United Wholesale Mortgage is one of the most vocal supporters of the mortgage broker community. As the number one wholesale lender in the country, UWM has several features that make brokers’ lives easier, and there are some new features that will make it easier for them to compete in the year ahead.
One of the most notable features to launch recently is One-click AUS. With one click, originators can simultaneously generate DU and LP.
“It’s a game-changer because, right now, too many people just run one, DU or LP, they don’t run both. With One-Click AUS, it runs both DU and LP at the same time but, even better, it shows a side-by-side comparison of the two. It shows the benefits of picking each, like, there’s an appraisal waiver on this one, or only one year of tax returns is needed on this one, or ‘X’ months of reserves needed on this one,” said UWM president and CEO Mat Ishbia. “You can see a simple comparison, which makes it so that people know what to do. People are loving it. They’re getting more appraisal waivers, a better process, and understanding conditions better upfront.”
Another new feature is UClose 2.0, the new reiteration of UWM’s UClose program. The new version provides complete control of the closing process, and Ishbia said that it’s the best thing he’s ever seen.
“It’s the first of its kind, there’s nothing else like it in the industry. UClose 2.0 allows brokers to close their loans quicker than ever. I’m literally getting emails from brokers saying it took them 12 minutes, 15 minutes, 18 minutes, start to finish, to get the final, compliant closing documents out using UClose 2.0,” Ishbia said.
Not only has Ishbia received positive feedback from originators (they’re seeing more than 80% of loans go through UClose 2.0 right now), but they’ve also had an “overwhelmingly” positive response from processors and title companies. Everyone likes having control of the whole process, he said, and the technology was built with guardrails in place to protect originators from making mistakes.
Another feature is the UConnect program, which isn’t new, but is even more relevant today to help brokers reconnect with their clients. As part of the program, UWM monitors the credit pulls of each borrower who has closed a mortgage with UWM, and will notify brokers of the purchase or refinance opportunity, along with a current AVM and mortgage balance. It’s a little thing, but when used successfully, it allows brokers to reconnect with their borrowers as well as keep the borrower in the broker channel as opposed to waiting until they’re looking for another mortgage and hoping that they’ll reach out on their own.
Helping brokers protect their clients is a major focus of UWM, and through programs such as UConnect, Unite (which helps keep brokers top of mind by providing their borrowers with a custom home mortgage value statement), and the Client Loyalty Manager (which allows brokers to create customizable parameters that alerts brokers to opportunities for staying in front of their clients), and practices such as putting broker information on the servicing statement and website, UWM has positioned itself as a true partner to mortgage brokers. Ishbia sees the potential for extreme growth in the broker channel and that the next year or two will provide the biggest opportunity to grab market share and take over the housing finance business in America.
“We will never have this opportunity again as long as we live to take over the mortgage market. We have that opportunity right now. A broker’s the best place for a borrower to get a loan, the best place for an LO to work is a brokerage, these are facts. What we have to do is work as a team,” he said at AIME Fuse. “We’re going to take it all down together because we’re brokers, and we’re better.”