United Wholesale Mortgage (UWM) has announced a new policy regarding credit-check expenses for loans. Under the new policy, UWM will cover the cost of a credit check if a loan fails to close. However, if the loan does close, the borrower will be responsible for reimbursing UWM for the cost of the credit check.
Key points:
– UWM will cover credit-check expenses for loans that do not close.
– Borrowers will be required to reimburse UWM for credit-check expenses on loans that do close.
– This new policy aims to remove a potential financial burden from borrowers in the event that a loan falls through.
You can read this full article at: https://www.housingwire.com/articles/uwm-to-cover-costs-of-hard-credit-pulls/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.