It's Time To Fire Your Loan Officer

Posted by Chris on July 15, 2014

Our CEO, Jason Van Den Brand will be speaking at Inman Connect in San Francisco at 10:10 AM tomorrow. He has one mission... to get you to fire your loan officer.

fire-your-loan-officer

The big banks hire loan officers to be the paper pushing face of their mortgage units. But with the rise of technology the job of loan officer is outdated and no longer required. The big banks are simply too big and slow to change. And honestly, why would they? Up to this point there hasn't been a better alternative to get a home loan.

Lenda is here to change the way people get a home loan. The process is entirely online and allows the homeowner to do a home loan from start to finish without visiting a bank, without getting slammed with telemarketing calls and without the long drawn out back and forth with a loan officer.

Silicon Valley has had financial services in its sights for some time now and most of the focus has been on investment management, consumer credit and banking.

But mortgages are big business. Home lending is a $1.2 trillion dollar industry. The big banks have been the only player in town for a long time and they've been resting on their laurels. Their processes have gotten bloated, slow and bogged down with massive overhead. Their overhead forces them to charge high fees and makes the process of getting a home loan take much longer than necessary.

Lenda doesn't hire any loan officers. We don't need to. Technology can easily do the job of a human loan officer. All a loan officer does at a bank is collect applications and documents. With an online application process and the ability for a user to sign all their disclosures securely online there is no reason for a homeowner to work with a loan officer or step foot in a physical bank.

This also leads to elimination of overhead and time from the process. We charge $0 application and underwriting fees. We pass this savings on to the client. Plus our process is 3X faster than the traditional process of getting a home loan. Probably because we don't have fifty different sets of hands that need to touch the application to get it processed.

This all leads to a better and more cost effective experience for our clients. We're happy to lead the charge... now... go fire your loan officer!

 

Topics: Mortgage Industry