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1281 Homes Blog: New digital lender Beeline promises purchase ready approvals in 15 minutes & Positive web site BELOW
THURSDAY, SEPTEMBER 10, 2020 PROPERTY NEWS: New digital lender Beeline promises purchase ready approvals in 15 minutes & Positive web site BELOW

Artificial intelligence continues to progress past the buzzword phase as more and more tech companies turn to AI for digital housing solutions. Online lenders are responding to the growing demand for a greater remote landscape, as more appraisals, closings and home tours are happening from consumers smart phones than ever before.
Beeline, a new digital lender that launched just last week, is applying AI to streamline the application process so that it will only take 15 minutes to apply for a loan. The app was founded by industry veterans Nick Luizza, Peter Gonzalez, Jess Kennedy, Greg Ellis and Jay Stockwell, who have broad experience in real estate tech and fintech startups.

Beeline software links directly to a users personal bank, employment and pay information, as well as their tax history, and then utilizes machine learning to create a purchase ready or refi ready approval. Because of its proprietary back end technology, Beeline retrieves the numbers directly from the third party source as opposed to estimated information from the user.
After the loan is presented, the user can continue through the fully digital Beeline tracker that follows the process up until closing, or choose to converse with their personal loan guide via email, phone or direct message. In terms of security, Beeline promises a bank level encryption system to protect sensitive user information and to counter fraud.

After raising $7.6 million in equity capital, Beeline is currently offering fixed and adjustable rate conventional loans, as well as fixed rate FHA loans, to those in Texas, Florida, Washington, D.C., Maryland, Massachusetts, Rhode Island and Virginia.
Beeline is part of the ongoing shift within the industry, as demonstrated by a recent survey from Fannie Mae showing that 58% of lenders expect to be using AI and machine learning in their mortgage process in the next two years. Another 22% predict theyll be investigating AI and 19% are on a wait and see plan.

SOURCE: Alex Roha

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