Whitney Bulbrook, the president of Carolina Ventures Mortgage, was equally effusive. She said: “Initial approval in 15 minutes is a game changer. This automation of the lending process puts the broker in the driver’s seat.
“I’ve been originating loans since 2005 and the last six years working with UWM has revolutionized my field.”
Yury Shraybman, broker at Innovative Mortgage Brokers, said brokers could save between two and three days for initial underwriting, which meant closing loans “10%-15% faster”.
He said: “When the initial loan is submitted to underwriting, the borrower is extremely nervous until the approval is received. If, as brokers, we can help to alleviate that stress for them, I think that’s tremendous.
“The only downside I see, is if the technology is not working correctly; if the conditions will be missed from the original approval and then added later on manually by the underwriters – that would negatively impact the process.”