Le Lézard
Classified in: Science and technology
Subject: Product/Service

UWM Launches "BOLT", Giving Mortgage Brokers Tools to Achieve 15 Minute Initial Approval


United Wholesale Mortgage, (UWM), the #1 wholesale and purchase lender in America, announced today the launch of BOLT, a self-service platform that provides the ability to get an initial approval for qualified borrowers in just 15 minutes. Mat Ishbia, president and CEO of UWM made this announcement today at the Association of Independent Mortgage Experts (AIME) live Fuse event.

This revolutionary tool utilizes data extraction, auto doc recognition and smart technology to input information from items such as driver's licenses, income statements, county records and more. It will also create efficiency by providing brokers access to the same income calculator used by UWM underwriters, and, using automated tools and artificial intelligence, will notify the user of any potential discrepancies.

"We've demonstrated time and time again with our proprietary technology, including UClose, our InTouch Mobile app, and one-click AUS, that we're leading the way to making the loan process faster and easier without compromising quality in any way," said Ishbia. "With BOLT, brokers will now have the control, speed and certainty they need to get loans to the closing table faster than ever before."

The new feature can be found in UWM's loan origination system, EASE. When brokers upload a loan application with required documentation, they will then be able to elect to use BOLT. This will provide them with a step-by-step process that will allow them to complete the initial approval when it's convenient for them, creating a faster experience and fewer underwriting touches.

"We're going to remember BOLT as a significant development in the mortgage industry that forever changed the way underwriting is done," said Ishbia. "UWM built this technology, which uses things like doc recognition and indexing. This will allow initial approval of the file to be completed in minutes rather than hours, while also ensuring guardrails and quality standards are in place, as they always are with UWM, to close clean loans."

At the AIME Fuse event, UWM also announced the launch of The Source, a new customizable search engine that delivers the information brokers need, all in one place. This includes all guidelines, all interpretations, industry news and UWM product updates. Instead of sending users to other locations to find information, The Source searches multiple databases and uses smart search technology to generate fast, relevant results based on past and popular searches. It is also completely customizable, allowing users to bookmark the information they need and reference the most.

UWM supports independent mortgage brokers with industry-leading training, technology and service. For more information on how to sign up as a broker with UWM, visit www.UWM.com.

About UWM Holdings Corporation and United Wholesale Mortgage

Headquartered in Pontiac, Michigan, UWM Holdings Corporation (UWM) is the publicly traded indirect parent of United Wholesale Mortgage. UWM is the #1 wholesale lender in the nation six years in a row, providing state-of-the-art technology and unrivaled client service. 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.


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News published on 25 september 2021 at 15:40 and distributed by: