Summary: De-rigging the mortgage game with thoughtful technology...<br> Vishal Garg, CEO of Better Mortgage (a direct lender dedicated to providing a fast, transparent, and online mortgage experience backed by superior customer support) joins hosts Thomas Kutzman and Scott Pollack in the MouthMedia Network studios powered by Sennheiser. Presented by Prevu.<br> An industry behind the times, the need, and why pre-approval in 3 minutes is possible<br> Garg discusses how the mortgage industry is dominated by the top 5 banks with a third of the market, why the mortgage industry hasn’t modernized as fast as other industries, how it is one of the last oligopolies, and how because of complexity and size is one of last ones standing requiring modernization and innovation. He covers how startups need at least $20M of capital to make mortgages and finance them with Wall Street or bigger banks, and those amounts are usually not available to most tech startups. He shares the goals of helping consumers know how much they can afford, the challenges that followed a number of financial crises, and why Better Mortgage was created. Garg touches on how the company takes the info provided by applicants, uses an API to create pre approval within typically 3 minutes, whereas usually takes much longer as well as many as dozens of people.<br> Eliminating commissions, creating certainty, and making obtaining a mortage a non-event<br> When the numbers have been proven and credit has been checked, there is a high degree of confidence a consumer can obtain that financing. The impact of having no incentives to drive consumer experience or product choices, with loan consultants not paid on commissions at Better Mortgage, and how the company built a marketplace of 21 financing partners, making up the majority of mortgage lending market. How human elements are doing things that empower the consumer instead of just order taking, integrating automation to create certainty, why banks won’t do something like this kind of solution and the industry doesn’t care that the mortgage process is painful for the consumer, as an industry that helps the industry. The objective of making getting a mortgage a non event, helping consumers win with lower down payments, and a look at the source nearly half of default.<br> Overcoming industry inertia, the only way brokers can prosper, and maintaining focus<br> The importance of the fact that Millennials don’t want to be sold, creating a platform so 6 of 7 biggest banks in industry are financing off the platform, overcoming the inertia of the industry which cannot innovate, how mortgage brokers and real estate brokers who are really helping people with value today are the only ones who can prosper, and how the rest will have to find something else to do. Plus falafel chips and running a startup with young kids, focusing on the most important thing you need to do, and helping Americans to buy homes.
