No Mandatory AMC Use
This announcement just popped into my email, from HousingWire:
UWM launches AMC-free appraisal program
UWM to coordinate appraisals in-house
United Wholesale Mortgage (UWM) announced today that it will no longer require its brokers to use appraisal management companies to complete appraisals.
The Pontiac, Michigan-based wholesale lender will instead coordinate appraisals in-house, contracting with appraisers directly, offering appraisers and brokers a way to bypass AMCs altogether, which UWM CEO Mat Ishbia characterizes as “middlemen.”
During a Facebook Live address, Ishbia proclaimed that while AMCs add value to the industry, appraisals have been a stumbling block for the mortgage industry.
UWM Appraisal Direct available in all 50 States Starting October 1.
Soon, mortgage brokers in our network will have UWM Appraisal Direct as an additional option for getting appraisals completed on UWM loans through Appraisal Manager in EASE. You’ll get greater transparency throughout the appraisal process, so you can more effectively manage your loans and support your borrowers. Keep an eye out for more information later this month.
In the meantime, a message to appraisers: UWM Appraisal Direct is looking to partner with the best appraisers across the country who share our goal of making the appraisal process easier so you can get paid faster.
When you work with UWM Appraisal Direct, you’ll have a dedicated in-house team available to assist with the scheduling and execution of your appraisals. We’ll provide support and timely communication to you, our broker partners and their borrowers — ensuring all parties know what’s going on at each step in the appraisal process.
Plus, you’ll enjoy these benefits and more:
- Full appraisal amount paid directly to you with no appraisal management fee — For example, if a borrower pays $500 for an order, the entire fee goes to you. UWM doesn’t make $1 on the order. No appraisal management fees. You work directly with UWM.
- Next-day payment — Get paid the following business day after successful completion of the appraisal.
- Consistent business — UWM is the #1 wholesale mortgage lender in the nation with over 60,000 closings per month, so there will be no shortage of opportunities for you with UWM Appraisal Direct.
- Strong partnership — We take pride in the entire mortgage process and will work closely with you to make sure that we are collectively successful.