Independent mortgage brokers operate in a challenging environment that requires continuous innovation to compete and succeed. United Wholesale Mortgage (UWM) recognizes what brokers need and provides the technology and expertise to support their continued success.
Squeezed between rising interest rates and heightened borrower expectations, brokers need efficient, cost-effective solutions that make the application process easier for consumers.
UWM offers a variety of game-changing innovations to its broker network, including a new borrower link, Blink, that lets independent brokers compete against some of the biggest retail lenders in the market.
The new all-digital loan portal modernizes the way mortgage brokers work with consumers, enabling borrowers to combine the simplicity and flexibility of mobile technology with applying for a home loan.
“Technology and consumer-driven tools are building momentum within the mortgage industry,” said Mat Ishbia, president and CEO of UWM. “With Blink, new homebuyers or existing homeowners will be able to initiate the loan process from any mobile device, in the comfort of their home, on their own time. We’re proud to make this great tool available to brokers throughout America, as we believe that brokers are the best place for all borrowers to get a loan. It is a focus of ours to give brokers access to the best technology tools to compete with the mega retail lenders.”
Blink is a multi-functional portal that allows consumers and brokers to take an application no matter where they are. Borrowers are given the capability to start the loan application process, pull their credit, e-sign documents, verify assets, and track the status of their loans – from anywhere. And Blink is free, easy to set up, and can be fully branded to individual brokers.
Blink combines two things that borrowers, especially Millennial borrowers prize: digital capability with a human touch. The Accenture North American Consumer Retail Banking Survey in 2016 found that a seamless omni-channel experience is a top concern for borrowers. “Customers demand a digital experience while expecting an option for human interaction during complex transactions, like a mortgage,” the study concludes.
With Blink, borrowers can complete the mortgage process entirely on their own if they choose, or seek assistance from their mortgage broker at any time. Blink allows brokers to co-browse screens with their clients in real-time to guide them through the process. Additionally, if a borrower wants to meet their broker in person, they can do that and still complete the application online together.
“UWM made it very easy for me to realize the value this tool can bring to my business,” said Jason Davis of Oceans Mortgage. “Offering a smart mortgage application shows UWM’s dedication to advancing technology within the mortgage industry.”
Blink also offers these benefits:
• Brokers can automatically pull borrowers’ credit
• Borrowers can order assets and upload supporting documents
• Brokers can use for 100% of their loans, even the ones that aren’t with UWM
• Borrowers can upload applications 24 hours a day
• Brokers can utilize a customizable ad kit to introduce Blink to customers
INNOVATIVE PRODUCTS AND SERVICES
Blink is just the latest in a long line of innovative products and services that UWM has developed to support its brokers, which is one of the reasons the company is the No. 1 wholesale lender in the country.
UWM, which has a network of over 7,000 participating brokerage firms nationwide, offers a full range of loan products, including conventional, FHA, USDA, VA, jumbo and non-agency loans, in all 50 states.
With home prices increasing in almost every market, UWM has taken a proactive approach to making sure brokers have a variety of products to offer borrowers who have good credit and income, but might not be able to afford a large down payment.
In 2016 the company began participating in Fannie Mae’s HomeReady program and Freddie Mac’s Home Possible program, which allow borrowers to obtain a mortgage with as little as 3% down. Then UWM became one of the first wholesale lenders in the country to offer a 1% down payment option in the form of a conventional loan, as opposed to a government-backed mortgage.
UWM rolled out its 1% program in July 2016 to provide eligible homebuyers with a 2% lender-paid down payment that gives consumers a 3% equity at closing. The 1% down program is available to homebuyers in all 50 states with a minimum FICO score of 700 and a maximum debt-to-income ratio of 43%.
Operationally, the company has streamlined the mortgage process for brokers so that they can deliver a great experience for borrowers. From UWM’s Loan Origination System, EASE, to its e-sign technology and systems to automatically verify income, assets and tax returns, the whole goal is to make the mortgage process as fast and easy as possible.