Adam Constantine on MLK Jr.’s impact on housing equality

During the interview, Constantine explains why the industry needs to focus on evoking intentional change rather than launching lackluster initiatives.

Navigating capacity concerns amidst record-high volumes

High loan volumes continues to loom large in the new year, making the “one-stop-shop” approach to the servicing and lending process even more appealing.

How servicers continue to protect neighborhoods amid COVID

We spoke with MCS CEO Caroline Reaves about self-service technology, the shift to virtual and how servicers can prepare for post-COVID success by improving processes today.

How student loan debt impact homeownership

Student loan expert Catalina Kaiyoorawongs shares her practical and tangible advice for people who feel overwhelmed by their student loan debt.

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.

Leave a comment

Most Popular Articles

Prepare for the rise in mortgage rates

Economists offer their takes on how high mortgage rates will climb, how lenders will respond and what impact this will have on the housing market. HW+ Premium Content

Jan 18, 2021 By

Latest Articles

CoStar and private equity group battle for CoreLogic

Nearly three months after data giant CoreLogic confirmed it was exploring multiple offers of acquisition the company is down to final two bidders.

Jan 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please