United Wholesale launches virtual e-closing in 12 more states

by Steve Randall21 Feb 2018

The virtual e-closing capabilities of United Wholesale Mortgage has been expanded to 12 additional states, bringing its total to 16.

In partnership with Boston-based tech firm Notarize, UWM offers the industry’s first end-to-end online mortgage with no ‘wet signing’ of documents. The solution now includes purchase transactions.

The wholesale lender launched initially in Illinois, Montana, Virginia and Washington but has now extended its reach to include Alabama, Florida, Indiana, Kansas, Maine, Maryland, Missouri, Nebraska, Nevada, New Hampshire, Ohio and Tennessee.

“Making virtual e-closing technology available in more states and opening it up to purchase business is a huge deal as even more mortgage brokers and borrowers have access to the easiest, most convenient closing process possible," said Mat Ishbia, President and CEO of United Wholesale Mortgage.

The firm has managed to end wet signing of documents by using a webcam link with a notary who guides borrowers through the electronic signing process, with all parties automatically receiving the executed document package.

UWM launched its virtual e-closing in July 2017 with borrowers in Chicago. Ishbia says he expects that all mortgage closings will be done this way in the future.

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