"Partnering with Pylon enables us to cut out the middlemen and deliver rates that our competitors can't match. It also allows us to deliver instant approvals and faster closings, all while lowering costs. The need for something new stemmed from frustration with traditional lenders, who are very low tech and don't even have an API or technology for us to work with."
"Pylon's mortgage rails automate functions including processing, underwriting, closing and loan delivery through API-based infrastructure, reducing reliance on wholesale and correspondent lenders. We flow those mortgages directly through to the true source of capital, rather than wholesale lenders and aggregators who mark those rates up the result is a much lower cost of capital and a much lower cost to originate."
"The company's platform gives lenders access to rates that are 75 to 200 basis points lower than traditional channels while reducing origination costs. Pylon earns revenue through per-loan fees and software subscriptions, and currently focuses on conventional and jumbo loans up to $5 million, with plans to expand into FHA, VA and non-QM products."
Loan Factory has partnered with Pylon, a mortgage technology platform backed by investors including Peter Thiel, to streamline loan origination and reduce costs. Pylon's vertically integrated system automates processing, underwriting, closing, and loan delivery through API-based infrastructure, connecting directly to capital markets rather than relying on wholesale lenders. This eliminates intermediaries and markup fees, enabling Loan Factory to offer rates 75 to 200 basis points lower than traditional channels while reducing origination costs and enabling instant approvals and faster closings. Pylon generates revenue through per-loan fees and software subscriptions, currently focusing on conventional and jumbo loans up to $5 million, with plans to expand into FHA, VA, and non-QM products.
#mortgage-technology #loan-origination-automation #capital-markets-integration #cost-reduction #digital-lending-innovation
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]