Program helps brokers develop talent with no prior experience into licensed MLOs
United Wholesale Mortgage (UWM) has rolled out a new program called BrokerX, designed to fast-track individuals with no prior experience into licensed mortgage loan originators (MLOs) within five weeks.
During the launch of the program, UWM chief executive Mat Ishbia pointed out that one of the biggest hurdles for brokers is the time-consuming process of training and getting new loan officers licensed. The new program, he said, would remove that barrier, allowing brokers to bring in fresh talent more easily.
“With BrokerX, we’re eliminating this barrier and empowering brokers to hire as many individuals as they wish,” Ishbia said during the Association of Independent Mortgage Experts’ (AIME) annual FUSE event in New Orleans.
BrokerX will “take care of the training, coaching and licensing,” Ishbia explained, adding that once the program is completed, participants will be fully licensed and ready to originate loans, contributing to the “growth of the wholesale channel and help even more consumers across the country.”
How BrokerX works
Over the course of five weeks, participants will undergo virtual training, preparation for the SAFE MLO test, and on-site professional development. The first four weeks focus on virtual instruction, with candidates participating in Nationwide Mortgage Licensing System (NMLS)-approved training through OnCourse Learning.
After passing the SAFE MLO test, participants will spend their final week at UWM’s headquarters for hands-on training.
According to the company’s media release, the cost of the program includes a $250 registration fee, and participants are responsible for covering the costs associated with the SAFE MLO test, background checks, and credit checks. The first session is scheduled to begin on October 21.
Refi boom preparation
BrokerX was launched shortly after UWM unveiled KEEP, an AI-powered system designed to identify refinance opportunities for borrowers.
KEEP scans existing loan data and automatically alerts brokers when a client may benefit from refinancing to reduce monthly payments. Borrowers also receive an email with a link to start the refinance process and can consult their broker if they need more information on loan terms and options.
Ishbia has been vocal about his belief in an impending refinance boom, which he first predicted at the AIME 2022 FUSE conference in Las Vegas.
Read next: UWM chief predicts refi boom
“The refi boom is here, and we know there are millions of borrowers who will benefit from a refinance right now,” Ishbia said.
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