Word to the wise for entrepreneurs and innovators in the mortgage financing space: be prepared for interviews to turn bizarre.
Austin Allison, the founder of dotloop, raised $10 million for his amazingly useful startup. And so he goes on CNBC and what does he get asked about?
Here are some of the other gems the anchors at CNBC have to say about mortgages: "It's like the one industry where you still have a fax machine that's used constantly. Yeah."
And: "So I still have to go to the closing table? Can you fix that?"
Allison does get to discuss his business several minutes into the interview.
At around 5:20 of the video below, he says: "We compete against a combination of point solutions. What we're displacing is three or four technologies that were required in the past to do the same job. So instead of requiring a fax machine, scanners, cloud storage, you can do everything in one place on dotloop. And there are plenty of people out there trying to digitize these point interactions throughout the life cycle."
It's a pretty good summation of the fascinating innovation at dotloop.
One to which the CNBC anchor responds: "Where'd you go to high school?"