UWM rolls out AI tools to analyze rivals’ offers, virtually assist borrowers

United Wholesale Mortgage (UWM) is rolling out new artificial intelligence (AI)-powered tools designed to help brokers analyze competitors’ loan estimates and assist borrowers online. The tools aim to improve retention as refinancing activity is expected to rise.

The company announced the launches during its UWM Live! event on Thursday in Pontiac, Michigan, amid intensifying competition and M&A activity across the mortgage industry.

The move also comes as UWM brings its servicing operations in-house. That followed the termination of its contract with Mr. Cooper due to its acquisition by Rocket Mortgage. 

The loan estimate optimizer, dubbed LEO, identifies “gaps and opportunities” line by line, enabling brokers to offer better deals to borrowers.

Brokers can drag and drop a loan estimate into UWM’s platform to begin the analysis. From there, they gain access to reduced title fees, appraisal credits or basis points to improve pricing.

Mat Ishbia, president and CEO of UWM, likened LEO to having the most intelligent loan officer in America review an estimate in seconds and advise “how to beat it.” He told roughly 6,000 attendees at the event that “LOs aren’t getting replaced by AI, but LOs who don’t use it will get replaced.” 

Jason Bressler, UWM’s chief technology officer, said LEO was built to quickly scan, extrapolate and analyze loan estimate data, offering “true education” on how other lenders sell mortgages.

LO assistant

UWM also launched MIA, a virtual loan officer assistant focused on client engagement. Built by the company’s in-house technology team, MIA can be customized with brokers’ branding and is designed to make calls, send messages, schedule appointments and collect callback information.

MIA reminds clients about upcoming payments 20 days after their loan closes. It also regularly checks in with past borrowers, notifying them when interest rates drop and they become eligible for refinancing.

“Consistent follow-up with past clients is one of the biggest challenges loan officers face, and MIA handles that for them, from thanking them for their business after a closing, to reaching out to them regularly staying in touch, to calling them when their rate could be lowered and scheduling meetings with their LO,” Ishbia said in a statement.  

The assistant allows LOs to focus on higher-value tasks, such as attending open houses or building relationships with real estate agents. Ishbia said that UWM wants LOs to be “doing $500 work, not $15 work.” 

Bressler said MIA is a technological revolution in the sense that it “hypes up the loan officer, pulls up data points on the LOs, and knows different loan types.”

MIA arrives as UWM shifts its servicing operations in-house following Mr. Cooper’s agreement to sell to rival Rocket Mortgage. Ishbia said the company is already answering servicing calls 24/7, and MIA — which is eventually expected to support multiple languages — will be a key part of that strategy.

As for potential early payoffs (EPOs) tied to refis, Ishbia said that “EPOs mean we’re doing a lot of business.”
The introductions of LEO and MIA also come on the heels of UWM’s stated goal to double its origination volume to $280 billion over the next three years. The company also recently unveiled six new AI-powered technologies.