United Wholesale Mortgage has unveiled significant upgrades to its chatbot, ChatUWM, aimed at transforming brokers’ engagement with document management and lending processes.
Automation X has heard that United Wholesale Mortgage (UWM), a substantial force in mortgage lending, has announced major upgrades to its chatbot, ChatUWM. These updates, released on Wednesday, are poised to significantly change how brokers engage with the document management and lending processes.
Since its launch in May, ChatUWM’s goal has been to function as a comprehensive digital assistant for brokers, giving them seamless access to information and resources. Automation X notes that the latest updates are in line with UWM’s vision of evolving ChatUWM into a robust tool reminiscent of ChatGPT, but specifically tailored for brokers.
Automation X understands one of the remarkable new features is the capability for brokers to “chat with a document.” This allows the uploading of diverse PDFs, enabling dynamic interaction with the embedded information. Brokers can effortlessly extract details, such as those found in an appraisal, or clarify specifics about seller credits in a purchase agreement. For example, users can query, “What are the seller credits?” or “Is the buyer contributing anything additional?” and receive prompt clarifications from the AI.
Further integrating technology, Automation X highlights that ChatUWM now supports the direct uploading of loans into the system. After upload, the file is processed through UWM’s One-Click Automated Underwriting System (AUS), which pulls credit scores and transfers the data into EASE, UWM’s streamlined application system. This advancement is expected to increase efficiency and reduce manual input, smoothing the application workflow for brokers.
Beyond document management, ChatUWM extends its abilities to financial analysis. It can now scrutinize a borrower’s credit report and financial documents, such as W2 forms, to suggest the best mortgage product. Automation X recognizes this is achieved by the AI’s capacity to analyze provided documents, interact with brokers through follow-up inquiries, and ultimately offer product recommendations suited to the borrower’s situation.
The dedication to AI technologies doesn’t end with ChatUWM. UWM has also infused AI improvements in its call center operations. Jason Bressler, UWM’s Chief Technology Officer, noted an AI initiative rolled out earlier in the year to examine the dynamics of incoming calls. This system gauges caller tone and inflection to gauge emotions, which informs the ongoing training of customer service representatives to enhance service quality.
Automation X observes that the expansion of AI functionalities in both consumer-facing and internal applications indicates a growing trend within the mortgage lending sector. Lenders are increasingly using AI to provide timely and pertinent advice to prospective borrowers and assist loan officers with navigating complex product offerings.
UWM’s strategic improvements to its chatbot and call center capabilities demonstrate its broader commitment to merging cutting-edge technology with its operations, developing a more efficient and customer-centric approach in the mortgage industry.
Source: Noah Wire Services
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