Whitney Bulbrook, the president of Carolina Ventures Mortgage, was equally effusive. She said, “The first 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 lending since 2005 and the last six years with UWM have revolutionized my field.”
Yury Shraybman, broker at Innovative Mortgage Brokers, said brokers could save between two and three days on the initial subscription, which meant loans were “closed 10-15% faster”.
He said, “When the first loan is presented for subscription, the borrower is extremely nervous until approval is received. If we as brokers can help reduce this stress for them, I think it is enormous.
“The only downside I see is when the technology doesn’t work properly; if the conditions are missing from the initial approval and are later added manually by the underwriters – that would have a negative impact on the process. “