BeSmartee and LoanFuel Help Make Mortgage Lending Mobile

Courtesy of a new partnership between mobile platform designer LoanFuel and next generation loan origination platform BeSmartee, mortgage borrowers will benefit from a faster, more efficient lending process whether they are using a mobile device, desktop, or both.

The two companies have announced that LoanFuel will integrate BeSmartee’s technology into its mobile app. BeSmartee uses AI and big data to drive an advanced origination process that takes borrowers from initial contact to underwriting in 20 minutes. This includes supporting the customer through key initial steps including loan application, credit report, income and asset documents, as well as eSigned and eDelivered disclosures and paid appraisal.

Available as both an iOS and an Android mobile app, LoanFuel is a product of Easy Mortgage Apps, a Massachusetts-based company founded in 2012, that builds innovative mobile apps for lenders. LoanFuel uses mobile capture technology to accelerate the lending process, making it easier for prospective borrowers to upload documents and deliver them to their lender. The app helps mortgage lenders process applications faster and more efficiently, and also enables them to reach out to customers with drip marketing via push notifications.

“More and more customers want to receive data and information whenever and wherever they are,” BeSmartee co-founder Arvin Sahakian said. “As these on-demand needs increase, partnerships like this will provide the options to meet those needs. By accommodating customer expectations for on-demand access, loans will close even faster as consumers enjoy an enhanced experience and up-to-the-minute information on their loan on their preferred device.”

LoanFuel President Michael Kelleher highlighted the compatibilities between the two solutions, adding, “”LoanFuel is always interested in leveraging technologies and relationships to make the loan experience more enjoyable. As an organization, we identified the need to offer a mobile POS and looked to partner with market leaders in this sector. BeSmartee has been an amazing addition to our list of third-party integrations.”

Founded in 2008 and based in Huntington Beach, California, BeSmartee demonstrated its Smart Mortgage solution at FinovateSpring 2017. In February, BeSmartee picked up $150,000 in debt financing from Lighter Capital. The following month, the company announced that it was partnering with fellow Finovate alum Finicity, integrating the company’s Verification of Assets (VoA) solution into its loan origination platform. BeSmartee also integrated with FormFree’s AccountChek Asset Verification service this spring.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

BeSmartee Integrates with FormFree’s AccountChek Asset Verification Service

BeSmartee’s mortgage point-of-sale platform will now be equipped with automated asset verification courtesy of a new partnership with FormFree. The integration of FormFree’s AccountChek service into BeSmartee’s POS solution will further streamline the company’s already low-friction digital loan process as well as give lenders a clearer, more accurate picture of the borrower’s likelihood to pay back the loan.

“By incorporating AccountChek as a point-of-sale process, BeSmartee helps lenders move loans into initial underwriting very quickly, which can cut days off time-to-close,” explained Arvin Sahakian, BeSmartee co-founder. Sahakian also praised the company’s relationships with “Day 1 Certainty vendors” like FormFree which provide “ready out-of-the-box” solutions that further speed BeSmartee’s onboarding process. “BeSmartee’s onboarding process is weeks shorter than competitors,” he added.

“FormFree makes lending simpler, safer, and faster by streamlining the loan origination process and providing better intelligence on borrowers’ ability to pay,” FormFree founder and CEO Brent Chandler said. “We’re delighted to work with BeSmartee to put AccountChek in borrowers’ hands at the point of sale and give loans the shortest possible path from initial contact to underwriting.” AccountChek is used by companies like Fannie Mae, and is in pilot for single source validation, an enhancement to Fannie’s DU validation service that enables lenders to get asset, income, and employment validation in a single, automated report from AcccountChek.

BeSmartee demonstrated its Smart Mortgage solution last year at FinovateSpring 2017. The company leverages AI to provide lenders with an advanced origination process that takes customers from initial contact to underwriting in 20 minutes – including completed loan application, credit report, income/asset documentation, eSigned and eDelivered disclosures, and a paid appraisal.

This week’s news is the second major headline from BeSmartee in recent weeks. In March, the company announced a full integration with fellow Finovate alum Finicity, incorporating the real-time data aggregation and insights specialist’s Verification of Assets (VoA) solution into BeSmartee’s origination platform. Last year, BeSmartee forged a partnership with automated mortgage technology company DocMagic, teamed up with mortgage technology solutions provider Mortech, and worked with Matic Insurance Services to help consumers find the best homeowners insurance policy for their needs.

Founded in 2007 and headquartered in Huntington Beach, California, BeSmartee was named one of CIO.com’s Fresh Fintech Companies to Watch in 2017. Tim Nguyen is co-founder and CEO.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finicity Announces Full Integration with BeSmartee

Digital mortgage marketplace provider BeSmartee has partnered with Finicity to make the digital loan origination process easier for lenders and borrowers alike. The agreement will integrate Finicity’s Verification of Assets (VoA) solution into BeSmartee’s point-of-sale mortgage origination platform.

“Finicity is improving the lending process through superior data access, quality, and insights,” Finicity CEO Steve Smith said. “We’re proud to be working alongside BeSmartee to accelerate the digital loan process, improving efficiency for lenders and transparency for borrowers. Finicity’s technology leverages consumer-permissioned data to improve accuracy, increase decisioning speed, and reduce fraud. This helps digitize and modernize the lending process for lenders and remove friction for prospective buyers.

Finicity’s Verification of Assets solution enables lenders to identify underwriting issues that could weigh on credit decisioning. The report includes data on multiple FIs and accounts, as well as information on account types, balances, and detailed transactions. VoA reports are delivered under the company’s Consumer Reporting Agency (CRA) framework to ensure consumer privacy and compliance with FCRA regulations.

Praising the company’s “great technology” and “great people,” BeSmartee co-founder Arvin Sahakian said the partnership was a major part of the company’s plan for growth. “Integrating with Finicity is a key step in helping us continue to provide exceptional services to our clients in the form of speed, accuracy and reliability within our best-of-breed mortgage origination point of sale platform.” Based in Huntington Beach, California and founded in 2008, BeSmartee uses big data and AI to provide a completely digital origination process. The company’s products include BeSmartee Mortgage (consumer loan POS), BeSmartee TPO (wholesale lending), and BeSmartee Solar (solar lending platform). BeSmartee demoed its technology at FinovateSpring 2017.

Finicity’s partnership with BeSmartee comes amid a flurry of news for the real-time data aggregation and insights specialist. Last week the company announced a partnership with Ellie Mae that will integrate its digital asset verification solution with Ellie Mae’s Encompass platform. Earlier this month, Finicity teamed up with MortgageHippo to streamline the company’s verification process in mortgage lending, and worked out a deal with Advanced Data to resell its verification reports as part of the company’s mortgage lending fraud prevention toolkit.

Headquartered in Salt Lake City, Utah, Finicity demonstrated its Credit Decisioning reports, Verification of Income (VoI) and Verification of Assets (VoA), at FinovateFall 2017. The company has raised more than $50 million in funding and includes fellow Finovate alum, Experian, among its investors.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.