UWM expands underwriter duties with Underwriting+ program

UWM's introduction of the Underwriting+ program marks a significant shift in the mortgage underwriting process, as the company aims to streamline and expedite the submission-to-close timeline. By expanding underwriter duties, UWM is essentially blurring the lines between traditional underwriting and other aspects of the loan processing workflow. This approach could have implications for the construction lending sector, where timely and efficient loan processing is crucial.

The results from the pilot program, with an average of 8.3 days from submission to clear-to-close and only 2.1 underwriting touches per file, suggest that UWM's strategy may be effective in reducing the time and effort required to underwrite loans. As the construction industry continues to navigate labor and material shortages, faster loan processing can help developers and builders access the capital they need to move projects forward.

As UWM's Underwriting+ program moves forward, it's worth watching how this approach impacts the broader mortgage industry, particularly in the construction lending space. Will other lenders follow suit and look to expand underwriter duties, or will UWM's strategy prove to be a unique advantage in the market? Additionally, how will changes in underwriting processes affect the quality and accuracy of loan decisions, and what are the potential risks and benefits for borrowers and lenders alike?

Originally reported by housingwire.com. ConstructionNews adds analysis for real estate & property readers.