United Wholesale Mortgage has reduced the fees and added other enhancements for one of its title alternative programs.

The company’s title review and closing program, known as TRAC+, looks to save borrowers money by significantly reducing costs for refinances compared with traditional title insurance options.

In the past, Mat Ishbia, president and CEO, has been outspoken about the costs of title insurance. In an April 2, 2024 video, he questioned why a borrower needs to pay $1,500 to $2,000 for a lender’s title policy.

The original TRAC program was introduced in October 2022.

Last May, United Wholesale Mortgage brought out the TRAC+ option, which has the lender handle the title reviews, closing and disbursement, for a flat $1,850 fee.

With the changes announced on Wednesday, the title fees are now as low as $1,295, depending on the state where the property is located and the loan amount.

Other changes to TRAC+ include:

  • A $500 borrower incentive that can be applied as a credit to pricing, a credit listed on the Closing Disclosure form or as a check to the borrower; and
  • UWM is offering 9,500 loan officer Partner Points, which can be redeemed for a $300 gift card to help borrowers with expenses after closing.

The TRAC+ program also offers:

  • The ability to get closing packages out in as little as 15 minutes; and
  • Virtual closings with notaries available 24 hours, six days a week.

A related program, TRAC Lite, has a $0 title fee along with reduced settlement agent fees ranging between $350 and $600.

UWM again extends refi pricing promo

Also, UWM has again extended the end date for its latest pricing promotion, R/T 90 until Oct. 31, a company spokesperson added.

On Sept. 17, UWM announced its first extension of the refinancing promo, pushing it out through Sept. 30. It offered a 90 basis point incentive on rate and term refinancings and was previously supposed to end on Sept. 16.

The incentive applied to conventional, jumbo, Federal Housing Administration and U.S. Department of Agriculture rate-and-term refinances, along with FHA Streamlines, VA IRRRLs, and VA Type 1 Cash-Outs. IRRRLs are interest-rate reduction refinance loans.