United Wholesale Mortgage (UWM) has launched a new tool for its clients: Automated income verification.
“Our new automated income verification tool makes the loan process easier and faster for borrowers, more efficient for mortgage brokers, and more accurate for our team at UWM,” said Mat Ishbia, president and CEO of UWM, in a release. “The verification process will save time and make the loan submission process even smoother.”
The new tool enables mortgage brokers to avoid the hassle of obtaining hard copies of W2 forms, 30-day pay stubs and other documents needed for loan approval.
It also enables borrowers and brokers to go “doc-less” as they navigate the loan process.
The tool applies to all of UWM’s conventional products and is available for purchases and refinances.
Currently applicable solely to W2 borrowers, future phases of automated income verification will be made available to many self-employed borrowers.