While stating that AI won't replace brokers, Ishbia believes those who use AI will beat out those who don't
New artificial intelligence (AI) tools were the centerpiece at last week’s United Wholesale Mortgage (UWM) broker event. And while some brokers may be hesitant to adopt the new technology, company president and CEO Mat Ishbia encouraged brokers to be early adopters.
The company made two major AI-driven announcements on the second day of the UWM LIVE! event on Thursday at the company’s Michigan headquarters. The headline announcement was the company’s new AI loan officer assistant, Mia.
The generative AI technology will make and receive phone calls for brokers, helping them pitch refinances to previous customers and answer questions for current clients. It will also contact buyers and refinancers at certain intervals after a loan closes to keep the broker’s name at the top of the customer’s mind.
Ishbia told Mortgage Professional America that this technology won’t replace brokers, loan originators (LOs), or companies, but it will give those who use it an upper hand.
“LOs aren’t getting replaced by AI, and neither are companies,” Ishbia said. “But LOs that use AI will replace LOs that don’t. Companies that use AI will replace companies that don’t. And so, AI is a revolution that you have to be bought into.”
Loan Estimate optimizer another AI tool for brokers
While he announced the AI loan officer assistant later in the day, the morning saw the announcement of a loan estimate optimizer (LEO).
The goal of the company’s LEO is to analyze competitors’ loan estimates (LE) and determine ways that a broker can beat what the client has been offered elsewhere. It is integrated in the company’s AI-powered ChatUWM platform and was available for brokers immediately after the announcement.
LEO can also use title review and closing (TRAC) to reduce title fees, looking for appraisal credits, or adding available basis points to improve pricing, according to UWM.
Ishbia encouraged the over 5,000 brokers in attendance to get on board with the new technology.
“One of my slides today is about being an early adopter,” he said. “You’ve got to try new stuff. You’ve got to be open-minded. The nice part is that, for the new originators, it’s like 25 years of experience is really cool, but it doesn’t give you a leg up anymore. It’s leveling the playing field. With ChatUWM and with AI, you can be in the business 25 weeks and start originating loans.”
Ishbia equated it to the changing trend in search engine technology. While many still turn to Google for web searches, others will go directly to ChatGPT for web queries.
“How many people use Google?” he said. “Three years ago, that’s all you used. Now, if you don’t use ChatGPT, you’re falling behind.”
UWM isn’t the only company announcing AI enhancements. Freddie Mac announced last week the addition of AI-powered automated underwriting to its Loan Product Advisor.
A chance for current employees to move up
One thing Ishbia wants to see from this technology is for current employees to be able to utilize AI, allowing them to spend more time on higher-paying work.
“Here’s an example: For loan officers, there’s $15 an hour work, $100 an hour work, and $500 an hour work,” he said. “The $15 an hour work is answering phones and scheduling meetings. But now Mia can do that. Then, there is $100 an hour work discussing LTVs (loan to value), and understanding whether it’s VA, FHA, conventional, and what down payment you need. Now, Mia can do some of that too.”
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It's the work that Mia can’t do currently that Ishbia wants LOs spending their time doing, and he believes taking some of the other tasks off their plate allows them to do that.
“Then there is $500 an hour work, and that’s where you really make your money,” he said. “This is selling the rate, explaining the benefits, making them feel comfortable, and building a rapport. I want the LO to spend all 40 hours of the week doing $500 an hour work, rather than the $15 or $100 an hour work.”
There are certain areas where the AI loan assistant is limited by current technology, and some areas where it is limited by law. For example, it cannot talk rates because it is not a licensed loan originator. But Ishbia sees value in allowing it to do things it can do, leaving the other tasks to brokers.
“There are certain levels of stuff that technology and AI can never do,” he said. “Let’s start with the millions of things that it can do to make me better and make LOs better. We’re setting the message that we’re leading the industry. We can do more loans because of AI. I’m helping LOs do more business because of AI.
“We’re going to help our company become more efficient because of AI. We’re going to help our shareholders make more money because of AI. Everything’s tied to AI.”
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