United Wholesale Mortgage now offers end-to-end online mortgages in 16 states
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United Wholesale Mortgage has rolled out virtual e-closing capabilities in a dozen more states, expanding a service that streamlines the loan process and gives independent brokers a competitive advantage over large retail lenders.
E-closing is now available in a total of 16 states: Alabama, Florida, Illinois, Indiana, Kansas, Maine, Maryland, Missouri, Montana, Nebraska, Nevada, New Hampshire, Ohio, Tennessee, Virginia and Washington.
The system – launched in partnership with Boston-based tech firm Notarize – eliminates the need for “wet signing” of documents, providing the first end-to-end online mortgage. Borrowers connect with a notary via webcam link to complete the electronic signing process, and the parties automatically receive the executed document package. Purchase transactions are also included.
Justin Glass, UWM chief digital officer, said independent brokers are very excited to see virtual e-closings come to their states.
“We believe independent mortgage brokers will have a competitive edge with the use of virtual e-closings,” Glass said. “With busy schedules, it is tougher and tougher these days to find several hours in a day get a loan closed. Virtual e-close technology gives borrowers the freedom to close a loan when it is convenient for them, and without all the hassle of coordinating schedules, and having to drive somewhere. Many large retail or bank competitors currently cannot offer this type of time-saving ability to their borrowers.”
UWM launched virtual e-closing in July 2017 with Chicago borrowers and is positioned to eventually expand nationwide. This summer, state laws allowing e-notarization will go into effect in Nevada and Texas.
“We will see other new states come on board soon that don’t have official law for or against e-notarization, but it will come down to if the counties in those states can accept e-recordings,” Glass said. “It could take as long as two years for virtual e-closing to be available across the country. If it was up to UWM, we would be doing it today, but it is up to state regulators to begin changing laws to allow for electronically notarized documents and up to county clerk offices to have the proper technology to accept them.”
Glass said he imagines e-notarization will soon become a priority in every state.
