United Wholesale Mortgage (UWM) and Google Cloud announced Tuesday that they are partnering to integrate artificial intelligence and machine learning tools into UWM’s lending platform.
The AI-driven platform uses Google’s Gemini Flash 1.5 model to enhance underwriting automation, according to a joint press release. The companies noted that the integrated technology has resulted in underwriters increasing their capacity from six loans a day to 14.
Mat Ishbia, president and CEO of UWM, called the partnership “a major step forward in our mission to make the mortgage process faster, easier and cheaper.”
Ishbia added: “By combining our mortgage expertise with Google Cloud’s generative AI and cloud capabilities, we will set a new standard for the industry, providing clients with a seamless and intelligent lending experience.”
UWM and Google Cloud also highlighted the platform’s data-driven insights that provide enhanced analytics and personalized loan recommendations for borrowers.
Thomas Kurian, CEO of Google Cloud, said that UWM is “at the bleeding edge of generative AI in the mortgage space.”
“Together we are reimagining the home financing journey, making it more efficient and faster for mortgage brokers and homebuyers,” Kurian stated.
Additional details about specific UWM product offerings are expected to be announced in the coming months.
The use of AI in the mortgage industry has become an increasingly popular tool. In January, Rocket Companies announced the launch of Rocket.com, a home search and financing website that includes an AI-powered chatbot.
