TROY, Mich., Aug. 9, 2017 /PRNewswire/ -- United Wholesale Mortgage (UWM) continues to break new ground as the leading technology innovator in the mortgage industry, introducing the nation's first virtual e-closing experience. Now borrowers can complete the full mortgage transaction without ever leaving their home or wet signing a single document.
"This is a revolutionary time for borrowers and independent mortgage brokers, as we're taking convenience in the mortgage process to a completely new level," said Mat Ishbia, President/CEO of UWM. "The days of being bombarded with reams of paper at the closing table are over. Giving borrowers the ability to close a loan whenever they want, whether it's at 11 a.m. or 9 p.m., will have an incredible impact on the entire experience. Independent mortgage brokers will have an even stronger competitive advantage over retail competitors and large banks."
Whereas previous versions of e-closings still required some in-person contact with a notary to e-sign closing documents via a shared tablet, UWM's remote e-closing technology eliminates that step. A borrower can be anywhere that has Wi-Fi access – their home, a coffee shop, etc. – and use a computer or mobile app to "FaceTime" with a notary to actually complete the closing live, right there. The process allows for all documents to be signed, including the promissory note and mortgage.
Currently, UWM's virtual e-closing technology is available to brokers in four states (Illinois, Montana, Virginia and Washington), and will be expanding its reach throughout the rest of this year. The only thing holding back all of the states from being approved is legislative rules around notarizing documents, as each state has varying legislative requirements. Currently, this new way of closings mortgages pertains to refinance loans and is limited to mortgages that have a maximum of two borrowers.
To execute the first-ever online mortgage closing and make online closings available to borrowers across the country, UWM partnered with Arlington, VA-based Notarize, the nation's first digital platform for legally notarizing documents online.
UWM's historical first virtual e-closing was completed on Friday, July 28 with borrowers in Chicago, IL.
The remote e-closing platform is the next wave of technology that UWM has brought to market to help its network of independent mortgage brokers compete with large banks and mega retail lenders. It follows the March release of Blink, an all-digital, multi-functional loan portal that allows consumers and mortgage brokers to start the loan application process from their mobile device, pull their credit, e-sign documents, verify assets, and track the status of their loans from anywhere.
To learn more about UWM's remote e-closing technology and its full portfolio of products that support independent mortgage brokers, visit UWM.com.
About United Wholesale Mortgage
Headquartered in Troy, Michigan, United Wholesale Mortgage (UWM) is the #1 wholesale lender in the nation two years in a row, providing state-of-the-art technology and unrivaled client service, from the industry's leading account executives. Operating under parent company United Shore, UWM is known for its highly efficient, accurate and expeditious lending support, UWM underwrites and provides closing documentation for residential mortgage loans originated by independent mortgage brokers, correspondents, small banks and local credit unions. UWM's exceptional teamwork and laser-like focus on delivering innovative mortgage solutions are driving the company's ongoing growth and its leadership position as the foremost advocate for mortgage brokers. For more information, visit www.uwm.com or call 800-981-8898. NMLS #3038.
Barbara yolles, Chief Marketing Officer
firstname.lastname@example.org p (800) 981-8898, ext. 4496 1414 East Maple Road, Troy, Michigan 48083
SOURCE United Wholesale Mortgage