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UWM the wholesale lender has launched a new, potentially game-changing platform expected at achieving 15-minute initial approval for eligible borrowers.
The Pontiac-based company hailed it as a “revolutionary tool”, ‘Bolt’ is intended to provide quick loan approvals with less touch, allowing initial approval of the file to be accomplished in minutes instead of hours.
Mat Ishbia who is the firm’s president and CEO unveiled the product at the Association of Independent Mortgage Experts (AIME) live Fuse event in Las Vegas at the weekend – AIME’s first ‘in person’ get-together ever since the pandemic.
The automatic document recognition, data extraction, and smart technology to input information from such items as driver’s licenses, income statements, and county records are handled by Bolt.
The Brokers are also given the right to use the same income calculator used by UWM underwriters while notifying the user of latent discrepancies by this platform.
The new attribute can be accessed in UWM’s loan origination system by Ease according to a company statement.
Brokers can then decide on to use Bolt when they upload a loan application with mandatory documentation.
This will supply them with a step-by-step procedure that will allocate them to complete the initial approval when desired, supposedly creating a faster experience and fewer underwriting touches.
Ishbia said in a statement Bolt will “forever” change the method underwriting is done.
Reference Source: MPA
