Mortgage Platform Takes Aim at Traditional Process
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA co-founder of a mortgage tech startup believes his platform is ready to go "coast-to-coast." Chief Operating Officer Brock Rauch, who is from Fort Wayne, says BeLoanReady is designed to cut out the traditional "economics" of the industry and put the process in the hands of consumers. The app, which is offered through its Indiana and Illinois-licensed parent Arrive Home Mortgage LLC, is designed to automate the responsibilities of mortgage sales people, thus cutting down rates, costs and potential privacy concerns.
During The INnovators with Dr. K, Rauch said the platform provides services and access to information to take the place of the loan originator — and their commissions. "There’s personalized calculators, there’s educational videos, the consumer can go online and get prequalified to know what home they can afford and they can actually start the application process, all without being hassled," Rauch said on Inside INdiana Business Television.
He says BeLoanReady is geared toward anyone comfortable shopping and finding answers online, reducing the need for interactions with the traditional players encountered throughout the mortgage process. "Because of that," Rauch says, "we can be disruptive and offer lower rates and lower costs." The company does offer "mortgage mentors" who can help customers, if requested.
Don "Dr. K" Kuratko, who serves as Jack M. Gill Chair of Entrepreneurship at the Indiana University Kelley School of Business in Bloomington, offered his "prescription" to transition BeLoanReady from a new innovation to a viable venture:
- 1. Change The Mindset — from current practices to technology advantages
- 2. Change Borrower’s Perception — from traditional loan officers to more helpful access
- 3. Change Revenue Focus — from initial customer application to reaching the customer earlier
You can connect to more about BeLoanReady by clicking here. The company is headquartered in Naperville, Illinois