You know the drill. I find the smartest, edgiest, and hopefully sexiest people I know who have the characteristics of entrepreneurship to contribute advice to The Chancebending Network. Today we’re talking to Christopher Hussain of RealKey.
One Question with… Christopher Hussain, RealKey
“The mortgage process is broken and outdated. The latest innovations garnering the most capital are continuing this broken process instead of innovating and addressing it. Today, lenders receive unsupported and incomplete applications through Points of Sale (“click here”/”apply now”) or by phone from borrowers. The MLO (mortgage loan originator) runs that data through Automated Underwriting Systems (AUS – Fannie Mae/Freddie Mac’s underwriting systems) to get worthless feedback and request basic documentation (often the lender and other parties request the same documents twice), resulting in tons of back and forth with underwriting. Lenders’ internal systems provide no facilitation on what to gather and when. These gaps lead to drastic reductions in NPS scores (the likelihood of repeat/referral business).
With the impending downturn in the housing industry and rising rates, it is more important than ever for lenders to differentiate. Many real estate offices are starting and growing internal lending divisions to capitalize on and control more of each transaction. New incumbents like Zillow, Opendoor, and Amazon are getting into mortgage as well. RealKey is the only platform taking a documents first approach to automate underwriting and get all the right documents/data upfront through integrations, OCR, and automated rules/algorithms to facilitate and automate collection and review. In the future, applications for loans will be obsolete and replaced by providing documents direct from the source so that qualifications are based on real factual data, removing the need for processing and underwriting, creating the most efficient and effortless process possible to fund loans.”
When we started The Chancebending Network, we had people like Christopher in mind. Whether it’s in real estate or a startup, our goal is to connect entrepreneurs with the right information when they need it. We’re doing this with online coaching, access to a community of professional entrepreneurs, and business advice.
To learn more about our entrepreneurship community, check out the Chancebending Network now.
