UWM PA+ - A 3rd Party Processor's Thoughts

When I heard that UWM was now offering processing - I was livid.  I have been a preferred processor with UWM for several years. I have taken their courses every quarter, recommended clients to UWM, and have been UWM's biggest cheerleader with a big RAW RAW RAW....

Thankfully I took the time and called a couple of the account executives I work with there and they explained how it worked..  I truly believe that using their processing service would be a huge disadvantage to the borrowers and loan officer and here is why....

There will be several "processors" touching the files - no relationship.

The "processor" would not have the experience as a full time processor as this is a new program with UWM.

If the loan officer uploaded questionable documents - the "processor" cannot unsee anything - this can cause a lot of unnecessary paperwork.

The processing fee is applied to the loan price adjustment - meaning the $895 charge will be a hit to the pricing of the loan.. Which can affect QM from passing...  (3rd party processing does not affect QM)

Most full time processors are very familiar with UWM and how they work.  We know how to get the CD out at the initial underwrite.  We know how to do the Ultimate Loan Submission.  We know how each department works and their strengths and their weaknesses...

I highly recommend using a real processor to process your loans.  It is more cost effective and the service cannot be beat..

Another Reason To HATE SunWest Mortgage

 

Last week the California Mortgage Expo was in town. For weeks leading up to the Expo, SunWest was on a mission to get us (brokers) to their class.  The class was titled "Divorce Your Processor: The Rise of the A.I.  

Their emails were like this:  "Learn how to divorce your processor and then invest that time and money you save into doubling your business.  The technology is here today. A productive Originator should spend 100% of his time marketing, sourcing, and havesting new relationships. Unfortunately, Orginators burn 80% of their time on unproductive work - babysitting their loan or they spend a lot of money hiring "processors" to do the babysitting..." 

The fact that SunWest put processors in quotes really got my goat.  

SunWest started making calls to the future Expo attendees - they called me TWICE.  I asked them if the knew who they were calling.... 

SunWest has always been a horrible company to work with. They are so awful that my processing company would charge more to process their files.  I as the owner refused to work with them for many reasons.  They would lose uploaded documents all the time..  You could not reach an underwriter. The customer service is in India.. (that alone bugs me - we need to keep our jobs here - but that's a different blog). Their site was NOT user friendly.  I can only imagine a loan officer trying to navigate their site and on top of that use the AI service... Supposedly the AI is now empathetic.....  Oh my gosh!

Working with a 3rd party processor has a lot of benefits and we get the job done.  Something artificial intelligence cannot do.  

Loan Officers DO NOT PAY for our services.

Contract Processors review documents BEFORE uploading and have the philosophy that less is best to avoid any potential challenges.  

We know lenders and how they work and the best way to close loans quickly.

We develop relationships with our borrowers to ensure them we are on task.  Answer any questions they might have. Hold their hand if needed.

We are pushy  - We work on behalf of our client the loan officer and we will push to get the file thru to the finish line.  

We don't get paid  unless the loan officer to gets paid - We have our time invested as well.

We work how the loan officer wants us to work  - we develop the best streamline to accommodate the loan officer's needs.

#RantOver - email me today so I can prove to you AI will never outshine a real life processor.

Kelly@thecontractprocessors.com  - Serving California and Florida