
"TRAC+ allows UWM to handle all title work on refinances directly for its broker partners eliminating the need to coordinate with a title company or settlement agent for balancing fees, scheduling closings and related tasks. The first version of TRAC, launched in October 2022, had a $1,600 flat fee plus a settlement agent fee of up to $500. TRAC+, announced in May 2024, offered a $1,850 flat fee, with no settlement agent fee."
"Wednesday's update reduces the title fee to as low as $1,295, depending on the state and loan amount. The $500 incentive can be applied as a pricing credit, listed on the Closing Disclosure (CD), or issued as a check to the borrower. Brokers also gain access to additional perks: UWM is offering 9,500 points which can be redeemable for a $300 gift card to help borrowers cover post-closing expenses as well as virtual closings with notaries available 24/6."
"Closing packages can be issued in as little as 15 minutes from clear-to-close, with UWM balancing the CD. In November 2024, UWM also introduced TRAC Lite, which features a $0 title fee and reduced settlement agent fees ranging from $350 to $600. The lender was among those selected to participate in Fannie Mae's title insurance waiver program. Both TRAC+ and TRAC Lite are now available in 37 states."
UWM's TRAC+ centralizes refinance title work for broker partners and eliminates coordination with external title companies and settlement agents. Fee evolution moved from a $1,600 flat fee plus up to $500 settlement agent charges to a $1,850 flat fee with no settlement fee, and now to title fees as low as $1,295 based on state and loan amount. A $500 incentive can be a pricing credit, listed on the Closing Disclosure, or issued as a check to the borrower. Brokers receive 9,500 points redeemable for a $300 gift card, access virtual 24/6 notary closings, and receive closing packages as fast as 15 minutes from clear-to-close. TRAC Lite offers a $0 title fee with reduced settlement agent fees, both programs operate in 37 states, and UWM raised the one-unit conforming loan limit to $819,000 while extending a 90-basis-point refinance incentive through Oct. 31.
Read at www.housingwire.com
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