Fintech supplier companions to launch cellular mortgage app

A fully digital soup to nut mortgage process is currently considered the holy grail for the credit industry.

To achieve this goal, Bee Mortgage App, in collaboration with Elphi – a software provider of mortgage technology – developed the first loan app that was created entirely from a mobile point of view. Currently, the first version 1.0 of the app is a loan calculator that generates mortgage leads for Florida Capital Bank.

“It's pretty straightforward and has been dubbed the 'COVID tool for real estate agents'. They answer some simple questions and it pings Optimal Blue for a rate, does a PITI and DTI / LTV calculation that it enables the buyer to determine their ideal mortgage payment and selling price before they search, "said Curtis Wood, founder and CEO of Bee Mortgage App, said in a statement to NMN.

Bee completed its fundraiser before it kicked off in September and went to a seed round – which is now live – and raised $ 125,000 on the first day. Investors in the startup include hundreds of individuals, Dysruptek – the corporate venture capital fund of engineering firm Haskell – and GFL Investments, a company that Wood, according to Wood, consists of "a group of old high school friends from the '60s who invest in Blockchain projects. "

In the current financing round, the functions for artificial intelligence and blockchain planned for the next step of the app are being developed: automated pre-approval. Freddie Mac recently teamed up with Zest to test AI usage in the context of underwriting. In the past few years, blockchain has been used to streamline lending, reduce closing costs, and even prevent fraud.

"We're using it to replace the loan officer within an automation architecture that brings together the POS and LOS in an optimized database controlled by the borrower via our mobile app, rather than a LO working at their desk and deciding the data," said Wood . noting that the company also took several steps to ensure the transaction was compliant.

"Blockchain acts as a trusted data validation method that verifies that a borrower is qualified for the desired loan, and we use it to validate qualifying data. We do not use blockchain as a database or to store or place our clients' personal information on it."
Bee estimates the fully automated mortgage pre-approvals will be in three minutes in 12 months.

Related Articles