Lender Launches Doc-Less Mortgage Movement

United Wholesale Mortgage (UWM) is moving forward with its “go doc-less” movement, introducing an automated suite of tools that bypass submitting hard copies of documentation needed for loan approval. Following an automated income verification tool that was released less than one month ago, this latest platform includes automated asset verification and tax returns, further enhancing the doc-less loan experience provided by UWM.

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UWM’s line of doc-less technology is a revolution being put into effect by the nation’s No. 1 wholesale lender, aimed at creating a greener, hassle-free process for brokers to make sure their borrowers no longer need to chase down pay stubs, tax returns, or bank statements. All of that will be done behind the scenes and verified by UWM. It is a system that seamlessly and securely links to existing databases to automatically verify income, assets and tax returns.

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“We’re taking a big step forward by introducing an automated verification technology in order to make the lending process faster and easier for brokers and their borrowers,” said Mat Ishbia, President and CEO of UWM.

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“Borrowers do their banking online, file tax forms online and have direct deposit so the mortgage process should be a doc-less process as well, and UWM is proud to lead the way.”

The doc-less movement pairs with UWM’s already available e-sign technology to eliminate the need for borrowers to wet sign documents. This will significantly change the way that loan officers and processors do business – taking what previously took days will now take minutes.

Today, 11% of UWM’s closed loans are doc-less, and the goal is to have 75% of all UWM loans doc-less by the end of 2017. As part of its commitment to drive green initiatives in the mortgage business, UWM will be planting a tree on behalf of the borrower for each doc-less loan that it closes in 2017.

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.