How lenders can break through the siled mortgage ecosystem

HousingWire recently spoke with Kevin Koon-Koon, Chief Technology Officer of Grid 151, about how it streamlines and simplifies how mortgage lenders interact with the rest of the ecosystem.

HousingWire: What are some common challenges lenders face when interacting with the rest of the mortgage ecosystem?

Kevin Kuhn-Kuhn: Many mortgage lenders are investing heavily in technology, people and process improvements to home buying journey.

However, if there is no comparable investment from other stakeholders in the transaction (i.e. appraisal, ownership, etc.), there will not be a high return on that investment. Because the ecosystem itself is only as strong as its weakest link. Lenders may be the most modern and progressive, but without close coordination across the “assembly line” from front to back, lenders are effectively in constant rushed waiting. Limited customer impact as you are stuck.

GridBase democratizes the power that comes with that tight coordination to all parties, with off-the-shelf integrations across landlord LOS, real estate transaction management systems, and title production systems.

Additionally, GridBase also enables connectivity between these same entities and the next level vendors and partners that support them. Closer coordination leads to greater efficiency and a better experience for all parties, especially customers.

HW: In today’s uncertain market, how important is it for lenders to be able to offer fast timelines to borrowers?

KK: A fast timeline is something the industry as a whole should strive to achieve and could be a differentiator for mortgage lenders who can consistently deliver it to their customers. The connectivity and resulting efficiency that GridBase enables between transactional stakeholders helps make this possible.

But perhaps more important to the consumer experience than shortening timelines is increasing transparency and certainty throughout the process, regardless of timelines.

In other words, not all homebuyers need to close on day two. Get an education and be able to plan accordingly.

Given that real estate transactions are relatively infrequent and high-value for most consumers, the industry is doing a better job of connecting the dots and providing informative and digestible information at every stage of the journey. need to do it.

HW: How is GridBase helping mortgage lenders?

KK: Our industry’s siled, disconnected and often legacy systems of record cannot easily communicate with each other. Mortgage lenders are burdened with building solutions to solve this complexity, but are often bogged down in dealing with the technical limitations of their partners.

As a result, there seems to be an infinite number of workflow permutations, depending on the partner and the system of record used. Even where integrations are available, mortgage lender technology teams are forced to learn, support, and maintain multiple APIs. By centralizing all these integrations through a single entry point, GridBase streamlines and simplifies how mortgage lenders interact with the rest of the ecosystem, facilitating end-to-end workflows.

HW: Will GridBase benefit other downstream product and service providers from lenders?

KK: GridBase is a multi-tenant platform that adds value across the supply chain. For example, instant title product providers, payment agents, RON platform vendors, and other provider villages required to complete a loan do not even need to leave the system. Order management, communication and delivery are all facilitated by GridBase. Plugging into GridBase opens access to a whole universe of connectivity, delivering value in both directions for the benefit of all.

For more information on GridBase, please visit: https://gridbase.io/.

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