Fintech company Neat Capital announced the release of Neatify, which it called the only “modern mortgage origination platform” built in the last decade. The platform includes:
- A cloud-based loan origination system.
- A deeply integrated product pricing and eligibility engine.
- A point-of-sale application software to automate the application and documentation process.
Neat Capital’s proprietary platform algorithmically processes, underwrites, documents, and produces mortgage loans, enabling the company to condense underwriting turn times to 24 hours. Neat Capital is using this software to eliminate the traditional processing role that makes up a larger portion of the staffing at other lenders and brokers. The platform enables borrowers to receive immediate, real-time underwriting feedback at the point of application to understand income, asset, and documentation requirements needed to purchase or refinance their home.
“Today’s mortgage companies provide pretty user interfaces, but behind the scenes, they still operate and produce loans using the same antiquated mortgage tech developed in the 1990s,” Neat Capital co-founder and Chief Technology Officer Steve Herschleb said. “Neat Capital has built the first new loan origination system in over a decade, and we’ve removed the menial and frustrating parts of mortgage, allowing for more efficient internal operations while creating a delightful, streamlined process for the borrower.”
“We still see groups attempting to tie together antiquated software in a complex puzzle of what is essentially a bad database,” Neat Capital co-founder and CEO Luke Johnson said. “Beyond the obvious data fidelity advantages of a singular platform, Neatify is different because it is intelligent in using highly configurable software to automate the back office responsible for producing mortgages. This reimagined platform allows us to bring an absolute competitive advantage to today’s massive mortgage market.”