Amazing Digital Solutions in the Mortgage Application Process
White-label platforms for loan brokers
Facilitating the transition to digital mortgage solutions for brokers and lenders is the main goal for finbryte. Thus we have developed cutting-edge white-label platforms which help loan officers achieve smoother workflow and streamline all inputs and communication within the mortgage application process until they close the deal. At the same time the managers can effortlessly follow their employees’ progress and receive reports on the success rate. The buildup of the platform is constructed so that it can be used by all parties of the process simultaneously – potential buyers, mortgage advisors, financial institutions, and appraisers uniforming all files and data in a single format.
High valued European innovation
Our platform has high innovative value and do not take only our word for it. For instance Finbryte has recently achieved a remarkable milestone by receiving the prestigious Seal of Excellence from the European Innovation Council, an institution of the European Commission. With this label the Commission certifies that our project has passed the high-quality Horizon Europe evaluation process in which external independent experts take part. Moreover they focus on three main sections: the Excellence, the Impact, and the Quality and efficiency of the implementation.
This recognition for the high value of our project has also brought substantial funding to the amount of 1.3 mln euro grant. Subsequently this marked the beginning of an ambitious journey we embarked to expand our mortgage digital platform into European markets. Undoubtedly brokers, lenders and realtors worldwide face similar challenges when it comes to the mortgage process, and the finbryte’s innovative solutions have the potential to revolutionize the way mortgages are handled on a global scale.
Making dreams come true
Solving brokers’ obvious pain points
Finbryte is a spin-off company of the innovative startup Appraiser.ai, which implements machine learning algorithms to provide automation to real estate appraisals. In fact Appraiser.ai helped several huge institutions like OTP’s DSK Bank and KBC’s UBB to significantly improve the valuation process of their real estate and mortgage portfolio. Additionally, another set of online tools that we developed has propelled significant growth of the digital mortgage leads for these banks.
The years of partnerships with various financial institutions and realtors made us aware of the deficiencies in the sector. For instance, the traditional mortgage application process has long been associated with stacks of paperwork, endless back-and-forths, and a substantial amount of time and effort for both homebuyers and real estate professionals. Enter the digital mortgage solutions offered by this visionary company, which aims to streamline and simplify the entire mortgage process. Our digital mortgage solutions leverage technology such as artificial intelligence and machine learning to automate and expedite the various stages of mortgage origination, approval, and servicing. These solutions not only reduce the time it takes to secure a mortgage but also minimize the chances of errors and inefficiencies that can derail a real estate transaction.
One of the big issues of the mortgage application process is the vast number of different parties involved.
How many parties are involved in the mortgage application process?
- Borrower: The individuals or entities seeking a mortgage loan to purchase or refinance a property.
- Lender: The financial institution or mortgage company that provides the loan. This can include banks, credit unions, mortgage brokers, or online lenders.
- Loan Officer: A representative from the lender who works with the borrower to complete the loan application, gather necessary documents, and answer questions.
- Underwriter: The underwriter assesses the borrower’s creditworthiness and reviews the loan application and supporting documents to determine if the loan should be approved.
- Appraiser: An appraiser is responsible for assessing the value of the property to ensure it’s sufficient collateral for the loan.
- Title Company: The title company conducts a title search to confirm that the property’s title is clear and can be transferred to the buyer.
- Escrow Officer: This individual or company handles the escrow process, which involves holding and disbursing funds and coordinating the closing of the transaction.
- Insurance Provider: The borrower will typically need to secure homeowners’ insurance for the property.
- Credit Reporting Agencies: These agencies provide credit reports that lenders use to assess the borrower’s creditworthiness.
- Closing Attorney or Agent: In some regions, a closing attorney or agent may be involved to oversee the signing of documents and the transfer of funds at the closing.
- Private Mortgage Insurance (PMI) Company: If the borrower is putting less than 20% down on the property, a PMI company may be involved to provide mortgage insurance.
Seamless Integration of All Parties
Image courtesy of Pixelbay via Pexels
Providing loans for the real estate sector is a complex matter, and finbryte understands that increasing efficiency for real estate professionals, loan officers, credit institutions and prospective homeowners alike is the key to success. Our white-label digital solutions have set new standards in the industry by offering innovative features tailored to various stakeholders. The goal is for all parties involved to seamlessly integrate and use a single format secure platform without the need to fill in complex registration forms.
finbryte’s journey from a visionary startup to a Seal of Excellence recipient is a testament to the transformative power of digital mortgage solutions. Our dedication to simplifying the mortgage process, enhancing the experience for real estate professionals and homeowners alike, and their commitment to global expansion are poised to reshape the real estate and mortgage industry on a global scale. As we continue to innovate and reach new horizons, finbryte is well on its way to becoming a household name in the world of real estate and mortgage technology.
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