Are 15 Minute Mortgage Approvals the Future?

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United Wholesale Mortgage says the new automated document recognition and processing capabilities the company has developed in-house will allow mortgage brokers to get initial approvals from qualified borrowers in 15 minutes.

The new self-service platform, BOLT, is available as an option when brokers upload loan applications with required documentation into UWM’s loan origination system, EASE.

BOLT categorizes and extracts information from documents such as driver’s licenses, tax returns, and county records, and provides brokers with access to the same income calculator used by UWM underwriters. To maintain accuracy, the company said, automated tools and artificial intelligence notify users of potential deviations.

Mat Ishbia

“UWM built this technology, which uses things like document recognition and indexing,” UWM CEO Mat Ishbia said in a statement. “This will allow the initial approval of the case to be completed in minutes rather than hours, while ensuring that guardrails and quality standards are in place, as they always are with UWM, to conclude. own loans. “

Intelligent document processing is fast becoming a ‘must have’ for mortgage lenders looking for ways to cut costs, speed up approvals, and scale up or down to meet changing demand. . Amazon Web Services (AWS), Google Cloud, and Microsoft Azure offer proprietary AI and machine learning capabilities that can be customized for lenders.

UWM, based in Pontiac, Mich., Which called the new tool “revolutionary” in its statement, was the nation’s second-largest mortgage lender in 2020, behind Rocket Mortgage. Rocket touts the simplicity and speed of its application process, which has been particularly popular with homeowners refinancing their existing mortgages.

UWM works with mortgage brokers, but has invested in improvements to its process that also benefit borrowers. This month, the company announced that it will launch a new internal rating capability on October 1 that will give brokers the ability to bypass rating management companies. UWM Appraisal Direct will employ a team of 100 employees to work directly with appraisers to deliver appraisals within 5 to 7 days, the company said.

Ishbia supports mortgage brokers as the key to UWM’s future growth and said UWM is using social media and other marketing channels to “let realtors and consumers know that the best way to get a mortgage is to go through a broker ”.

Origins of UWM mortgages by type

Source: Data from UWM regulatory files compiled by Inman

UWM issued a record $ 59.2 billion in mortgages in the second quarter, with purchase loan creations up 97% from the first quarter and 288% from a year ago. a year ago, when the pandemic crippled home sales.

“As we said before, UWM is designed to be successful not only when there is a boom in refi and margins hit record highs, but also when margins are squeezed and buying drives volume,” Ishbia said last month when the company released its second quarter results.

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