UWM announces upcoming launch of UWM Appraisal Direct, a new appraisal solution
Lender announces internal appraisal team to provide a better appraisal process for brokers, their borrowers and appraisers
Pontiac, September 9, 2021 – United Wholesale Mortgage, (UWM), the #1 wholesale and purchase lender in America, announced today, via Facebook Live, the launch of UWM Appraisal Direct, giving clients another option when ordering an appraisal on UWM loans. This will give UWM the ability to handle the appraisal process directly as the lender and no longer require their broker clients to utilize an Appraisal Management Company (AMC). The program is currently in its pilot stage and will be fully released on Oct. 1 in all 50 states.
The UWM Appraisal Direct team will manage the entire process from start to finish, including scheduling, execution and delivery of the appraisal. The team will also provide unprecedented visibility for all parties with a tracking system and communication alerts. The new streamlined process will allow appraisals to be completed much faster than industry average to align with UWMs faster closing times.
“We understand how important it is for independent mortgage brokers to get a fast and efficient appraisal on their borrowers’ home,” said Ishbia. “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.”
Appraisers who work with UWM Appraisal Direct will receive the full appraisal fee paid by the borrower. This means UWM will not pocket any management fees and 100 percent of the fee will go to the appraiser. Appraisers will also be paid the next business day following a successful appraisal completion.
“We know the appraisal process has been a challenge in our industry for quite some time,” said Ishbia. “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.”
UWM supports independent mortgage brokers with industry-leading training, technology and service. For more information on how to sign up as a broker with UWM, visit www.UWM.com.