UWM Makes Single Source Validation Available to Brokers through Fannie Mae Pilot Program

TROY, Mich., Oct. 23, 2017 /PRNewswire/ -- Mortgage brokers doing business with United Wholesale Mortgage (UWM) are among the first in the country with access to a more streamlined origination process, as they can validate income, assets and employment using bank account data from only one asset report.

The improved capabilities stem from UWM's participation in Fannie Mae's pilot offering of Single Source Validation, a program that Fannie Mae has introduced as an enhancement to its Desktop Underwriter® (DU®) validation service.

"Pushing the broker channel forward through innovative technology and enhanced services is what we're all about, so Single Source Validation is a big win for our clients," said Mat Ishbia, President and CEO of United Wholesale Mortgage. "Fannie Mae does a great job looking for ways to make the loan process better for borrowers. The pilot has seen positive learnings already in the early stages of testing, with borrowers and brokers both seeing an improvement in the speed and ease of closings."

UWM's broker clients will be able to enjoy these key benefits through the Single Source Validation capabilities:

• Combining three steps into one: Gathering bank account data from the borrower can eliminate the need for gathering paystubs, W2's, other income or employment documents, and bank statements
• Faster turn times: Single source of data makes the underwriting process even smoother, as there is less documentation to review
• Improved borrower experience: The process is easier for borrowers, as brokers don't need to ask their borrowers for information as many times.

A broader launch of Fannie Mae's Single Source Validation is expected in 2018.

To learn more about UWM's wide range of technology, tools and programs that have been built to help mortgage brokers grow their business, visit www.UWM.com.   

About United Wholesale Mortgage
Headquartered in Troy, Michigan, United Wholesale Mortgage (UWM) is the #1 wholesale lender in the nation, providing state-of-the-art technology and unrivaled client service, from the industry's leading account executives. Operating under parent company United Shore, UWM is known for its highly efficient, accurate and expeditious lending support, UWM underwrites and provides closing documentation for residential mortgage loans originated by independent mortgage brokers, correspondents, small banks and local credit unions. UWM's exceptional teamwork and laser-like focus on delivering innovative mortgage solutions are driving the company's ongoing growth and its leadership position as the foremost advocate for mortgage brokers. For more information, visit www.uwm.com or call 800-981-8898. NMLS #3038.

MEDIA CONTACT:
BRAD PETTIFORD, Communication Strategist
[email protected]   p (855) 888-8737, ext. 3160   1414 East Maple Road, Troy, Michigan 48083
UWM.com

SOURCE United Wholesale Mortgage