Lending firm 360 Mortgage Group has announced a new platform it claims will allow customers to receive approval for a loan in just 15 minutes and cuts down the closing process to as few as eight days. The company’s NOLO platform—which stands for No Originating Loan Officer—lets customers complete the mortgage lending process entirely online without ever having to speak to a loan officer. Because the program has advanced data mining capabilities, fewer documents are required during the mortgage process.
“Other systems claim to achieve a complete online process but often make unrealistic assumptions about the borrower, which, in turn, sets false expectations and a difficult borrowing process,” says Mark Greco, president of 360 Mortgage Group. “Additionally—and unlike any existing system in the marketplace today—the 360 loan approval has been fully validated by the applicable government agency or sponsored enterprise at the time the approval is issued and not weeks later after a loan officer has interfered with the process, as is standard in the industry.”
While 360 Mortgage Group touts eight-day closings, mortgage industry data firm Ellie Mae says the national average is 43 days to close on a purchase loan.
Source: 360 Mortgage Group
