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.
About Notarize
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.
MEDIA CONTACT:
BRAD
PETTIFORD, Communication Strategist
bpettiford@uwm.com p (248) 833-5000, ext. 3160
| c (419) 509-9338
1414 East Maple Road, Troy,
Michigan 48083
UWM.com
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SOURCE United Wholesale Mortgage