United Wholesale Mortgage (UWM) has launched two innovative artificial intelligence (AI)-powered tools designed to empower mortgage brokers and enhance borrower experience. The new technologies, unveiled at UWM’s Live! event in Pontiac, Michigan, aim to improve broker competitiveness and client retention as refinancing activity is expected to surge.
The first tool, called LEO (Loan Estimate Optimizer), enables brokers to analyze competitors’ loan estimates line by line, identifying ‘gaps and opportunities’ to offer more competitive deals. By simply dragging and dropping a loan estimate into UWM’s platform, brokers gain access to valuable insights, including reduced title fees, appraisal credits, and basis points to improve pricing. UWM’s CEO, Mat Ishbia, likened LEO to having ‘the most intelligent loan officer in America’ reviewing an estimate in seconds and providing actionable advice on how to beat it. ‘LOs aren’t getting replaced by AI, but LOs who don’t use it will get replaced,’ Ishbia emphasized to the audience of approximately 6,000 attendees.
The second innovation, MIA (Virtual Loan Officer Assistant), is a customizable AI-powered assistant that helps brokers engage with clients more effectively. MIA can make calls, send messages, schedule appointments, and collect callback information, all while being branded with the broker’s identity. The assistant reminds clients about upcoming payments 20 days after loan closure and regularly checks in with past borrowers, notifying them when interest rates drop and they become eligible for refinancing. According to Ishbia, MIA handles ‘one of the biggest challenges loan officers face’ – consistent follow-up with past clients – allowing LOs to focus on higher-value tasks such as attending open houses and building relationships with real estate agents.
The introduction of LEO and MIA comes as UWM brings its servicing operations in-house following the termination of its contract with Mr. Cooper due to its acquisition by Rocket Mortgage. UWM is already answering servicing calls 24/7, and MIA is expected to play a crucial role in this strategy, eventually supporting multiple languages.
These new technologies align with UWM’s ambitious goal to double its origination volume to $280 billion over the next three years. The company has recently unveiled six other AI-powered technologies, demonstrating its commitment to leveraging innovation in the mortgage industry.