Many bright-and-shiny mortgage startups tout lickety-split approvals, but actually closing on their loans can take weeks.
But lender 360 Mortgage Group assures us that its new mortgage platform truly can deliver a lightning-fast and frictionless mortgage closing.
“NOLO does everything from the time a borrower begins an application to the time they sit down with a mobile notary for the final closing,” Greco told Inman.
NOLO, short for “No Originating Loan Officer,” can purportedly pull this off, in part because “unlike any existing system in the marketplace today, the 360 loan approval has been fully validated by the applicable government agency [e.g. Ginnie Mae] or sponsored enterprise [e.g. Fannie Mae, Freddie Mac] at the time the approval is issued,” said 360 Mortgage Group President Mark Greco in a statement.
Normally, he said, this validation comes weeks “after the loan officer has interfered with the process.”
Prospective homebuyers can purportedly use the online platform to receive a “true [purchase mortgage] approval” in 15 minutes on average and close on the loan in as little as eight days.
How it works
There is no need to interact with a loan officer “at any point in the process,” according to the company.
NOLO’s identity authentication process requires as few as four data points — name, address, phone number and birth date — “while rarely requesting a social security number.”
How? By snatching up data on the applicant from various sources and then generating questions that only the applicant “would be positioned to answer.”
After verification, the platform will provide instant online rate estimates and the ability to digitally submit photos and documents — all “while additional security protocols validate devices and international geography to make sure no data thieves are applying for a mortgage loan,” the company says.
Borrowers often won’t have to upload much of the paperwork themselves, as NOLO can automatically pull relevant documents such as bank statements and pay stubs via partnerships with vendors, according to the firm.
The platform includes a title and appraisal coordination system and borrowers can select the timing of their closing by inputting the date, time and address where they want to seal the deal. They then a receive a request by a mobile notary to confirm the time.
“There is no denying the rapid growth in the online mortgage space makes it essential to differentiate ourselves with a new service from what’s already on the market,” Greco said.
For those old-fashioned folks who would like to talk to a human expert before shackling themselves to a mountain of debt, loan advisers are available to answer questions by phone or online chat.
