There’s no question that Dr. Seuss’ beloved character The Lorax would be supportive of mortgage lenders’ efforts to eliminate paper from the mortgage process by making it fully electronic.
But the little guy would be really pleased if he knew that United Wholesale Mortgage (UWM) would be planting a tree for each doc-less loan closed via its network.
UWM reports that it has launched a suite of new tools that ultimately allow borrowers to avoid having to submit hard copies of documentation needed for loan approval.
About a month ago, the company rolled out a new automated income verification tool. Prior to that, it introduced new e-sign technology.
More recently, UWM has introduced new tools for automated asset verification and tax returns.
UWM claims it is one of the first wholesale mortgage lenders to offer this “doc-less” technology. Calling it a “revolution,” UWM says its goal is to create “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.”
“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,” says Mat Ishbia, president and CEO of UWM, in a release. “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.”
UWM says about 11% of its closed loans are doc-less, currently, and its goal is to have 75% of all loans doc-less by the end of 2017.
As part of its commitment to drive green initiatives in the mortgage business, UWM says it will plant a tree on behalf of the borrower for each doc-less loan that it closes in 2017.