Banks have historically used armies of mortgage brokers to gather income and asset documents from prospective borrowers.
a fintech firm that processes $2 billion in loans daily for banks, has simplified the once-paper-heavy process of getting vetted for a mortgage into what it calls a one-tap pre-approval, according to CEO Nima Ghamsari.
Banks have historically used armies of mortgage brokers to gather income and asset documents from prospective borrowers, meaning that it could take days or weeks to get a pre-approval letter. Meanwhile, Quicken Loans and its Rocket Mortgage brand, which advertises mortgage approvals in as little as 8 minutes, has steadily gained share after the financial crisis, becoming the biggest U.S. residential mortgage lender in 2017., U.S.
Blend's software uses what your financial institution already knows about you – your income and assets held at the lender – to almost immediately calculate how big a loan you can afford, according to a demo provided to CNBC. After scrolling through a few options on the bank's mobile app or website, like the type of residence and the term of the loan, a pre-approval letter takes just a few clicks to generate. That could give prospective buyers an edge when home shopping."It'd be weird if I went to Amazon and I had to apply to see a list of products that I could afford," he said. "This is bringing paradigms from other industries into this industry.
Blend, which has 130 banks and credit unions as clients including giants like Wells Fargo, was founded in 2012 and is backed by investors including Andreessen Horowitz and Greylock Partners.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Warren: 'Congress is complicit' by failing to start impeachment proceedings against TrumpSen. Elizabeth Warren tweeted on Friday evening that 'Congress is complicit' in failing to start impeachment proceedings against President Donald Trump after the news broke that Trump had pressed Ukraine's President to investigate Democratic presidential candidate Joe Biden's son, according to a person familiar with the situation.
Read more »
When an Ultramarathon Isn’t Enough, Run 400 Miles to the StartThis ultrarunner thought it was time to try something different and a tad crazy.
Read more »
Trial to start for Georgia cop who shot naked, unarmed manA police officer responding to a call of a naked man behaving erratically outside an Atlanta area apartment complex arrived on the scene, exited his vehicle and shot the man almost immediately
Read more »
Ex-cop's murder trial for shooting neighbor set to startThe murder trial for a white police officer who shot and killed an unarmed black man in his Dallas apartment is set to begin this week
Read more »
Idea: Start With Problems, Not PartiesIn politics, we should “start not by picking a team, but by identifying a problem holding people back,” Charles Koch told POLITICOmag . “Then, seek partners across the ideological spectrum.”
Read more »
Could A Start-up Entrepreneur Invent A Self-Driving Car In Their Garage?Some are waiting for a start-up entrepreneur to invent a self-driving car in their garage, does the waiting though make sense?
Read more »