UWM launches BrokerX program to help train new originators

The country’s largest wholesale lender, United Wholesale Mortgage (UWM), has launched a broker training program that will teach individuals to become licensed mortgage originators. 

Dubbed “BrokerX,” the five-week program will provide existing brokers with a “streamlined solution” for training and licensing new talent without the use of their own training team. UWM announced the move Saturday at the Association of Independent Mortgage Experts’ (AIME) annual FUSE event in New Orleans.

“This program will take care of the training, coaching and licensing, and deliver licensed loan originators (LOs) back to our broker partners who will be ready to originate loans, contribute to the growth of the wholesale channel and help even more consumers across the country,” Mat Ishbia, president and CEO at UWM, said in a prepared statement.

The program will consist of Nationwide Mortgage Licensing System (NMLS)-approved seminars that will count toward the 20 credit hours required by the NMLS, the Secure and Fair Enforcement (SAFE) for Mortgage Licensing Act test, and in-person training at UWM that includes role-playing and mock phone calls. 

The cost for BrokerX training is $250 in addition to the SAFE test registration fee and expenses associated with required background and credit checks.

The first session of BrokerX will begin Oct. 21 and will run through Nov. 21, 2024.  

UWM originated $33.6 billion in mortgages in the second quarter of 2024, higher than the $27.6 billion figure in the previous quarter and the $31.8 billion originated in Q2 2023.

While 81% of its Q2 2024 volume came from purchase loans, the country’s largest originator expects to see more refi originations in the near term. 

In line with the Michigan lender’s efforts to garner more volume for refis, UWM launched proprietary technology that will use artificial intelligence (AI) to send pre-validated refinance opportunities.

The “KEEP” system identifies borrowers who can save on their monthly mortgage payments and will automatically communicate these savings to them through an email that provides a link to a refi application.