LoanSnap, the company that helps consumers own their financial future and creator of the world’s first smart home mortgage loan, announced today it has completed the fastest home mortgage loan to date, in just 24-hours. This record achievement, ensures consumers get their money quickly or the house of their dreams faster while also reducing the costs associated with the mortgage process and proves that consumers do not need to wait months to close on a home.
According to the Ellie Mae Origination Insight Report, it took an average of 46 days to close on a home loan as of August 2021. Moreover, a refinance took anywhere from 30-45 days from start to finish.
As of this week, LoanSnap has become the first company ever to complete a home loan in 24-hours. By taking advantage of new AI technologies and maintaining a customer-centric approach, LoanSnap optimizes for the fastest outcome for borrowers and homebuyers in the United States.
“This incredible feat proves the immense potential of AI technology can be leveraged to upend the entire mortgage industry. While the industry has been historically slow in getting loans completed, by completing a loan in 24-hours, we are making way for a new industry standard,” said Karl Jacob, CEO, and co-founder of LoanSnap. “This will be a great benefit to consumers since it gets them their money quickly or the home of their dreams faster and eliminates costs that are usually incurred from documents expiring during the mortgage process.”
LoanSnap was able to achieve a loan closing in 24-hours with its innovative AI technology, affectionately called Nell”. The system is able to organize information and list tasks in priority order, without human intervention, cutting not only costs, but the time it takes to process the necessary information to process a loan. Each task completed by the AI technology is verified by the system and organized as efficiently as possible while remaining compliant.
“In July 2021, I heard that interest rates were lower than my current interest rate,” said Joy Guiles, a customer of LoanSnap. “Jared from LoanSnap returned my call right away and I began the refinancing process. The LoanSnap interface was seamless. Uploading documents and communicating with Jared was the most efficient experience I’ve ever had with a refinance. We were cleared to close in 24 hours! I highly recommend LoanSnap for your next loan. Thank you, Jared, for making the process so easy and for being so personal and relatable.”