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)

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