UWM's TRAC Lite program has been rolled out in 14 states, providing substantial savings to borrowers on title insurance fees. According to COO Melinda Wilner, average savings exceed $1,000 per transaction, with some states like Texas reporting savings of up to $2,000. Competitor Better CEO Vishal Garg notes similar savings in refinancing and purchasing contexts. Their partnership with Doma aims to explore if automated title reviews can replace traditional title insurance for low-risk transactions. As refinancing rates increase, consumers are likely to see even more savings from this innovative approach.
The primary benefit is the substantial savings passed on to consumers, Wilner said. On average, borrowers save more than $1,000 per transaction.
We have seven states down and 43 to go. As refi gets ramped back up, I think we're going to see some real savings materialized for the consumer.
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