Consumer-permissioned data could speed mortgage approvals

Lenders using the digital mortgage platform BeSmartee can now harness the power of consumer-permissioned data from MeasureOne to process loan applications faster without sacrificing accuracy or customer privacy.

Through a partnership and integration with MeasureOne, BeSmartee’s lender clients now have access to MeasureOne’s automated income and employment verification capabilities. The companies said they plan to develop additional solutions using new consumer datasets to further streamline the mortgage application process.

Having launched what it claimed was the industry’s first consumer-permissioned data “platform-as-a-service” (PaaS) last summer, MeasureOne says it has access to a growing range of data that’s limited only by the consumer’s willingness to share.

Elan Amir

“Ninety percent of a consumer’s data is available to them online, in some form or another,” MeasureOne CEO Elan Amir told Inman. “What’s been missing is the infrastructure to connect [people and businesses].”

Over the years, Amir said, MeasureOne has built trust with consumers, to the point that they are now “more than willing to share their credentials to their accounts with us,” enabling the company to retrieve data from their accounts when authorized.

Launched in 2016, BeSmartee says its digital mortgage platforms help banks, credit unions and non-bank lenders lower costs and close loans faster.

Tim Nguyen

“MeasureOne is one of about 135 integrations we have to help deliver on our promise of a consistent, seven-day mortgage close,” BeSmartee co-founder and CEO Tim Nguyen told Inman.

In January, BeSmartee announced the integration of Freddie Mac’s automated underwriting system, Loan Product Advisor, into BeSmartee’s mortgage point-of-sale platform. Last year the company announced integrations with a number of other popular mortgage applications and services, including BlackKnight’s Surefire, Snapdocs and mortgage fee data provider LodeStar.

Nguyen said making the mortgage process easier and faster helps consumers focus on the terms of their loan.

“The thing that really motivates me is by getting rid of the busy work, you can [help the consumer] understand the product you’re getting into,” Nguyen said. “It’s the same with the loan originator. There’s no more moving data around, so you can focus on the relationship, and become the trusted advisor in the lives of the homeowner.”

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Email Matt Carter