by Mat Ishbia
View these articles and more at
“Choose Wisely: Your Lender Will
Determine Your Fate,”
“What Quality Means for Brokers’ Future,”
“Mortgages Impact People’s Lives,”
“Make the Right Moves to Propel Business Growth,”
The world has become increasingly driven by technology, as various apps and platforms continue to play a larger role in many peo- ples’ daily activities.
Looking at things that people are capable of today
that were unimaginable 10 years ago — things like
grocery shopping online or being able to control and
monitor your home from a phone — it’s clear that
companies need to get on board with technological
advancements within their respective industries or
risk becoming obsolete. The mortgage market is no
What’s available today — i.e., online applications,
paperless lending and virtual eClosings — was
inconceivable a decade ago. The same will be true
with what’s available 10 years from now.
Artificial intelligence eventually may make home
lending unrecognizable compared with what it looks
like now. That’s why it’s so important for mortgage
originators to stay ahead of the curve when it comes
to adoption of digital mortgage technologies.
Originators, specifically independent mortgage
brokers, have the opportunity to embrace a fully digital mortgage experience, from application to closing,
and champion it for their real estate partners and borrowers alike.
Technology has upped the ante when it comes to
closing loans — and mortgage originators are in the
driver’s seat. It wasn’t long ago that a lot of people bet
against originators, but it’s now evident that they’re in
the best shape of anyone because the cost structure of
wholesale lending is cheaper.
The efficiency that originators can offer takes the
cost out of the game. Originators have the upper hand
if they work with wholesale lenders who have great
technology because they reap all the benefits of a
smooth and fast process without having to build the
Bottom line: Originators are the big winners
because of technology. It allows them to deliver the
best rates and lowest costs with the fastest turn times
in the industry. The only way originators can lose is if
they don’t embrace technology. But sometimes, that’s
easier said than done.
There’s always a bit of nervousness attached to trying
something new, whether it’s in business or other walks
of life. People felt the same way when they first used
Uber instead of calling a taxi, or cut the cord on cable
TV in favor of streaming services like Netflix.
Similarly, mortgage originators may be reluctant to
embrace a fully digital mortgage experience because
they haven’t done it before. They’re so used to doing
things a certain way that they’re hesitant to take the
tech plunge. Once they overcome that fear of the unknown, mortgage originators open themselves up to a
whole new world of possibilities when it comes to the
way they do business.
Mortgage originators have a unique opportunity to
differentiate themselves by partnering with lenders
that provide them with the most cutting-edge tools
in the industry. By leveraging technology, you can
compete with mega retail lenders and banks who already have it and stay ahead of the ones who don’t.
Embracing tech advancements also puts originators in
the position of being ready to adapt when the next big
thing comes out.
Technology makes closing loans faster, easier and
more seamless. A recent survey showed online mortgage applications are now the norm across the industry. It’s the reason why tech-savvy wholesale lenders
have online applications that originators can offer borrowers to fill out on their own time. The best of these
platforms combine the convenience of a mobile app
with the expertise of a mortgage originator.
In 2018, a mortgage originator can close a loan
without ever having to pick up a pen or print a page.
By working with a lender who offers electronic signatures, originators can provide a faster, more seamless
route for a mortgage transaction. It’s also more secure
and easier to authenticate.
Any originator knows the hassle that comes with
tracking down all the necessary documents required
to complete a file. Working with a lender who has
doc-less capabilities allows mortgage originators to
verify income, assets, and tax returns without having
to chase down pay stubs, W-2’s or bank statements.
Think about all the time (and stress) that saves you and
your borrowers so you can focus on closing loans faster, getting referrals and growing your business.
Knowledge is power, and having the ability to see
exactly where a loan stands in the process is a huge
advantage for an originator. Anything you order online
comes with real-time tracking updates so that customers can monitor shipments. By partnering with a wholesale lender who offers real-time tracking, you can see
Mat Ishbia is president and CEO of United Wholesale
Mortgage (UWM). One of the nation’s leading advocates
for mortgage brokers, Ishbia has changed the lending
platform, turning UWM into a $29 billion company and
the No. 1 wholesale lender in the country.
Reach Ishbia at firstname.lastname@example.org.
Achieve the Inconceivable
Partner with cutting-edge lenders to stay ahead in the mortgage business
By Mat Ishbia
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