Technology

Approved, a mortgage platform for small lenders, announces $1M in funding

  • New platform lets small lenders and mortgage brokerages provide a seamless application and approval process.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Applying for a mortgage remains one of the most painful parts of buying a home, so large lenders are investing heavily in technology to simplify the process. That's left their smaller competitors on edge, worried that companies such as QuickenLoans or LoanDepot "are going to eat their lunch," said Andy Taylor, former director of product at high-tech brokerage Redfin. Taylor founded Approved to help these companies neutralize this threat. The platform, which has announced $1 million in pre-seed funding, lets small-to-medium size lenders and mortgage brokerages provide a seamless application and approval process to borrowers. Through integrations with banks and companies like TurboTax, ADP and or Paychex online, Approved can automatically pull in documents needed to assess a borrower's qualifications and verify their income and assets, such as bank statements, tax returns, pay stubs and W-2 forms. Prospective borrowers can also upload documents on the go a...