Speed isn't just for the race-track. The Quicken Loans Rocket Mortgage product was a speedy game changer that allowed for an incredibly fast mortgage application process. However, one company wants to join the race to try and overtake their competition with an even faster product.
"Lenda claims to make the fastest mortgages out there — currently two weeks start to finish, with an eventual goal of 30 minutes in a nearly all-digital process," according to National Mortgage News.
"Launched in 2014, Lenda has made $200 million worth of mortgages, is licensed in 12 states and plans to expand to 12 more later this year. Jason van den Brand, its co-founder and CEO, said that despite other big players, the mortgage arena is ripe for further disruption."
The company's co-founder wants to cater to those who are embracing the mobile age. If you do the majority of your work and bill payments on your phone, laptop or tablet, Lenda has you in mind.
“We’re able to look at their credit data to approve them and make sure they’re qualified for the loan,” he said, according to the report.
"Compliance disclosures are automated and delivered in 30 seconds. Documentation is pulled automatically — Lenda lets the consumer log in to their bank account from its portal to retrieve the necessary three months of bank statements."
The innovative ways of streamlining this process are continuing to wow and shock individuals in the mortgage business.
To learn more about Lenda and what it aims to do for the mortgage process, click on the image above.