A mortgage bank with the name 360 Mortgage Group is making some lofty claims, one of which is a full 15-minute mortgage approval. The company says its customers can "get real loan approval in 15 minutes on average," which sounds surprisingly fast. Their demand is even more audacious in that they do not trust loan officers. In fact, they refer to their new patented Fintech system as the NOLO platform, which is abbreviated to No Originating Loan Officer. Ouch, the loan officers. The company goes on to say that LOs can actually slow things down and cause problems when they have "interfered with the process, as is standard in the industry". How the NOLO Platform Works: Data Mining The 360 loan approval is generated completely online, without the need to speak to anyone during the process, ie a loan officer who earns a commission. So you might be wondering how borrowers can get actual home loan approvals in a quarter of an hour without getting any kind of guidance from a professional. It sounds too good to be true, but 360 Mortgage Group seems to take a lot of pride in its technology-driven platform powered by data mining. Basically, potential borrowers provide basic personal information to complete an authentication process, so NOLO "extracts key identity data to generate personal verification questions." Once a borrower's identity is verified, you can begin to answer simple yes and there are no questions about your proposed loan scenario. The NOLO system is integrated with leading verification providers so that borrowers do not have to manually submit things like pay stubs and bank statements. But if they do, the system allows them to send photos of requested documents digitally, without delay. [View the latest mortgage rates from dozens of lenders, updated daily.] If all goes well, approval can be generated in minutes. And more importantly, a loan can be closed in as little as eight days. By the way, they're great at security too, using things like 256-bit bank-level security, multi-factor authentication, and 24-hour security monitoring. And if you want to talk to someone, you can, a loan counselor called, through online chat or phone.
What Does 360 Mortgage Group Offer? So I have sailed around their website and found that they only seem to offer compliant loans (those backed by Fannie Mae and Freddie Mac) and VA loans. That would explain how they can generate approvals so quickly, using those automatic subscription systems to their advantage. They point out that approval of the 360 loan is "validated by the applicable government agency or sponsored company at the time the approval is issued," so there is no second guess. I took a look at their mortgage rates and they looked quite attractive, offering a 30-year fix for 3.75% and a ARM of 5/1 for 3.25%. Your VA 30 year fixed was priced at 3.25%. The rates are even better than they look because they do not charge any lender fee. Beware of third party fees though. To date, 360 Mortgage Group has financed $ 12 billion in mortgages and apparently saved 3,750 trees along the way. They are another fintech mortgage disruptor trying to change things for the better, albeit at the cost of a human job. Apart from its direct online consumer mortgage business, Austin, TX-based 360 Mortgage Group also has a wholesale business (mortgage broker) and correspondent loans.
