United Wholesale Mortgage announced the rollout of two artificial intelligence-powered tools designed to give mortgage brokers an added edge in competing for and retaining borrower business.
One of the tools is an AI-powered voice bot named Mia, which acts as a personal assistant for brokers. The other tool, called LEO, helps brokers present more competitive loan offers to borrowers than those offered by rival wholesale lenders.
Chatbot Mia, announced at the UWM LIVE! event Thursday, functions as a loan officer assistant that works around the clock to field client questions, schedule appointments and take messages for UWM broker partners. "By doing so, brokers never have to worry about answering or missing a call," the company said in a news release.
But it also helps with consumer retention via Mia's outbound call capabilities.
The voice bot, built by UWM's in-house technology team, can contact consumers 20 days after a loan closes to remind them of their first mortgage payment, check in with past borrowers 180 days after closing, and notify them when rates drop for refinancing opportunities.
"Consistent follow-up with past clients is one of the biggest challenges loan officers face, and Mia handles that for them," said Mat Ishbia, CEO of UWM, in a statement. "All of this allows clients to scale in a way that's never been seen in this industry or any other industry."
Meanwhile, the LEO tool, also announced during UWM's annual event, allows brokers to drag and drop a competitor's loan estimate into the company's ChatGPT-powered platform. The system then generates opportunities to beat the competitor's offer and provides brokers with talking points to help them initiate a conversation about a counterproposal with the client.
Ishbia compared the tool to "having the most intelligent LO in America review a loan estimate and tell you how to beat it."
"We already know brokers are the best choice for consumers, and LEO equips them with the tools and insights they need to succeed in a matter of seconds, giving them the competitive edge they need to win every loan," he added in a statement.
The two technology rollouts Thursday follow a previously announced suite of six other technology enhancements, including the introduction of a pipeline that helps brokers manage their past client contact information, even if the borrower wasn't previously originated with UWM.
Most recently, Ishbia announced goals of doing $280 billion in production by 2028. The number is
Technology tools
