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UWM's BOLT uses data extraction, auto doc recognition, and smart technology to input information from items such as driver’s licenses, income statements, county records, and more. The company stated that it also provides brokers access to the same income calculator used by UWM underwriters. Using automated tools and artificial intelligence will notify the user of any potential discrepancies.
The new feature can be found in UWM’s loan origination system, EASE. When brokers upload a loan application with required documentation, they will then be able to elect to use BOLT. This will provide them with a step-by-step process that will allow them to complete the initial approval.
“UWM built this technology, which uses things like doc recognition and indexing,” said Mat Ishbia, president and CEO of UWM. “This will allow initial approval of the file to be completed in minutes rather than hours, while also ensuring guardrails and quality standards are in place.”
UWM also announced the launch of The Source, a new customizable search engine that delivers information such as guidelines, all interpretations, and UWM product updates. The Source searches multiple databases and uses smart search technology to generate search results.