How Google Cloud Handles the Boom & Bust In the Mortgage Industry
AI Summary
Overview
- Jason Brussell, CTO of United Wholesale Mortgage (UWM), discusses the company’s transformation using Google Cloud Platform and Vertex AI.
Key Points
- UWM is the largest mortgage lender in the U.S.
- Traditional mortgage industry experiences cyclical hiring and layoffs based on interest rates.
- UWM aims to avoid layoffs by leveraging AI to increase productivity without additional hires.
AI-Driven Approach
- Implementation of AI creates stability and job security for UWM’s 9,000 employees.
- Enhanced data extraction and large language modeling improve documentation handling.
- Utilization of BigQuery integrates various structured and unstructured data sources for better reporting.
Results
- Underwriters now process an average of 14-15 loans per day, significantly up from the previous 6.
- The AI implementation allows UWM to offer lower competitive rates to broker partners.
- UWM has maintained a policy of no layoffs throughout its 38-39 years in business, thanks to AI utilization via Vertex AI.