San Diego based simple mortgage platform Approved has raised $1m in pre-seed financing led by Social Capital and Precursor Ventures. Approved have created a platform that streamlines the mortgage process from the lenders point of view.
The Challenge Back in July of last year, I described how getting a mortgage for modern borrowers was like “Landing a rocketship in the stone age”. What’s changed since then? Not a lot. Time The average number of days to close a home loan crept up to 50 days. (Ellie Mae) Money Loan production costs for lenders have risen to $7,747 per loan, driven largely by manual processes. (Mortgage Bankers Association) Overhead The average loan document is copied 9 to 11 times. (Mortgage Compliance Magazine) Pain 71% of millennials would rather go to the dentist than talk to a loan officer on the phone. (FirstData)