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Fintech Startup uses AI to increase Homeownership rate

Home Lending Pal, a Fintech startup is working towards making homeownership a reality by using artificial intelligence. This indicates yet another example of the impact of artificial intelligence across diverse fields.

Home Lending Pal

Home Lending Pal

The startup is the brain-child of Bryan Young and Steven Better. The startup initially operated in Florida and later the operations were expanded to Charlotte and Raleigh/Durham area.

Home Lending Pal is basically a mortgage research platform that facilitates the simulation of underwriting with the help of artificial intelligence. This will enhance the convenience of prospective buyers in analyzing and discerning the affordability and the potential for approvals from various lenders. In a nutshell, artificial intelligence added to the equation subtracts the complexities and simplifies the entire process.

According to Mr.Young,

“Our initial thought was, ‘A home is one of the biggest purchases you will ever make. There is so much data out here about home buying, and everyone benefits from that except the buyer.”

How Does It Work?

The clients are asked to connect their bank accounts which will enable the Home Lending Pal team to authorize a soft credit pull by analyzing their transactions from the previous two years. This process substantially helps in detecting issues that might pose a roadblock to loan approval for a potential home buyer. The platform, namely, Intelligent Mortgage Advisor, also enables the customers to spot mortgage options that are most affordable in addition to helping them to identify latent costs concerning homeownership as well as willing lenders who are ready to collaborate with them.

The interactive process is time effective, taking up to fifteen minutes. The clients can initially add homes they are interested in and then calculations are carried out which will decide whether it is favorable for the client to go forward with the purchase.

Home Lending Pal works together with financial institutions and very soon it will initiate a partnership with Flagstar bank based in Michigan which will provide the clients with insights into the process so that they can be assured about the authenticity of the entire process.

Also, by adding artificial intelligence and blockchain to the equation, the lender will be able to avail the financial data by not accessing details related to gender and race.

The startup also aims to become a Certified B Corporation in due course.

 

 

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