Fintech aims to change the consumer lending and mortgage industry



Mortgage Broker Technology

Mortgage Broker Technology

Credit repair technology

Credit repair technology



It has never been more important to use technology in mortgage and consumer lending.

The pandemic is likely to accelerate the adoption of digital opportunities in the industry. Consumers will interact with digital tools and virtual experiences that they would otherwise avoid. “

– Venkatesh Venkatasubramanian

DALY CITY, CA, USA, August 21, 2021 / – Creditbeans spoke to DotUP CEO Venkatesh Venkatasubramanian talks about the current market outlook and how loan advisors and mortgage brokers can focus on efficiency and remain flexible in the face of market changes.

The last two years in the mortgage industry have certainly been unique. Volatility and abrupt changes in market activity have forced participants throughout the mortgage life cycle to adopt more flexible business practices. The mortgage industry has always been driven by face-to-face meetings – the bond established between broker and client simply cannot be replicated with any software. However, the past year and a half, amid the COVID-19 pandemic, have highlighted the vital role technology now plays in making our business not only more efficient and affordable, but, in some cases, even keeping companies afloat.

The pandemic is likely to accelerate the adoption of digital opportunities in the industry. Many consumers will interact with digital tools and virtual experiences that they would otherwise avoid. Lenders will feel comfortable with a remote workforce and will start using collaboration tools that make interactions with customers and other employees more convenient. For these reasons, action should be taken with a focus on the future. Don’t just think about how the solution solves a short-term problem. Instead, think strategically about how the solutions can fit into your organization over the long term.

We can expect technology to become even faster and more efficient channels of communication between lenders and intermediaries. This will be driven by industry integration backed in part by Open Banking technology, which will enable real-time tracking of cases and give BDM more time to resolve complex cases.

And we are seeing dramatic improvements in the way our market uses technology. DotUP is a compelling example of helping accelerate mortgage lending with API technology that directly connects brokers and advisors with lenders. Our technology solutions provide fewer re-keys, seamless data transfer to US and Canadian lenders, and a more efficient and faster mortgage application process for everyone. DotUP claims that by automatically filling up to 90% of the principal decision and 60% of the full mortgage application, it can save approximately 20 minutes per application and reduce unnecessary work for both borrowers and mortgage brokers.

Not only in the mortgage lending industry, we are seeing tremendous growth in the consumer lending industry. The good news is that, according to a recent FICO report, the average FICO score in the US and Canada has actually increased over the past year. This seems like a promising indicator that more Canadians and Americans are improving their chances of getting better loan rates, better credit cards, and better mortgage terms. Average credit ratings have shown an upward trend over the past decade, but technology has played a huge role in helping consumers track their credit ratings and make wise decisions about their financial health.

Credit scores are calculated by credit bureaus such as Equifax and TransUnion and are based on credit usage and payment history. These factors boil down to a number between 300 and 900, which is used by lenders and loan providers to determine creditworthiness. DotUP develops artificial intelligence technologies and machine learning algorithms for its clients to improve financial practices. We provide solutions for credit coaching and lending companies to provide their clients with three main functions. The first is a credit rating comparison, which allows users to see where their own ratings fall against the rest of Canada. The second notification feature offers important credit updates, such as new alerts for loan requests and missed payment alerts, as well as messages informing users that they are making the right financial decisions. Finally, the artificial intelligence tool provides Canadians with helpful advice on how to improve their credit scores.

We are seeing an increase in subscriptions from users to keep their finances on track, and technology helps them stay on top of their accounts.

Venkatesh Venkatasubramanian
LLC “Dot AP”
+1 4157894538
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