Myolo’s (myoloapp.com) mortgage marketplace allows borrowers to submit one mortgage application and get bids privately from multiple lenders. Myolo automates the process, guides borrowers through each step, and organizes all the paperwork. Myolo integrates seamlessly with borrowers’ data clouds, computers, and popular email services. It also features data recognition and transcription technology so users can compile documents, fill forms, and add signatures rapidly. Myolo’s platform helps borrowers save up to 0.5% in interest and apply 5x faster.

Myolo targets first-time and second-time homebuyers, typically aged 28-49. For these borrowers, the mortgage application process is time consuming and opaque, especially since each lender’s processes and requirements vary. Nearly 1/2 of all borrowers don't shop around for mortgages, 77% only apply to one lender, and most rely on biased referral sources like their agent (CFPB 2015). Rates can span more than 0.5% between lenders f...
Myolo’s (myoloapp.com) mortgage marketplace allows borrowers to submit one mortgage application and get bids privately from multiple lenders. Myolo automates the process, guides borrowers through each step, and organizes all the paperwork. Myolo integrates seamlessly with borrowers’ data clouds, computers, and popular email services. It also features data recognition and transcription technology so users can compile documents, fill forms, and add signatures rapidly. Myolo’s platform helps borrowers save up to 0.5% in interest and apply 5x faster.

Myolo targets first-time and second-time homebuyers, typically aged 28-49. For these borrowers, the mortgage application process is time consuming and opaque, especially since each lender’s processes and requirements vary. Nearly 1/2 of all borrowers don't shop around for mortgages, 77% only apply to one lender, and most rely on biased referral sources like their agent (CFPB 2015). Rates can span more than 0.5% between lenders for the same loan. This variation often impacts groups already marginalized by the process like women and minorities (CFPB 2015, Cheng et al. 2011).

Myolo’s algorithm matches borrowers to lenders based on stated preferences and product interest (e.g., for non-qualified loans, expedited closings, or special loan programs). We also point borrowers to government programs that may reduce borrowing costs, for example, through downpayment assistance. Borrowers know they’re getting a loan that will work for them while lenders get high quality leads and strong conversion rates by design.

Myolo’s target lender market includes small and mid-sized lenders as well as non-traditional (e.g., SoFi), portfolio, and select non-bank lenders. These lenders can increase volume up to 8x and reduce origination costs by 80% by using online channels effectively. We also target larger banks that have specialty programs (e.g. physician loans, CRA-related loans for blighted neighborhoods, etc.).

Building on months of customer and lender research, we’ve built a customer-facing prototype. completed product testing with consumers, and now finalizing our lender prototype. We’re shooting for a Summer 2016 beta pilot release with borrowers and lenders in the DC region. We continuously discuss our product with local real estate brokerages and agents (e.g., Keller Williams, DC Home Buzz, and others) to build a flow of borrowers to our system in the second half of 2016.
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Advisors

Venugopal Srinivasan
Admin
Venugopal Srinivasan

Employees

Recommendations

Indivar Dutta-Gupta Director, Project on Deep Poverty and Senior Fellow at Center on Poverty and Inequality at Georgetown University

Having gone through the mortgage process, I really believe that myolo has the potential to significantly improve the mortgage process--strengthening matches, allowing lenders to focus more on lending and less on marketing, and saving consumers money by increasing competition. When there are entrenched and powerful interests in an industry, that industry often falls behind on offering consumers the best possible experience, including through use of consumer-friendly technology. Myolo offers an alternative vision of what the hugely consequential decision and process of securing a mortgage can be.