United Wholesale Mortgage is expanding the role of its underwriters, putting them in charge of work that traditionally moves among processors, underwriters, and other operations staff.
UWM on Wednesday launched Underwriting+, a new program that assigns an underwriter to not only review a mortgage file, but also help collect missing documentation, communicate directly with borrowers and third parties, resolve questions, clear conditions, and move the loan toward closing.
The shift effectively combines much of the processing and underwriting work on participating loans under a single person — an approach UWM says can eliminate handoffs that slow down the mortgage process.
For mortgage brokers, the pitch is straightforward: spend less time managing the loan after submission and more time originating.
“Brokers should spend their time doing what they do best: originating loans and selling the right product and rate to their borrowers,” UWM President and CEO Mat Ishbia said.
“From there, we’ve got it,” Ishbia added. “With Underwriting+, the same underwriters brokers already work with, trust, and love will not only underwrite the loan, they will handle the processing and communicate with borrowers and third parties to ensure the loan closes in a timely fashion.”
UWM Reports 8.3-Day Clear-To-Close
UWM says thousands of loans went through an Underwriting+ pilot before Wednesday's launch.
Those loans averaged 8.3 days from submission to clear-to-close and required an average of 2.1 underwriting touches per file, according to the company.
The numbers offer a glimpse into what UWM is trying to accomplish: reducing the number of people and interactions required to get a loan from submission to approval.
The model represents a notable change in workflow.
Traditionally, an underwriter identifies conditions necessary to approve a mortgage, while processors or other operations employees work to collect the documents needed to satisfy them. Underwriting+ puts both responsibilities largely in the hands of the underwriter who already reviewed the file.
That includes direct borrower communication.
UWM says the underwriter can work with borrowers and third parties to obtain missing documentation and resolve outstanding conditions rather than waiting for those requests to travel through other people involved in the transaction.
Another Step Toward Fewer Touches
Underwriting+ builds on a years-long effort by UWM to reduce the operational work required of its broker partners and shorten the path from submission to approval.
In 2021, UWM launched BOLT, a self-service underwriting platform designed to provide initial approval for eligible loans in as little as 15 minutes. More recently, the lender rolled out Loan Lab and an AI-powered Income Calculator aimed at reducing back-and-forth between brokers and underwriters by identifying potential issues earlier in the process.
UWM also has increasingly moved technology into borrower communication. Its Mia AI assistant can communicate directly with borrowers on behalf of brokers, including handling inbound calls and conducting post-closing and refinance outreach.
Underwriting+ takes a different approach to the same efficiency problem.
Rather than adding another automated tool between the broker and underwriter, UWM is consolidating more responsibility with the underwriter. The person reviewing the loan can also help obtain documents, communicate with the borrower and third parties, clear conditions, and move the file toward closing.
UWM already offers processing assistance through Processor Assist and PA+, which can shift portions of the post-submission workload away from a broker shop. Underwriting+ goes further by combining more of that work with the underwriting function itself.
The latest UWM offering isn't simply designed to make an underwriting decision faster. It's designed to reduce the number of people needed to get from that decision to the closing table.
What It Means
For originators, the significance may ultimately depend on how much work Underwriting+ actually removes from the broker shop.
Processing has traditionally been a meaningful operational function for mortgage brokers, whether performed internally, outsourced, or supplemented through lender-provided services.
Underwriting+ potentially shifts more of that work downstream to UWM after submission.
It also means the lender's underwriting staff may have more direct interaction with a broker's borrower while a loan is in process.
The company continues to promote broker control of the customer relationship elsewhere in its platform. For example, UWM says brokers can customize certain loan communications, and its post-closing borrower communications are designed to direct customers back to their broker for future purchase or refinance needs.
For UWM, meanwhile, consolidating responsibilities under one employee could test whether fewer handoffs translate into meaningfully faster closings at scale.
The lender's technology already allows multiple operations teams to work on the same mortgage simultaneously and alerts employees to missing or incomplete items.
Underwriting+ approaches the same efficiency problem from another direction: reduce the number of teams that need to touch the loan in the first place.
From Sept. 23 through Dec. 31, UWM said broker partners can use Underwriting+ processing at no cost on three loans.
