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Should Your Buyers Use the New 15-minute Mortgage Loan Approval?

Updated: Dec 29, 2021

United Wholesale Mortgage (UWM) says it developed automated document recognition and processing capabilities that allow for an initial mortgage approval in minutes.

United Wholesale Mortgage (UWM) says its new automated document recognition and processing capabilities will allow mortgage brokers to get initial approvals for qualified borrowers in 15 minutes¹.

While this tool may be handy for home buyers with good credit or persons who wish to refinance their home, the technology is rumored to make mid-credit score buyers nervous and raises the question as to just how much of the mortgage process is automated.

The self-service platform is called BOLT and is available as an option when brokers upload loan applications with the required documentation to the UWM's loan origination system, EASE. They system then classifies and extracts information from documents like driver's licenses, income statements and county records, providing brokers with access to the same income calculator used by UWM underwriters.

Further, there is no estimate as to the time it takes to rectify discrepancies, but the system does notify users when they do arise.

Intelligent document processing is not a new commodity to the lender industry and is known to cut costs and speed approvals. It also should be noted that UWM was the nation’s second-biggest mortgage lender in 2020, behind only Rocket Mortgage. Rocket touts the simplicity and speed of its application process, which has been particularly popular with homeowners who are refinancing their existing mortgage.

While UWM works with mortgage brokers, it has also been investing in improvements that also benefit borrowers.¹

The long and the short of it is that this technology could be revolutionary especially in booming markets like Nashville where the time to get a pre-approval can be shortened to increase competition in the market; however, the fear of draconian results automated by computer technology without personalized guidance from an invested mortgage lender are still a valid concern to consider.


¹Carter, Matt. “Are 15-Minute Mortgage Loan Approvals the Future?” Inman, Inman News, 27 Sept. 2021,

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