How Finer Credit is planning to disrupt the global mortgage industry?
If you tried to buy a home in recent years, you probably know that the housing market is broken with ancient backwards systems at every step of the process. Even though real estate is one of the largest industries, it has been one of the lowest spenders on IT with the closing, financing and legal process unchanged over the decade.
According to Paul Levine, formerly the President at Trulia and currently a venture capitalist with Sapphire Ventures, the back end of the property sales process (including financing, closing, home insurance and legal) is a 10x bigger opportunity than the front end transaction and this is a $100 billion opportunity only in the United States.
Meanwhile, digital lenders and brokers have entered the market to streamline the process however traditional players with a dominant market share are left behind. The mortgage industry needs a digital branch to deliver a premier service to millions of customers while automating the backend process for lenders and brokers. This is a two-sided problem; ineffective, manual and repetitive processes make businesses spend a lot of time and money for each client and the time-consuming application process for home buyers over the phone, in person or manually filling forms. Up to 40%, dramatic difference in customer satisfaction score between mortgage and best-in-class industries proves the potential need for an enhanced user experience (McKinsey & Company).
We started Finer Credit over a year ago with a simple idea, to build the fastest and easiest mortgage application process. After launching our initial mortgage application journey, on-boarding over 2000 home buyers and completing the fastest application in less than 17 minutes, we decided to offer our innovative client journey and automated application tools to mortgage brokers and lenders to fulfil the growing mortgage consumer demand.
Finer Credit is designed to speed up the mortgage application process, lower costs, and improve the overall customer experience for brokers and lenders. We have over 12 years of experience in the UK mortgage industry which gives us a solid starting point, but we know that problem is very big. We aim to expand globally and offer the best possible service to brokers, lenders and homebuyers all around the world.
We are getting ready for our launch in the second quarter of 2022. If you are a mortgage broker and lender who want to learn how to streamline your business process, please feel free to book a demo with our experts or drop us an email at firstname.lastname@example.org.