UWM Appraisal Direct - Too good to be true?

[Dylzar]

I haven’t seen much chatter online about this news so I wanted to get some thoughts from those in the industry. It appears that UWM is white labeling software from Anow, which is owned by Voxtur. I am not advocating for its use, just wanting to understand more about how it benefits appraisers and how it could impact the industry.

https://www.uwm.com/appraisal-direct

Benefits:

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.

https://www.housingwire.com/articles/uwm-launches-AMC-free-appraisal-program/

https://nationalmortgageprofessional.com/news/uwm-announces-direct-appraisal-service

Key Takeaways:

• The UWM Appraisal Direct team will manage the entire process from start to finish, including scheduling, execution and delivery of the appraisal.
• New streamlined process will deliver accurate appraisals faster, and at a reduced cost for borrowers. It also allows UWM to gain an industry advantage with faster closing times.
• Appraisers who work with UWM Appraisal Direct will receive the full appraisal fee paid by the borrower.
• The service launches October 1, 2021, and will be open to all brokers doing business with UWM.

Is this new product as beneficial as they are making it sound? Seems like it could shake up the industry or maybe not. Would love to hear opinions from everyone.

Thanks in advance.

 

[Mejappz]

There was a discussion about this topic about a week ago.

No Mandatory AMC Use

This news will make some on the forum furious—but it was bound to happen. The AMC mafia has and will always be about robbing both the consumer and appraiser blind. Well, at least one company appears to have come to their senses. https://appraisersblogs.com/

appraisersforum.com

 

[devin]

I haven’t seen much chatter online about this news so I wanted to get some thoughts from those in the industry. It appears that UWM is white labeling software from Anow, which is owned by Voxtur. I am not advocating for its use, just wanting to understand more about how it benefits appraisers and how it could impact the industry.

https://www.uwm.com/appraisal-direct

Benefits:

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.

https://www.housingwire.com/articles/uwm-launches-AMC-free-appraisal-program/

https://nationalmortgageprofessional.com/news/uwm-announces-direct-appraisal-service

Key Takeaways:

• The UWM Appraisal Direct team will manage the entire process from start to finish, including scheduling, execution and delivery of the appraisal.
• New streamlined process will deliver accurate appraisals faster, and at a reduced cost for borrowers. It also allows UWM to gain an industry advantage with faster closing times.
• Appraisers who work with UWM Appraisal Direct will receive the full appraisal fee paid by the borrower.
• The service launches October 1, 2021, and will be open to all brokers doing business with UWM.

Is this new product as beneficial as they are making it sound? Seems like it could shake up the industry or maybe not. Would love to hear opinions from everyone.

Thanks in advance.

Yes it appears to be true, so let's see how it rolls out, I got an invite email from uwm last week in regards to this, it appears to be all a plus for appraisers, but the ANOW software that you must use for their orders kind of makes me speculate, are they data mining to create a future appraisal model that will affect residential appraisers down the line.

 

[Mejappz]

Yeah, that’s the big question: Anow was recently sold to the company you mentioned, and it’s is not known if they will honor the contract they had with appraisers concerning data mining.

 

[Dylzar]

Thank you both for your replies. I am surprised there are not more posts or news about such a large firm like UWM making this announcement. By their own acknowledgement, UWM has 60,000 closings per month.

 

[Chandler]

Thank you both for your replies. I am surprised there are not more posts or news about such a large firm like UWM making this announcement. By their own acknowledgement, UWM has 60,000 closings per month.

Maybe I'm missing why this is such "big news". All of my clients order direct through portals and a few of them are big players in the industry as well.

 

[Artemis Fowl]

Maybe I'm missing why this is such "big news". All of my clients order direct through portals and a few of them are big players in the industry as well.

Because I'd guess the OP has a direct interest in making it "big news".

 

[Dylzar]

I never posted anything about it being "big news", someone else posted those words. I asked what everyone's thoughts were on the subject. Maybe UWM isn't a big player in the industry. Is 60,000 closings per month not heavy volume?

 

[CGinMN]

I never posted anything about it being "big news", someone else posted those words. I asked what everyone's thoughts were on the subject. Maybe UWM isn't a big player in the industry. Is 60,000 closings per month not heavy volume?

Curious, what is your interest in this? What's your line?

 

[andrew81]