Solving the Post-Close Challenge with Intelligent Automation

Join our upcoming webinar as SoftWorks AI CEO and Avanze CEO explore the advances in tech that allow for greater levels of automation and cost reduction, especially in support of post-close and pre-fund review.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

The 100-years-war over real estate commissions

HousingWire plunges down the rabbit hole of residential real estate commissions, uncovering the past, present and future of this wholly unique part of the economy.

Real estate agents and LOs: the great collaboration

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Fintech

New digital lender Beeline promises purchase-ready approvals in 15 minutes

Industry veterans utilize machine learning to join the AI lending hive

Artificial intelligence continues to progress past the ‘buzzword’ phase as more and more tech companies turn to AI for digital housing solutions. Online lenders are responding to the growing demand for a greater remote landscape, as more appraisals, closings and home tours are happening from consumers’ smart-phones than ever before.

Beeline, a new digital lender that launched just last week, is applying AI to streamline the application process so that it will only take 15 minutes to apply for a loan. The app was founded by industry veterans Nick Luizza, Peter Gonzalez, Jess Kennedy, Greg Ellis and Jay Stockwell, who have broad experience in real estate tech and fintech startups.

Beeline software links directly to a user’s personal bank, employment and pay information, as well as their tax history, and then utilizes machine learning to create a “purchase-ready” or “refi-ready” approval. Because of its proprietary back-end technology, Beeline retrieves the numbers directly from the third-party source as opposed to estimated information from the user.

After the loan is presented, the user can continue through the fully digital Beeline tracker that follows the process up until closing, or choose to converse with their personal loan guide via email, phone or direct message. In terms of security, Beeline promises a bank-level encryption system to protect sensitive user information and to counter fraud.

After raising $7.6 million in equity capital, Beeline is currently offering fixed and adjustable-rate conventional loans, as well as fixed-rate FHA loans, to those in Texas, Florida, Washington, D.C., Maryland, Massachusetts, Rhode Island and Virginia.

Beeline is part of the ongoing shift within the industry, as demonstrated by a recent survey from Fannie Mae showing that 58% of lenders expect to be using AI and machine learning in their mortgage process in the next two years. Another 22% predict they’ll be investigating AI and 19% are on a wait-and-see plan.

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