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..
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