United Wholesale Mortgage (UWM) has announced that it has custom developed an Income Calculator for brokers to accurately determine a borrower’s wages on the 1003 application. UWM’s proprietary Income Calculator resides within its broker portal, EASE (Easiest Application System Ever), where it can be accessed and utilized by approved brokers.The Income Calculator is the same tool that is used by UWM’s underwriters to correctly calculate borrower income. As a result, accuracy and efficiency is ensured, discrepancies are reduced, the process is sped up, and brokers are able to better and more quickly service borrowers.“Our development of this new tool for brokers to quickly calculate income was done to help further position them as experts in lending to their customers,” said Mat Ishbia, president of United Wholesale Mortgage (UWM). “The Income Calculator is the same tool used by UWM underwriters. By sharing it with our clients, they in turn become income experts. We’re constantly innovating and arriving at new tools and services to help make our brokers as successful as possible. The Income Calculator is yet another component that has been added to our arsenal of solutions that we offer at no cost to our clients.”The Income Calculator works by UWM’s brokers simply logging on to EASE, uploading the 1003, and clicking a button to return the results. Brokers can then save the results for underwriting to review. In addition, brokers are able to access UWM’s Income Calculator via smartphones and tablets.“One of the biggest issues that brokers face is whether underwriting will arrive at the same income calculation that the broker does," said Ishbia. "With our development of the Income Calculator, however, we have completely eliminated this issue since both the broker and the underwriter’s calculations will mirror one another. It just makes getting deals done faster and easier.”
