001 – Vishal Garg of Better Mortgage – Bypassing Industry Inertia in Three Minutes

De-rigging the mortgage game with thoughtful technology…

Vishal Garg, CEO of Better Mortgage (a direct lender dedicated to providing a fast, transparent, and online mortgage experience backed by superior customer support) joins hosts Thomas Kutzman and Scott Pollack in the MouthMedia Network studios powered by Sennheiser. Presented by Prevu.

An industry behind the times, the need, and why pre-approval in 3 minutes is possible

Garg discusses how the mortgage industry is dominated by the top 5 banks with a third of the market, why the mortgage industry hasn’t modernized as fast as other industries, how it is one of the last oligopolies, and how because of complexity and size is one of last ones standing requiring modernization and innovation. He covers how startups need at least $20M of capital to make mortgages and finance them with Wall Street or bigger banks, and those amounts are usually not available to most tech startups. He shares the goals of helping consumers know how much they can afford, the challenges that followed a number of financial crises, and why Better Mortgage was created. Garg touches on how the company takes the info provided by applicants, uses an API to create pre approval within typically 3 minutes, whereas usually takes much longer as well as many as dozens of people.

Eliminating commissions, creating certainty, and making obtaining a mortage a non-event

When the numbers have been proven and credit has been checked, there is a high degree of confidence a consumer can obtain that financing. The impact of having no incentives to drive consumer experience or product choices, with loan consultants not paid on commissions at Better Mortgage, and how the company built a marketplace of 21 financing partners, making up the majority of mortgage lending market. How human elements are doing things that empower the consumer instead of just order taking, integrating automation to create certainty, why banks won’t do something like this kind of solution and the industry doesn’t care that the mortgage process is painful for the consumer, as an industry that helps the industry. The objective of making getting a mortgage a non event, helping consumers win with lower down payments, and a look at the source nearly half of default.

Overcoming industry inertia, the only way brokers can prosper, and maintaining focus

The importance of the fact that Millennials don’t want to be sold, creating a platform so 6 of 7 biggest banks in industry are financing off the platform, overcoming the inertia of the industry which cannot innovate, how mortgage brokers and real estate brokers who are really helping people with value today are the only ones who can prosper, and how the rest will have to find something else to do. Plus falafel chips and running a startup with young kids, focusing on the most important thing you need to do, and helping Americans to buy homes.

Hello World – Real Estate Is Your Business

How Technology Is Modernizing Real Estate …

Real Estate Is Your Business is a series of conversations with the innovators, entrepreneurs, and thought leaders at the forefront of the modernization of the real estate industry. The podcast, presented by Prevu, is hosted by real estate technology entrepreneur Thomas Kutzman and business development expert Scott Pollack. You will hear the about the exciting technological and business innovations that are improving the way we live, work, and pretty much do everything.

Thomas Kutzman is the co-founder of Prevu, a tech startup on a mission to save people money when they buy or sell a home. Thomas has broad experience investing in public technology companies at asset management firms and top-tier investment banks, and has also been an active real estate investor for over a decade. Scott Pollack is a business development expert with experience helping both startups and Fortune 500 companies focus on growth. Scott is a member of the Forbes Business Development Council, author of “What, Exactly, Is Business Development”, and a regular speaker on the topic.