5 Fintech Firms Hoping to Impact the Mortgage Industry in Big Ways
Technology has disrupted any number of industries over the last two decades — media, retail, transit, and hotels. Is there any reason the mortgage business would be any different?
Perhaps. As mortgage industry consultant Aaron LaRue noted in an article for TechCrunch earlier this year, home loans present a variety of challenges to financial technology, or fintech, firms.
For instance, the highly regulated nature of the business requires a substantial investment in employees and systems to ensure compliance and correct reporting. And the complex, multi-part process of originating a home loan means companies need to be well staffed with specialists needed at each step of the way if they hope to significantly scale their businesses.
Those aren’t requirements that can just be “innovated” away, LaRue points out.