We’ve always said fintech is wildly diverse and it certainly includes RETech and MortgageTech along with a myriad of other categories. Today we learned that 360 Mortgage Group out of Austin has launched their new NOLO platform – short for “No Originating Loan Officer”. Uh oh – if that’s your job title, you’re not going to like this story. The firm claims that they can close mortgages in as little as 8 days (there is a minimum 7 day requirement), while the typical mortgage takes 43 days to close. I see more fintech disruption coming.
Privately-owned mortgage banking firm, 360 Mortgage Group LLC (360), announced today its continued expansion into the direct-to-consumer online mortgage space with the launch of the NOLO platform. Short for No Originating Loan Officer, the NOLO platform allows customers to complete the mortgage lending process entirely online without the industry standard loan officer interference at each step. With NOLO, mortgage customers receive a true loan approval in 15 minutes on average, and can cut down the purchase mortgage closing process to as few as eight days.
“Other systems claim to achieve a complete online process but often make unrealistic assumptions about the borrower, which in turn sets false expectations and a difficult borrowing process,” said 360 Mortgage Group President Mark Greco. “Additionally, and unlike any existing system in the marketplace today, the 360 loan approval has been fully validated by the applicable government agency or sponsored enterprise at the time the approval is issued and not weeks later after a loan officer has interfered with the process, as is standard in the industry.”
The financial technology (FinTech) behind NOLO, fully developed internally by 360, is currently proprietary to the company. By visiting 360mtg.com, NOLO’s mobile-optimized website, home buyers will be able to complete the home loan application process completely online – without the need or requirement to speak with a loan officer at any point in the process.
NOLO’s approval speed and closing efficiency enables home buyers to complete over 80 percent of all traditional mortgage processes in a fraction of time. According to Ellie Mae, which is the origination platform for 25 percent of the industry, it takes an average of 43 days to close on purchase loans, whereas 360’s NOLO system can reduce the number of days to eight.
In addition to offering speed and simplicity, NOLO provides security. The platform is protected by 256-bit bank-level security and 24/7 monitoring. NOLO also employs a multi-pronged approach in the approval process to protect against fraud. The authentication process only requires as few as four pieces of personal information (name, address, phone number, birth date), while rarely requesting a social security number.
Based on information provided by the borrower, NOLO mines key identity data to generate personal verification questions that only the borrower would be positioned to answer. Once identity is verified, the process includes instant online rate estimates and the ability to digitally submit photos of requested documents, while additional security protocols validate devices and international geography to make sure no data thieves are applying for a mortgage loan.
NOLO’s data mining capabilities minimize required documents during the mortgage process. An integration with leading vendors provides NOLO with access to data that often eliminates the need for borrowers to provide documents such as bank statements and pay stubs.
“There is no denying the rapid growth in the online mortgage space makes it essential to differentiate ourselves with a new service from what’s already on the market,” said Greco. “We worked rigorously when developing and testing our proprietary technology to ensure NOLO would be the most progressive, innovative and efficient online mortgage platform home buyers will ever use. The result of our advanced technology is a customer experience that is simple, fast, secure and extremely effective. We’re the first to introduce the paradigm shift needed to bring the 1970s mortgage process into the 21st Century.”
Borrowers who prefer to speak with a person can still take advantage of 360’s experienced team of loan advisers available to assist with questions and individual loan needs. Both an online chat feature and telephone support is available for those borrowers who need technical support.
“Our technology is designed to deliver the speed and convenience customers want, but we also offer the human element for those who prefer to speak directly with a knowledgeable adviser backed by years of industry expertise,” explained Greco.
About 360 Mortgage Group
360 Mortgage Group LLC (360) is a privately-owned mortgage banking firm based out of Austin, Texas. The technology-oriented company was founded in August of 2007. Since its inception, 360 has successfully expanded its business from coast-to-coast. The company has continually grown production on an annual basis through its business-to-business wholesale and correspondent services, as well as its amplified push into the direct-to-consumer online mortgage space. In 2017, 360 launched No Originating Loan Officer (NOLO). This proprietary online mortgage platform is capable of providing customers online mortgage approval in 15 minutes, and closure in as few as eight days.