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United Wholesale Mortgage (UWM) is the number one wholesale mortgage lender in the nation for 2015, according to numbers published by Inside Mortgage Finance. UWM was one of only two wholesale lenders among the Top 25 to increase production volume in the fourth quarter of 2015—and the only lender to increase volume by double digits—while all others declined.
“This achievement is a testament to the partnership we have with our broker community, for which we are extremely grateful,” said Mat Ishbia, president and CEO of UWM. “Our mission is to champion our brokers’ success and bring them the tools, knowledge and service necessary for them to compete in today’s market.”
UWM originated $12.957 billion in 2015, which represents a year-over-year increase of 54.6 percent and nearly $1 billion ahead of the number two wholesale lender, according to Inside Mortgage Finance data. In the fourth quarter, UWM’s origination activity rose by 12.8 percent over the previous quarter—largely due to the lender’s investment in technology and staying ahead of the TILA-RESPA Integrated Disclosure (TRID) rule’s implementation. UWM’s sales, IT, compliance and training teams worked together to ensure their network of wholesale clients had access to, and were proficient in using, TRID-compliant technology that significantly streamlines the lending process.
“The resources and innovation that we provided throughout the year allowed us to view regulations like TRID as an opportunity to create a competitive advantage for our clients,” Ishbia said. “We believe the tools and technology we have provided to our clients has not only created a better experience for them, it has also created a better experience for the consumer, in general. Our exclusive products and consistent turn-times have enabled our network of brokers to provide great value to homebuyers and gain even more market share.”
UWM’s technology solutions include its loan origination system, EASE, which was launched in January 2015. EASE provides many customizations for UWM’s broker and correspondent partners—including drag-and-drop technology, e-sign capability, a proprietary product and pricing engine (Easy Qualifier), pipeline alerts, an automated CD Tracker monitoring necessary items and ultimately allowing the CD to be disclosed prior to final approval, easy change of circumstance automation, and a simplified guideline dashboard—to make it easier to provide the best options for borrowers.
In August 2015, UWM made the lending process even more efficient by launching UClose, a proprietary solution enabling brokers to draw closing documents and close their clients’ loans within an hour after they receive the final approval from underwriting, even with TRID.