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.
