Beeline, an online mortgage lender founded by a team from the US and Australia, is entering nine new US markets, hiring 100 people and releasing a new underwriting engine.
The company's platform is set to help borrowers apply for home loans in just 15 minutes by automating the instant validation of the banking information used to qualify, according to a company press release.
"What is really different about our technology is that it actually uses artificial intelligence to collect this data and review it immediately," said Jess Kennedy, Beeline Co-Founder, General Counsel and Chief Compliance Officer. "A Beeline is the shortest way to get anywhere, and that's exactly what we wanted to offer."
Jess Kennedy is one of the co-founders of Beeline.
While not all financial institutions offer this type of automated access to information, it is the lion's share, according to Kennedy, and it is only a matter of time before the rest, as recently large volumes of credit have to be processed remotely as part of the pandemic .
"I've seen incredible adoption over the past year, especially the last six months," she said.
In addition to facilitating access to banking information used for qualification, the non-bank loan applicants can help access tax information for this purpose through the borrower's own tax preparation software or the company's supplier partnership, Kennedy said.
The startup, which was founded in May, plans to hire more loan officers as part of its plan to increase its workforce by 100. Beeline's direct-to-consumer channel LOs work with leads and have minimal interactions with borrowers outside of situations where their employees operate. Guidance is required by the consumer or required by law. The LOs' compensation packages have been checked for compliance and are not based on a commission structure but have a variable component, said Kennedy.
Beeline's product offering currently consists of conventional loans and is currently being approved to offer mortgage insured by the Federal Housing Administration, Kennedy said. Loans that were released after the secondary market closed are currently on sale, but consideration could be given to maintaining service in 2022.
The company is based in Rhode Island. Loans are currently being made in his home state of Florida, Maryland, Massachusetts, Texas, Virginia, and Washington, DC, and an outpost in North Carolina has recently been added. Beeline plans to expand its total space to 16 stores by February, moving to Kentucky, Louisiana, Michigan and Tennessee, among others.
Beeline is also considering expanding into the Australian market after settling in the US.
"The first thing we want to do is the US mortgage market before we crash into Australia," said Kennedy. "The population in Australia is a fraction of what we have here and it's a very different product in Australia and other countries."