United Wholesale Mortgage (UWM) is cutting costs for refinance borrowers with updates to its title review and closing alternative, TRAC+. The lender is offering title fees as low as $1,295 along with a $500 borrower incentive. TRAC+ allows UWM to handle all title work on refinances directly for its broker partners — eliminating the need to coordinate with a title company or settlement agent for balancing fees, scheduling closings and related tasks. The first version of TRAC, launched in October 2022, had a $1,600 flat fee plus a settlement agent fee of up to $500. TRAC+, announced in May 2024, offered a $1,850 flat fee, with no settlement agent fee. Wednesday’s update reduces the title fee to as low as $1,295, depending on the state and loan amount. The $500 incentive can be applied as a pricing credit, listed on the Closing Disclosure (CD), or issued as a check to the borrower. Brokers also gain access to additional perks: UWM is offering 9,500 points — which can be redeemable for a $300 gift card to help borrowers cover post-closing expenses — as well as virtual closings with notaries available 24/6. Closing packages can be issued in as little as 15 minutes from clear-to-close, with UWM balancing the CD. In November 2024, UWM also introduced TRAC Lite, which features a $0 title fee and reduced settlement agent fees ranging from $350 to $600. The lender was among those selected to participate in Fannie Mae’s title insurance waiver program. Both TRAC+ and TRAC Lite are now available in 37 states. UWM recently also raised the one-unit conforming loan limit from $806,500 to $819,000 for conventional and Department of Veterans Affairs (VA) loans, ahead of the Federal Housing Finance Agency (FHFA) announcement in November. It also extended a 90 basis-point incentive for rate-and-term refinances until Oct. 31.