The way homes are bought and sold is currently undergoing a seismic disruption. Recent lawsuits and legal verdicts are transforming conventional commission structures and practices which have sent extreme shockwaves through the real estate industry. The implications of these shifts, are triggering significant changes and challenges for home buyers, real estate agents, and lenders.
The mortgage industry is experiencing a tech revolution, transforming the way mortgage lenders operate and enhancing the borrower experience. Advancements in technology are streamlining processes, improving efficiency, and revolutionizing the lending landscape. In this blog, we will explore the new technologies that are reshaping the mortgage industry and empowering mortgage lenders to thrive in the digital age. From automation and artificial intelligence to blockchain and digital mortgage platforms, these innovations are revolutionizing every aspect of the mortgage lending process.
“Charlotte is one of the largest financial hubs. And there’s many banks, credit unions, mortgage companies that are based out of there. Our goal is to get hooked up with some of the big national banks and take this nationally as quickly as possible.” CEO Mark Gorman says RevTech has a focus on fintech, and has the connections that he’s looking for. HomeTraq offers home buyers the ability to get an agent to open up a house they want to see without commitment or being automatically put on that agent’s call list. The St. Louis startup distributes its platform through banks, credit unions and mortgage companies to help them retain customers.
For lenders, the problem of mortgage retention has been a long-time tolerated issue, despite the gravity of lenders only capturing less than 0.5% of the mortgage opportunities from their own customer base each year. Solving this challenge efficiently and effectively has been seemingly impossible—until the founders of HomeTraq aligned with the top lenders in the country.
As you know, in the past year or so, another refinancing frenzy broke out due to low mortgage rates. Everyone is “fat and happy.” Even though the current rates are still low, the housing market remains turbulent, unemployment rates, and the possibility of inflation continue to be troublesome. Many lenders have tightened borrower requirements in order to mitigate their risk, given today’s economy.
HomeTraq just partnered with Beyond Housing, a community development organization. HomeTraq is a three-sided marketplace between home buyers, real estate buyers’ agents, and banks.
Overview
Advances in technology have no doubt changed the ways businesses operate, and the real estate industry is no exception. 98% of all homebuyers now use the internet to shop for their homes and last year, 80% of all Millenials and Gen Xers found their home with a mobile device. Today, homebuyers can take a virtual stroll through a neighborhood across the country, or search for new listings simply by downloading an app on their phone.
But what do these changes mean for mortgage lenders?
In this blog, we’ll go over everything you need to know about leveraging technology to secure more lending opportunities.
Originally Posted on St. Louis Business Journal
HomeTraq, a local startup that has developed an on-demand home showing app, is extending its reach beyond St. Louis. The startup has initiated the process of expanding its platform to the Kansas City market, recently hiring staff focused on signing up residential real estate brokerages and agents there.
There are many different paths to success if you are an entrepreneur. Many find success while they work from CIC, also known as the Cambridge Innovation Center. Some companies use the office space to meet other entrepreneurs and gain momentum. Many are looking for networking opportunities and are attracted to Venture Café gatherings as well as other educational programs.
Originally Posted on St. Louis Post Dispatch
When St. Louis-based HomeTraq started to notice nationwide stay-at-home orders go into effect with local government decisions on the horizon, the startup realized it would need to pivot.
The company, a developer of an on-demand home showing app, turned its focus to providing live video showings as it saw the effects of the coronavirus pandemic in the U.S.
