United Wholesale Mortgage (UWM) is leaning into the artificial intelligence revolution, with the Michigan-based mortgage giant unveiling a host of AI-powered products during its UWM LIVE! broker event this week.
The boldest of these AI-driven technologies is a virtual loan officer assistant aimed at streamlining client engagement. Called “Mia,” the AI assistant is designed to handle a variety of administrative tasks, including answering and making phone calls, asking and answering questions and scheduling appointments.
A demo released by UWM includes audio of Mia’s pleasant female-sounding voice relaying refinancing information from a loan officer and asking a customer, “Is there anything else I can help you with today?”
Mat Ishbia, president and CEO of UWM, said in a press release that he thinks the AI assistant will help mortgage brokers scale their business.
“Consistent follow-up with past clients is one of the biggest challenges loan officers face and Mia handles that for them, from thanking them for their business after a closing, to reaching out to them regularly staying in touch, to calling them when their rate could be lowered and scheduling meetings with their (loan officer),” Ishbia said. “All of this allows clients to scale in a way that’s never been seen in this industry or any other industry.”
Whether consumers will embrace interactions with AI assistants is an open debate.
A 2024 survey by the Pew Research Center found that while 76% of experts viewed AI as personally beneficial, just 24% of U.S. adults held that view, with 43% of the general public saying AI has the potential to harm them.
Other AI initiatives from UWM
Two days before the Mia rollout, UWM announced a suite of AI-powered tools built specifically for independent mortgage brokers.
One product called Lead Pipeline provides brokers with alerts related to clients’ mortgage activity, such as when they list their home for sale or have credit pulled for a mortgage.
Another product is called ChatUWM Assist. It lets brokers receive AI-generated responses to questions about information on a UWM website page they are viewing.
UWM separately announced its Loan Estimates Optimizer (LEO) tool. It allows brokers to drag and drop a competitor’s loan estimate into the ChatUWM feature, which provides a summary of potential ways to beat the offer and a list of talking points for the broker.
