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Inefficiency is ‘crushing profitability’ in US mortgage market

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Staff reporter 3 minute read

The CEO and co-founder of a US-based fintech has said that technology could unlock “billions of dollars of value” in the US mortgage market, which is suffering from “mounting levels of inefficiency”.

Stephen Bulfer, the CEO and co-founder of US fintech StreamLoan, will reveal at The Adviser’s US Study Tour 2017 next week how his fintech is helping “transform lending organisations” by providing digital workflow solutions and transformations.

According to the head of the digital mortgage technology platform, who has helped devise the agenda for the upcoming US Study Tour, StreamLoan was developed after recognising that “the industry needed more than a facelift”.

Speaking to The Adviser ahead of the tour, Mr Bulfer said: “After investing in residential real estate for over 20 years and studying the subprime crisis in graduate school, it was clear that the industry needed more than a facelift.

“I’m passionate about a great customer experience, and it was completely lacking across the industry. Not only for the home buyer/client/borrower, but for all other professionals supporting them such as real estate agents and loan officers. 

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“The mounting levels of inefficiency are crushing profitability for mortgage lenders and holding back growth. It’s exciting to know that billions of dollars of value can be unlocked by a single software start-up with the right execution, impacting needed change.” 

StreamLoan aims to reduce the burden of manual processing of loans by enabling borrowers and lenders to consolidate the home loan application process through an app. By connecting borrowers, lenders, real estate agents and other home purchase stakeholders, the app enables all users to monitor loan progress and resolve issues in real time. Users can also collect, review and approve financial documents through the platform, thus reducing turnaround times.

While StreamLoan does not currently have any immediate plans to break into the Australian mortgage marketplace (as the “US market presents an endless opportunity”), Mr Bulfer said that by sharing his learnings “out of both Silicon Valley and the industry globally”, he hopes to “inspire change, further innovation and share best practices to allow all of us to improve and create value in our respective areas of the business”.

The Adviser’s US Study Tour 

Designed exclusively for Australia’s elite mortgage brokers and mortgage distributors, the 2017 tour will be held at The Olympic Club in San Francisco from 1 to 3 November and will focus on innovation, technology, data and how the best US mortgage brokers dominate their markets.

Following on from the success of The Adviser’s UK Study Tour last year, The Adviser’s US Study Tour 2017 aims to showcase how the more mature US mortgage market is revolutionising mortgage lending and broking.   

Delegates will have the unique opportunity to hear first-hand from some of the world’s top technology and data firms to see how they’re opening up lucrative new markets, in a bid to give those in the Australian market a leading edge. 

The three-day study tour has been developed by The Adviser with support from financial services executive Steve Weston, StreamLoan CEO and co-founder Stephen Bulfer and StreamLoan head of business development Aaron Sturm. 

Speaking of The Adviser’s US Study Tour 2017, Momentum Media director Alex Whitlock said: “Having the chance to hear first-hand from the sharpest minds in fintech and mortgage innovation in the US is a once-in-a-lifetime opportunity. 

“Mortgage brokers deliver more than half of all loans written in Australia and that percentage is rising. Learnings from US innovators will give a significant advantage to our delegation in winning a greater share of the lucrative Australian marketplace.” 

 

Inefficiency is ‘crushing profitability’ in US mortgage market
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