UWM cuts out title insurer with updated TRAC+ program, rolls out 0% down purchase initiative [Yahoo! Finance]
Federal National Mortgage Association (FNMA)
NASDAQ:AMEX Investor Relations:
fanniemae.com/portal/about-fm/investor-relations/index.html
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Source: Yahoo! Finance
As a result, brokers no longer need to deal with a title company or settlement agent to close a refi. The top U.S. mortgage lender announced the service on Thursday during an annual meeting with its broker partners in Pontiac, Michigan. It said TRAC+ will allow the lender to “manage title review, closing, and disbursement.” “As a result, a broker will no longer need to work with a title company or settlement agent for title work, balancing fees, scheduling the closing, or any related communication when they use TRAC+,” the company said in a prepared statement. The first version of TRAC, launched in October 2022, is still available at a $1,600 flat fee plus a settlement agent fee of up to $500. In the first iteration of TRAC, brokers choose a settlement agent to handle the closing, balancing fees, scheduling the closing, and other communication. Meanwhile, UWM, the largest lender in America, handles title review. It's available to conventional loans only in purchase and refinance
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FNMA
Sec Filings
- 8/13/24 - Form ABS-15G/A
- 8/13/24 - Form ABS-15G/A
- 8/13/24 - Form ABS-15G/A
- FNMA's page on the SEC website