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25 Companies Changing the Mortgage Industry

by | Mar 9, 2020

While Capacity is one of the top innovators in the AI and mortgage space, many other companies are looking to help ease the process for all parties involved. While Capacity is focused on support automation for borrowers, sellers and support staff, other companies are focusing on different AI-related areas.

Google is an excellent example of a company using its tech to automate parts of the mortgage process. Through their Lending DocAI software, they’re able to create legally compliant documents at a much faster pace. United Wholesale Mortgage has also taken to tech, using its mobile app to expedite the loan process for its customers.

The mortgage industry was built on necessity. The American dream has always included owning a home, and the process of acquiring one hasn’t changed since the start—until recently. In the age of digital transformation, the mortgage industry has been slowly evolving and offering more automated solutions to assist loan officers, loan originators, home sellers, and home buyers. Take a look at the companies that are changing the mortgage industry for good. 

  • Adwerx is a digital advertising company specifically focused on bringing big brand marketing to the mortgage industry by helping mortgage companies market directly to borrowers through ads for listings, ads by the sphere, and ads by zip codes, which can drive growth and empower loan officers. 
  • AppraisalVision is an on-demand platform specifically for resident appraisals from Theoris Software. Using big data, artificial intelligence, and machine learning, AppraisalVision has created an algorithm that takes in 16 variables to create an individual AQPM score (similar to a credit score) to improve quality and turn-times.
  • Built is a leading provider of secure, cloud-based construction lending. Borrowers interested in renovation and new construction can utilize Built to mitigate risk, ensure compliance, accelerate draw requests, and reduce paperwork. 
  • Clear Capital is an appraisal platform that enables mortgage companies to use big data and cloud analytics to offer valuations, manage appraisals, and build clean audit trails.
  • DocMagic offers a seamless, efficient, and fully compliant digital platform for a completely paperless eClosing. By advancing the mortgage process at every stage, the tool improves the process for lenders, settlement service providers, investors, and ultimately, borrowers. 
  • Docutech provides an end-to-end digital lending experience by streamlining and simplifying financial transactions for consumers and lenders during the mortgage process. It can seamlessly integrate with loan origination systems and point-of-sale platforms to help loan officers close more loans faster while reducing costs. 
  • FormFree is a provider of lending technologies that liberate borrowers and lenders from forms, cumbersome processes, and outdated lending practices. Eliminating the need to physically fill out and turn in paper forms can streamline the loan origination process for all. 
  • HomeBinder is a digital 3-ring binder engineered to help the homeowner organize and manage all aspects of their home once they’re approved and ready to move in. Once the home buying process ends, there are still cumbersome tasks that need to be done. Homebinder keeps everything in one location from move-in support to ongoing maintenance reminders.
  • Housingwire is one of the most influential sources of news and advancements for the mortgage and housing markets in the U.S. By keeping lenders and borrowers aware of new trends, regulations, technology, and even rates in the industry, all parties can stay informed.
  • Loanlogics is a mortgage audit software solution that automates regulatory processes in a compliant fashion. Through its technology, Loanlogics claims to increase loans per person per day by 200%, time savings by 600%, productivity by 300%, and a 80% reduction in systems.
  • LodeStar Software Solutions is an organization that saves lenders time and money by automating the fee quoting process, generating loan estimate quotes, and streamlining secure title orderings. Not to mention, it’s fully integrated with leading industry platforms like Encompass, LendingQB, and Calyx Point. 
  • MBS Highway is a communication tool that is dedicated to helping loan officers turn conversations into applications. By offering expert market advice, real estate data, financial calculators, and much more, advisors are equipped with the knowledge they need to set an organization apart from the competition. 
  • Mortgage Coach recently released its Team Access feature that enables loan officers to ramp up productivity and increase collaboration and communication with each other and the borrower at the office or on the go. Team Access makes it easy to share and edit total cost analyses when borrowers request loan comparisons at any time or any place.
  • Mylo Insurance Solutions (a Lockton Company) is revolutionizing how people shop for insurance in the mortgage industry by saving borrowers’ time when searching for affordable insurance, ensuring loan officers only provide RESPA-compliant insurance options, and much more. 
  • National Mortgage News is a resource for mortgage professionals that offers customized newsletters, industry rankings and insights, access to industry thought leaders, and the annual conference, Digital Mortgage, that brings together the visionaries and innovators from the home-buying and -selling ecosystem. 
  • Notarize is a leading online notarization platform that enables a convenient, affordable, and secure home-closing without the need of finding and scheduling time with an in-person notary. This means borrowers and lenders can eliminate at least one step in the process of closing. 
  • Opendoor is a platform that simplifies the home-buying and -selling process. Homeowners can request a free bid, get a cash offer in 24 hours, complete a free-in-person assessment, and choose a close date in only four simple steps. 
  • Qualia simplifies the closing process by offering a suite of digital real estate closing products for title & escrow companies, lenders, real estate agents, and consumers. 
  • Riivos offers industry-specific, cloud-based value chain management solutions that helps mortgage leaders make data-based decisions to optimize financial, operational, and strategic outcomes. 
  • SocialSurvey is the only enterprise reputation management tool that’s designed specifically for the mortgage industry. Once connected to your LOS, the tool will automate the process of collecting feedback from borrowers after they close on a house. 
  • Sutherland Mortgage Services helps mortgage companies offer better borrower experiences by providing digital transformation services like design, consulting, research, analytics, AI, platforms, tools, and tech services. 
  • The Closing Exchange offers dynamic vendor management and signing services to the mortgage industry. The tool empowers its clients to quickly manage their signings and network, and augment staffing through managed services.
  • The Mortgage Collaborative has created an independent member network that welcomes mortgage banking companies, banks, credit unions, and service providers to collaborate on ways to grow their businesses.
  • USA Mortgage isn’t your typical full-service home financing solution center. Based in Missouri, this “small-town” financial institution has taken the mortgage process to the next level by putting its employees first and becoming 100% employee-owned and operated. 
  • Vendor Surf is a global marketplace of mortgage vendors created for industry professionals in mind, so they can easily and efficiently find value-added business partners. The current list of vendors has more than 3,000 unique search filters within 80+ categories and growing!

Clearly, the mortgage industry has a ton of useful tools and services available for loan officers, loan originators, home sellers, and home buyers. As these companies progress, so will the mortgage industry with it.

The loan origination process is cumbersome and time-consuming, requiring lenders to work with borrowers in manually answering the latter’s questions. Capacity solves this issue by being readily available for a borrower’s inquiries through AI-powered tools. 

For example, consider the chatbot; chatbots are the new apps of this generation. The shift to smartphones has seen people spend more time messaging rather than texting and as a result, companies need chatbot technology to provide 24/7 customer service for their customers who would otherwise be waiting on hold or emailing back and forth with no guarantee that they will receive an answer anytime soon.