AI-powered tool helps brokers stay competitive
United Wholesale Mortgage (UWM) is tapping into artificial intelligence to help brokers identify potential refinancing opportunities for their clients.
UWM’s new system, called KEEP, uses AI to monitor existing loans and pinpoint when a borrower could save money by refinancing.
KEEP scans borrower data from previously closed loans, automatically alerting brokers when a client is eligible for refinancing that could lead to savings on monthly mortgage payments. Once identified, borrowers are notified via email with a link to a simple refinance application. If they have questions, they can connect with their mortgage broker to discuss loan terms and options.
The tool arrives at a time when mortgage rates have dropped compared to last year, sparking renewed interest in refinancing.
Refinance applications increased 1% from the previous week and were up 106% compared to the same week last year, according to the Mortgage Bankers Association.
“With rates almost a full percentage point lower than a year ago, refinance applications continue to run much higher than last year’s pace,” said MBA deputy chief economist Joel Kan. “It is a positive development that there are homeowners who can benefit from a refinance as rates continue to move lower.”
Although the potential for refinancing remains limited due to many existing mortgages with sub-5% rates, Kan added, some borrowers still stand to gain from refinancing – which UWM hopes to capitalize on with its AI-powered system.
“The refi boom is here, and we know there are millions of borrowers who will benefit from a refinance right now,” said Mat Ishbia, president and CEO of UWM.
The wholesale giant said the KEEP system is aimed at helping brokers maintain relationships with their clients in a competitive market where retail lenders and large banks aggressively target customers for refinancing. KEEP gives brokers the ability to reach out to clients at the right time, without waiting for clients to initiate the conversation.
“When a refi market hits, one of the biggest challenges loan originators face is staying in front of their past clients and competing with the substantial budgets and aggressive marketing tactics of large banks and retail lenders,” UWM wrote in its Press release. “KEEP alleviates that pressure and helps brokers KEEP their past clients.”
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“At UWM, we’re doing everything we can to help independent mortgage brokers across the country retain the clients they’ve worked so hard to build trust with, especially at a time when retail competitors and large servicers are intensely working to solicit them,” Ishbia added.
“KEEP’s proprietary technology will create the easiest refi process ever - providing opportunity to the broker and significant savings to the borrower. It gives brokers the competitive edge they need to succeed in this market and further solidifies why the wholesale channel is the best place for consumers to get a mortgage and loan originators to work.”
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