Movement Mortgage, a retail mortgage lender, announced the launch of its inaugural Movement Crowdsource Challenge, a competition to develop a new mobile operating system for loan officers.
Ten technology firms received an invitation to participate in the Movement Crowdsource Challenge, each having eight weeks to develop a technical prototype.
Competitors will be granted access to Movement’s proprietary data and use cases. The team that wins will receive a $25,000 prize, and a contract to co-develop the solution into a full-scale commercial product.
“It is our intention to leverage smart, creative, disruptive technologists to help Movement think, test and deploy disruptive digital products,” Movement Chief Information Officer and challenge leader Henry Santos said. “We will give them unique access to our proprietary use cases and partner with them to develop new tools that will eventually be available to the entire marketplace.”
The event will culminate with a two-day event starting June 19, 2018 and end on June 20, 2018. During this time competitors will present their prototypes to company executives.
Movement Mortgage aims to have a complete product available in 2018, that will be used by the company and the broader industry.
“Our goal is to tap into the Gig Economy by sourcing solutions and ideas from the vast global supply network of start-ups, incubators, fintechs, and open source collaborators who are willing to compete to build rapid solution prototypes without all the bureaucracy and inertia of traditional commercial, contractual constructs,”