United Wholesale Mortgage has rolled out a new tool that allows mortgage brokers to receive automated income verification.
The tool eliminates the need to obtain hard copies of W-2 forms, 30-day paystubs and other income-related documents from borrowers for loan approval. Consequently, the tool facilitates brokers' moves to a document-free process.
"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," United Wholesale CEO and President Mat Ishbia said in a news release Tuesday. "The verification process will save time and make the loan submission process even smoother."
The tool is available for both purchase and refinance loans. Currently, it can only be used for "W-2 borrowers," but United Wholesale said future phases will make it available to self-employed borrowers.
