United Wholesale Mortgage (UWM) has launched UWM Appraisal Direct, giving clients another option when ordering appraisals on UWM loans. The program currently is in the pilot stage and will be released in all 50 states on Oct. 1, 2021.
“We understand how important it is for independent mortgage brokers to get a fast and efficient appraisal on their borrowers’ home,” UWM Chairman, President, and CEO Mat Ishbia said in a release. “This new team will be using state of the art technology, making it faster and easier, so brokers and borrowers can get the elite client service they deserve and expect from UWM.”
UWM Appraisal Direct will give the company the ability to manage the appraisal process as the lender and no longer require broker clients to use an appraisal management company, UWM stated. The new team will conduct the entire process, including scheduling, execution, and delivery of the appraisal, and will provide visibility for all parties with a tracking system and communication alerts.
The company stated the new process will allow appraisals to be completed much faster than the industry average to align with UWM’s faster closing times. Additionally, appraisers who work with UWM Appraisal Direct will receive the full appraisal fee paid by the borrower – UWM will not pocket any management fees.
“We know the appraisal process has been a challenge in our industry for quite some time,” Ishbia said. “We’re closing 60,000 loans per month at UWM, so it was critical for us to build a solution to improve this part of the process. We already have the best underwriting, technology and people in the country, and now we’re going to have the best appraisal process too.”