TRAC
A Faster, Cheaper And Easier Closing Process
Available exclusively from UWM, TRAC (Title Review And Closing) is a process that’s entirely new to the industry. It changes the way you handle title work and closing, creating a cheaper and more efficient process for all parties. When you elect TRAC, UWM will review title and closing docs, check to make sure your title is clear, then help facilitate the closing process, making it incredibly simple for you and your borrowers. Offer your borrowers significant savings with a cheaper title review process.
Choose from Reltco or Nations Title Agency to close your loans and pay a flat $350 closing fee
- Available for conventional loans
- TRAC process helps you get your title docs ready in an average of 1–2 days.
- We’ve reduced title and closing fees by removing the need for Lender's Title Policy
- An LLPA of 20bps for refinances will be applied to the loan
- An LLPA of 30bps for purchases will be applied to the loan
- If your loan is TRAC eligible, you will have the option to select TRAC under the Title Selection dropdown in EASE
- If the loan is eligible, order TRAC through the Processor Assist screen in EASE
Or, choose your own settlement agent to close your loan and pay up to a $500 closing fee
- Settlement agents can sign up to be TRAC-approved
- Use TRAC with your choice of settlement agent:
- There’s a downloadable Settlement Agent Packet available in The Source with a cover letter and directions for the settlement agent to be approved
- The settlement agent will fill out the document, then click the link in the packet to be directed to the Settlement Agent Agreement page and sign (this will automatically be sent to UWM)
- The wire instructions and E&O Policy will need to be sent back to UWM to be reviewed by our Client Approval team
- Once the settlement agent is approved, you can move forward with the closing process the same way you would on a non-TRAC loan — simply collect and upload the CIL and the settlement agent’s wire instructions
- There is a $500 cap on what the settlement agent can charge when they are settling a TRAC loan vs. the flat $350 fee if you choose to use Reltco or Nations Title Agency settlement agents
- If your settlement agent chooses not to sign the agreement or doesn’t want to use TRAC, you’ll have 3 options:
- Find another settlement agent to be approved (or who is already pre-approved)
- Continue with TRAC using Reltco or Nations
- Choose not to go with TRAC and use the traditional title process instead
To learn more, watch our Introduction to TRAC from UWM and TRAC Settlement Agent Sign-Up Process videos in UWM Partner Academy.
NOTE: Eligibility determined by county. Information subject to change. Certain restrictions apply. Subject to borrower approval. TRAC does not replace owner title policy.
TRAC is not available for co-ops, manufactured homes, Texas 50 (a)(6), HELOCs, government and non-agency loans. Not eligible in the state of IA. For a full list of ineligible products, search The Source for “TRAC Process Guide.”
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