In The Spotlight

Week of January 9, 2022

Give Loans A Faster Path To Success In 2023

Improving your loan process for 2023 doesn’t just benefit you — when you use UWM’s tools and exclusives, everyone benefits! Brokers. Borrowers. And real estate agents who give you referrals and repeat business.

The Ultimate Loan Submission was created as an easier way to let you set your loans up for success by offering a streamlined process from application to CTC. It also offers your borrowers a smooth and seamless mortgage experience. Use these tips to achieve an Ultimate Loan Submission and get your loans cleared to close faster:

Tip #1: Combine One-Click AUS With Bolt On Conventional Loans

Two of the most useful exclusives to use toward achieving an Ultimate Loan Submission are One-Click AUS and BOLT. Using both delivers the easiest route from submission to CTC.

• One-Click AUS & EZ Findings. Run One-Click AUS for an instant side-by-side comparison of DU and LPA. Then click the EZ Findings button on the One-Click AUS screen. EZ Findings will give you a simplified list of documents to upload and run through BOLT, helping you save time and avoid triggering unnecessary conditions.
• BOLT. Uploading fewer documents to run BOLT cuts down on the time it takes to label documents and still gives you the ability to give your borrowers and real estate agents an accurate initial borrower approval in minutes, not hours. It also gives you the advantage of a faster initial underwrite, plus earn 1,000 LO Partner Points. In Q3 of 2022, UWM BOLT loans had 15% fewer touches and were cleared to close 18% faster than non-BOLT loans!

Tip #2: Use CD At Initial Underwrite

This helpful timesaver is easy to use. Be sure to review which documents you’ll need to upload at submission to satisfy triggering the CD at Initial Underwrite, and follow these simple steps:

1. Go into the loan during Import Status. Find the Closing Disclosure in the menu on the left side of the screen in EASE.
2. Make sure the entire CD Information screen is filled out.
3. Run QM and ensure the loan is passing.
4. Click on the CD Progress screen to see if you’ve successfully completed all of the fields. Under the Partner section, everything highlighted in green has been satisfied. Anything not in green still needs to be completed.
5. Upload the purchase agreement for purchases, or upload the Home Value Estimator report to satisfy the appraisal portion of CD at Initial Underwrite.
6. Fill out the remaining sections to satisfy the taxes portion of CD at Initial Underwrite. If you don’t already have the taxes, you can satisfy this portion with one of the following:
   • A third-party tax estimator
   • The annual property taxes on the Home Value Estimator
   • The current mortgage statement (if it’s a refinance and the escrows are broken out). Make sure the value of the documentation provided is within 20% of the value you input into the system at submission.
   • Processor Certification from a local assessor
   • The MLS listing from real estate agent with current taxes listed
7. The final piece of documentation you’ll need to upload is homeowners insurance. This can be satisfied with a quote from an insurance agent or Turbo Insurance Group and a current mortgage statement (if it’s a refinance and the escrows are broken out).

Follow these steps when the loan is locked and the Loan Estimate has satisfied a 1-day cooling off period and you’ll receive credit for CD at Initial Underwrite and satisfy one of the exclusives for an Ultimate Loan Submission. (The information is complete when the screen highlights in green.)

Tip #3: Take Advantage Of Processor Assist

Processor Assist takes the pressure off gathering extra documents. To use it properly, be sure to fill out all the required fields and provide as much information as possible. This will help the Processor Assist team gather the information faster and easier.

Tips for use:

• Make sure to select the Order Service checkbox, fill out all the information and click ADD before submitting the order for documents you would like to have collected. This will give you credit toward an Ultimate Loan Submission for using Processor Assist — and more importantly, ensure the order has been placed.
• Check your Processor Assist orders for status updates and review comments by clicking View History at the top of the screen. Any updates that need to be made to the order can be done on the same View History tab
• When orders are completed by the Processor Assist team, the documents will be added to the file and reviewed with the next set of uploaded conditions.