UWM Goes Green With New Doc-less Mortgage Movement – NMP Skip to main content

UWM Goes Green With New Doc-less Mortgage Movement

NationalMortgageProfessional.com
Nov 07, 2016
United Wholesale Mortgage (UWM) has announced Loan Swap, a pipeline management tool enabling originators to manage the order of their loans in UWMs underwriting queue

United Wholesale Mortgage (UWM) continues to revolutionize lending with its “go doc-less” movement, introducing an automated suite of tools that bypass submitting hard copies of documentation needed for loan approval. Following an automated income verification tool that was released less than one month ago, this latest platform includes automated asset verification and tax returns, further enhancing the doc-less loan experience provided by UWM.

A first-of-its kind initiative, UWM’s line of doc-less technology is a revolution, aimed at creating a greener, hassle-free process for brokers to make sure their borrowers no longer need to chase down pay stubs, tax returns or bank statements. All of that will be done behind the scenes and verified by UWM. It is a system that seamlessly and securely links to existing databases to automatically verify income, assets and tax returns.

“We’re taking a big step forward by introducing an automated verification technology in order to make the lending process faster and easier for brokers and their borrowers,” said Mat Ishbia, president and chief executive officer of UWM. “Borrowers do their banking online, file tax forms online and have direct deposit so the mortgage process should be a doc-less process as well, and UWM is proud to lead the way.”

The doc-less movement pairs with UWM’s already available e-sign technology to eliminate the need for borrowers to wet sign documents. This will significantly change the way that loan officers and processors do business–taking what previously took days will now take minutes.

Currently, 11 percent of UWM’s closed loans are doc-less, and the goal is to have 75 percent of all UWM loans doc-less by the end of 2017. As part of its commitment to drive green initiatives in the mortgage business, UWM will be planting a tree on behalf of the borrower for each doc-less loan that it closes in 2017.

Published
Nov 07, 2016
More from
Tech
The Twelve Days of Renewals

The 2021 Renewal season brought no holiday joy to either regulator or industry users

Regulation and Compliance
Dec 07, 2021
OpenClose Launches Mobile Assist

OpenClose, a fintech provider of mortgage software solutions for banks, credit unions, and mortgage lenders launched its native mobile app platform, Mobile Assist.

Tech
Dec 07, 2021
Banks And Investors Stake Claim To Their Domain

December 22, 2021, Valencia’s fully digital auction house will auction off .finance and .financial domain names.

Tech
Dec 02, 2021
Why Short-Term Closing Fixes May Be Holding Lenders Back

2020 became a record year for eClosing and eNote adoption

Tech
Dec 01, 2021
Servion Taps Sagent For Consumer-First Servicing Tech Stack

A 7-year deal between Servion Mortgage and Sagent will equip Servion with Sagent's tech stack for performing, non-performing, and consumer experience.

Tech
Nov 29, 2021
OptiFunder Secures $25 Million In Capital

OptiFunder, a warehouse management system provider for mortgage originators, raised $25 million in additional capital lead by Arthur Ventures, a growth capital firm focused on high-growth, founder-led and capital efficient B2B software companies.

Tech
Nov 23, 2021