Constant innovation. Forward-thinking development. Willingness to adapt. Simplifying business practices.
All of those phrases are firmly implanted in the mind of United Wholesale Mortgage President and CEO Mat Ishbia, and fittingly apparent in how UWM runs its day-to-day business. That tech-centric focus of Ishbia and the 2,200+ team members at the Troy, Michigan-based mortgage giant is what has distinguished UWM as the most widely used wholesale mortgage lender by mortgage brokers throughout America.
In a fairly dated industry when it comes to tech, where the only consistent change is the variation of daily interest rates, UWM is a breath of fresh air in the mortgage industry with a seemingly endless stream of technology advancements and innovation.
More than any other wholesale lender, UWM has made it a point in recent years to regularly bring new technology platforms, programs and enhancements to market. All of it is geared around one thing: helping mortgage brokers stand out and compete against mega banks and retail lenders. UWM wants mortgage brokers to be the obvious choice in every circumstance for consumers nationwide.
“The most important message we push out in national media is that mortgage brokers are the best option for borrowers to get a mortgage,” said Ishbia. “Everything we do is about making sure mortgage brokers have the best technology, the best tools, and the easiest processes so they can deliver the best service to their clients.”
In recent months, UWM made headway in the mortgage industry by becoming the first lender to offer the first 100% virtual eClosing. While eClosings existed before UWM’s recent virtual eClosing launch, previous products were a “hybrid” version – meaning that an in-person notary was required to attend the closings with the borrowers and they digitally passed around a tablets or laptop computers and signed each document. UWM’s version has no such requirement. Borrowers have ultimate flexibility and can complete the entire closing process in the comfort of their own home or literally anywhere, by communicating with a remote notary via FaceTime or Skype. Virtual e-closings are truly the way of the future.
Prior to virtual eClosing, another major UWM unveiling was its Blink technology, an all-digital, multi-functional loan portal that allows borrowers to start the loan application process, pull their credit, eSign documents, verify assets, and track the status of their loans – from any mobile device or computer. In contrast to other consumer-facing mortgage apps in the industry, Blink offers borrowers the benefit of working with a mortgage broker throughout the entire process, should they need advice or assistance.
Completing the cycle of full digitization, UWM’s doc-less system combined its eSign technology with systems that securely and automatically verify income, assets and tax returns.
UWM’s approach to making the loan process as easy as possible through its technology stems from its valuation of relationships over transactions – a rarity among wholesale lenders throughout the country.
While just about every other wholesale lender in the country offers both retail and wholesale services, UWM is solely committed to the wholesale channel. The business decision to be wholesale focused makes a drastically positive impact a broker’s bottom line, because a wholesale lender who does not steal or try to retain a mortgage broker’s client is worth their weight in gold.
“Brokers tell us all the time that they appreciate working with UWM because our technology and service are great, and because they don’t have to worry about us running off with their loans,” Ishbia said. “A broker’s client list is their livelihood. Their ability to grow their business and do repeat business with past clients is how they feed their families, how they put their kids through school.”
UWM is always on the cutting edge of partnership tools, ensuring that mortgage brokers always have future business opportunities by staying in front of their respective clients:
- UConnect: After a borrower closes their loan, UWM monitors their future mortgage credit pulls for mortgage brokers. If the borrower is in the market for a purchase or refinance, UWM connects the borrower back to the original mortgage broker who closed the loan.
- UTrack: Just like tracking a package being shipped through the mail, UTrack allows mortgage brokers, borrowers and real estate agents to see in real-time where the loan is in the process, from underwriting through closing.
- Unite: UWM sends quarterly personalized home mortgage value emails to borrowers, on the mortgage broker’s behalf, that are loaded with valuable information about their home, their loan and what’s happening in the market.
- Client Loyalty Manager: A customizable dashboard featuring all of the mortgage brokers past clients where they will get notified and prompted to send personalized emails to their borrowers for their birthday, loan anniversary and, most importantly, when rates change in their favor.
Considering UWM’s unwavering drive to be the tech trendsetter in the wholesale mortgage industry, it is easy to see why more mortgage brokers are choosing to work with the lender that has outperformed its competition for nearly three consecutive years.