United Wholesale Mortgage (UWM) has announced a program to cover the upfront cost of hard credit report pulls for its broker partners, aiming to help them manage increased expenses and focus on growing their businesses. Costs for credit reports have risen due to Fair Isaac Corp. (FICO) standardizing their pricing across all mortgage lenders, moving away from the volume-based tier pricing previously in place. UWM's initiative allows brokers to order credit reports through UWM's system with the assurance that UWM will absorb the cost if the loan doesn't close. If the loan closes, the cost will be included in the closing disclosure. The move follows UWM's 2022 launch of the Safe Check program, offering soft credit pulls at no cost, and competes with similar offerings from Rocket Pro TPO.
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