LoanSnap has unveiled a cloud-based portal called LoanFLow that will allow licensed brokers and loan officers in the U.S. to originate mortgages anywhere at any time.
The company says its new LoanFlow portal will allow originators to close loans in as little as 24 hours and in 15 days on average, the company said. The new portal includes “tools that can be used for customer onboarding, document sharing, relationship management and loan evaluation,” LoanSnap said in announcing the new loan-origination portal.
LoanSnap said it is making these tools available for the first time to the “340,000 licensed [brokers and] loan officers in the United States.”
“As long as you’re a broker [or loan officer] and you have your NMLS license in that particular state, then you can just sign up for the system,” said Karl Jacob, CEO and co-founder of LoanSnap.
LoanSnap is a San Francisco-based mortgage company that employs artificial intelligence (AI) technology to originate loans more efficiently and faster. To date, it has originated “billions of dollars” worth of traditional mortgages dubbed “smart loans,” according to Jacob, who was one of the original strategic advisors to Facebook when it was in its startup phase.
“We saved our customers more than $80 million last year,” Jacob said. “We’re not huge, but we’re not small either.”
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In addition to originating traditional mortgage loans employing artificial intelligence (AI) technology, LoanSnap has launched a crypto-mortgage program that relies on AI and blockchain technology, cryptocurrency and linking a real-world mortgage lien to a digital NFT — a nonfungible token.
To access LoanSnap’s LoanFlow portal, brokers and loan officers must hold a verifiable NMLS license for the states in which they seek to originate mortgages, or they must go through LoanSnap’s NMLS training program.
“Surging mortgage rates have reached the highest it’s ever been in the last 10 years, just as the supply of homes for sale hits a new low. This creates a very unfavorable market for homebuyers and lenders alike,” Jacob said. “The launch of LoanFlow aims to solve that by making it possible for loan officers to leverage cutting-edge technology to go direct-to-consumer and originate loans faster while offering better rates for homebuyers.”
