mortgage partner of UWM National Basketball Association (NBA) and Women’s National Basketball Association (WNBA).
Mortgage Matchup provides a searchable broker database and educational materials on the home buying and refinancing process. It will gain media exposure through the alliance platform.
“Our goal is to leverage the large and diverse fan bases of both leagues to create real connections,” UWM chief marketing officer Sarah DeCiantis said in a prepared statement, with the ultimate goal of “empowering borrowers and attracting People pay attention to borrowers.” The value and importance of having a mortgage broker. ”
Ishbia previously acquired the Phoenix Suns and Phoenix Mercury. The deal became public in December 2022, but the executive received the NBA’s blessing in February 2023.
