TROY, Mich., Feb. 19, 2018 /PRNewswire/ -- United Wholesale Mortgage (UWM) has expanded the reach of its virtual e-closing capabilities, as borrowers in 16 states can now enjoy the industry's first end-to-end online mortgage experience without wet signing any documents – and for the first time ever, the virtual process can also be applied to purchase transactions.
Originally just offered in four states (Illinois, Montana, Virginia and Washington), the 12-state expansion now introduces the mortgage industry's first real e-closing process to Alabama, Florida, Indiana, Kansas, Maine, Maryland, Missouri, Nebraska, Nevada, New Hampshire, Ohio and Tennessee. UWM continues to partner with Boston-based Notarize to make the technology available to consumers.
"Making virtual e-closing technology available in more states and opening it up to purchase business is a huge deal as even more mortgage brokers and borrowers have access to the easiest, most convenient closing process possible," said Mat Ishbia, President and CEO of United Wholesale Mortgage. "Virtual e-closing is available in 16 states now and we expect this will be the way all closings are done in the near future."
The pilot version of UWM's virtual e-closing technology with Notarize launched in July and limited to refinance loans and used one specific title company to complete the process. This new version is applicable to both purchase and refinance loans, and allows borrowers to select their own UWM-verified title company.
Alternate versions of e-closings offered by other lenders are not as efficient because they still require some documents to be wet signed and a notary or title company representative to be physically present. UWM's virtual e-closing technology, however, eliminates that step via its integration with the Notarize platform. A borrower can now close a loan from any computer, tablet, Android or Apple device with a web camera and internet connection. The technology allows for an online video chat and electronic signature to be used to sign all mortgage documents including the promissory note and mortgage.
To complete the virtual e-closing process, borrowers verify their identity with the notary via webcam. The notary guides them through signing the documents and explaining what each document is for. Once done, all parties instantly receive the executed document package.
UWM led the way with its historical first virtual e-closing that was completed on Friday, July 28, 2017 with borrowers in Chicago, IL.
Notarize's online notary public and eMortgage platform fills a much needed gap in the digitization of lending operations, enabling brokers to save their customers the hassle and frustration of scheduling and traveling to their closing with the single click of a button.
To learn more about UWM's virtual 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.
Notarize is the first notary public platform allowing any person or business to get their documents legally notarized online. Notarize is also the first company to enable an entirely online mortgage closing process. Founded in 2015, Notarize has helped tens of thousands of individuals and businesses (on every continent, except Antarctica) get documents digitally notarized. For more information, visit www.notarize.com.
BRAD PETTIFORD, Communication Strategist
[email protected] p (248) 833-5000, ext. 3160 | c (419) 509-9338
1414 East Maple Road, Troy, Michigan 48083
SOURCE United Wholesale Mortgage