NMP - December 2016 - 12


newtomarket
United Wholesale Mortgage
Removes Escrow Waiver
Fees and Launches New
Tech to Enable Automated
Income Verification

DECEMBER 2016 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

12

United Wholesale Mortgage
(UWM) has announced that the
removal of its 0.25 percent
escrow waiver fee nationwide
for all conforming conventional
loans. The change is designed
to give mortgage brokers
nationwide a competitive edge
over large banks and mega
retail lenders that typically
charge 0.25 percent of the loan
amount to allow a consumer to
manage their yearly tax and
insurance payments. As a
result, borrowers can potentially
save thousands of dollars at
closing on fees and an initial
escrow deposit. UWM is the
only lender that has eliminated
this fee nationwide.
"This change is a major win
for our mortgage brokers and
their borrowers," said Mat
Ishbia, president and chief
executive officer of UWM.
"Removing the 0.25 percent
adjustment will allow borrowers
to keep more money in their
pockets and the flexibility to
pay their own taxes and
insurance yearly."
UWM will allow borrowers to
waive escrow on all
conventional loans up to 90
percent LTV. For LTVs
exceeding 80 percent,
borrowers will be required to
have a 720-plus FICO score.
"Having no charge for an
escrow waiver is huge for my
borrowers," said Tim Ayers, a
loan officer at Grandview
Lending in Indianapolis. "It
lowers the amount of cash my
borrowers need at closing,

gives them potentially a better
interest rate and lets me
outshine the big banks that have
a 0.25 percent charge for
waiving escrows."
UWM has also introduced new
technology that enables
mortgage brokers to receive
automated income verification
for borrowers and allows them
to avoid the hassle of obtaining
hard copies of W-2 forms, 30day paystubs and other
documents needed for loan
approval.
"Our new automated income
verification tool makes the loan
process easier and faster for
borrowers, more efficient for
mortgage brokers, and more
accurate for our team at UWM,"
said Ishbia, president and CEO
of UWM. "The verification
process will save time and make
the loan submission process
even smoother."
UWM's automated income
verification tool enables
borrowers and brokers to "go
doc-less" as they navigate the
loan process, allowing brokers
to submit applications without
waiting for supporting income
documents from borrowers. The
tool applies to all of UWM's
conventional products and is
available for purchases and
refinances. Currently applicable
solely to W-2 borrowers, future
phases of automated income
verification will be made
available to many self-employed
borrowers.
"UWM has done a lot to
speed up my workflow, but this
e-sign and submit process is
truly revolutionary," said Gloria
Murillo, a processing manager at
Sindeo Inc., a San Franciscobased mortgage broker. "What

used to take days, I can now
get done in minutes."
Caliber's Ultimate
Homebuying Experience
Targets Less-Than-10 Day
Closings

Caliber Home Loans Inc. has
announced the launch of the
Caliber Ultimate Homebuying
Experience, a streamlined
application, approval and closing
experience for conventional,
government and Caliber portfolio
loans. Starting immediately,
clients and customers can enjoy
a more personalized and efficient
process for buying a home.
Caliber created the Ultimate
Homebuying Experience to
simplify the mortgage process
and to reduce stress for Caliber's
clients and customers by
combining technological
advancements with personalized
assistance from Caliber's LOs
and AEs.
The benefits of the Caliber
Ultimate Homebuying Experience
include:
l A full application process that
takes only minutes;
l An electronic verification for
some of the most important
parts of a mortgage
application, including income,
assets and employment, which
reduces the need for
applicants to bring in physical
documents;
l An approval and closing that
can take less than 10 days on
eligible mortgages, which
traditionally takes more than
30 days; and
l Personalized assistance from

Caliber's LOs and AEs to guide
borrowers through the Ultimate
Homebuying Experience
process.
"We place the consumer
experience at the center of all the
products and services we offer, and
this program underscores that
commitment," said Sanjiv Das, chief
executive officer of Caliber Home
Loans. "The Caliber Ultimate
Homebuying Experience will make
mortgage applications, approvals
and closings easier and faster and
does not impact our robust
underwriting guidelines. With our
high-touch business model, we
think it's the best of all worlds. We
are thrilled to launch this program
and look forward to enhancing the
homebuying experience for our
clients."
New Global DMS Solution
Helps Automates Appraisal
Compliance

Global DMS has announced that it
has launched Global Delivery, an
alternative to the traditional way
appraisal documents are prepared,
packaged and compliantly provided
to borrowers by way of printed
appraisals sent via U.S. mail. The
result is the near removal of human
involved tasks, operational
disruption, a reduction of costs and
a more efficient process for mailing
appraisals.
"What Global Delivery
accomplishes is applying the
greatest level of automation
possible to alleviate an elderly task
of yesteryear," said Vladimir BienAime, president and chief executive
officer of Global DMS. "There is still
consumer demand in residential
mortgage valuations to receive the
fully-packaged appraisal via the
U.S. Postal Service, and of course,
to receive it in full CFPB
compliance. Global Delivery is a


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Table of Contents for the Digital Edition of NMP - December 2016

Contents
NMP - December 2016 - Cover1
NMP - December 2016 - Cover2
NMP - December 2016 - 1
NMP - December 2016 - Contents
NMP - December 2016 - 3
NMP - December 2016 - 4
NMP - December 2016 - 5
NMP - December 2016 - 6
NMP - December 2016 - 7
NMP - December 2016 - 8
NMP - December 2016 - 9
NMP - December 2016 - 10
NMP - December 2016 - 11
NMP - December 2016 - 12
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