Digital mortgages

As today’s borrowers are more tech-savvy than ever, it is critical for lenders to partner with a strong digital point-of-sale company, EXOS Technologies’ Mikhail Cook says.

Bee Mortgage App will use blockchain and automation provided by Elphi to create "a COVID tool for real estate agents" to get fully digital mortgage approval in under three minutes.

Use of mortgage technology was fast-tracked due to coronavirus lockdowns and kept the lending industry humming, laying the foundation for a greater share of digital closings in 2021.

The substantial Series D fundraise fuels speculation on whether Better.com will be the next mortgage company to hop on the IPO trend.

The draft IPO filing for its Class A shares follows speculation that it would follow the lead of Rocket Cos. and other nonbank lenders in going public.

The company reached a new record high for closed loan volume, and reported a cyclical drop in gain-on-sale margins reflecting changes in its product and channel mix.

The two companies first started collaborating last year, but now BBVA has white-labeled Prosper’s technology on its own website.

Problems with self-service tools and inconsistent communication have damaged consumer perception of their lender, J.D. Power said.

More borrowers between 21 and 40 are leveraging the historically low mortgage rates to either buy their first homes or slash their monthly payments, according to Ellie Mae.