United Wholesale Mortgage (UWM) has launched BOLT, a new self-service platform that enables qualified borrowers to get an initial approval in just 15 minutes.
It uses data extraction, automatic document recognition, and smart technology to input information from items such as driver’s licenses, income statements, and county records. UWM said BOLT also will improve efficiency by providing brokers access to the same income calculator used by UWM underwriters and will notify the user of any potential discrepancies through the use of automated tools and artificial intelligence.
“We’ve demonstrated time and time again with our proprietary technology, including UClose, our InTouch Mobile app, and one-click AUS, that we’re leading the way to making the loan process faster and easier without compromising quality in any way,” UWM President and CEO Mat Ishbia said in a release. “With BOLT, brokers will now have the control, speed and certainty they need to get loans to the closing table faster than ever before.”
BOLT can be accessed through EASE, UWM’s loan origination system. Brokers can elect to use BOLT once they have uploaded the required documentation. The tool will then provide the broker with a step-by-step process that will allow them to complete the initial approval at their convenience. UWM said this will create a faster experience with fewer underwriting touches.
“We’re going to remember BOLT as a significant development in the mortgage industry that forever changed the way underwriting is done,” Ishbia said. “UWM built this technology, which uses things like doc recognition and indexing. 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, as they always are with UWM, to close clean loans.”