Frankly, the process of mortgage approval and closure has been unpleasant, to say the least. Meet NOLO, the hottest online mortgage platform that streamlines the process and expedites the results.
15-minute approval and 8-day closure used to be numbers unheard of in the mortgage industry until last week. Privately owned mortgage banking firm 360 Mortgage Group LLC. has launched their proprietary platform NOLO and this is going to be a huge difference maker. What it does to this business can be compared to what Amazon did to online shopping. No, we are not exaggerating.
NOLO stands for No Originating Loan Officer. The name clearly implies the main innovation it has brought. “There is no denying the rapid growth in the online mortgage space makes it essential to differentiate ourselves with a new service from what’s already on the market,” said 360 Mortgage Group President Mark Greco. “We worked rigorously when developing and testing our proprietary technology to ensure NOLO would be the most progressive, innovative and efficient online mortgage platform home buyers will ever use. The result of our advanced technology is a customer experience that is simple, fast, secure and extremely effective. We’re the first to introduce the paradigm shift needed to bring the 1970s mortgage process into the 21st century.”
How It Works
NOLO first asks a new user for basic points of identification: name, address, phone number, birth date, and, in rare cases, a social security number. The platform sifts through data from various sources and asks questions tailored to the applicant. Next, the platform requests the applicant to submit documentation. It’s important to note that even this step is simplified and expedited as NOLO pulls relevant blanks and samples obtained from various partnerships with vendors and other companies. The applicant then submits their date, address, and time of closing to a title and appraisal coordination system. The last step involves a confirmation of mobile notary services.
This process not only circumvents a loan officer that serves as a middleman, the use of modern technology makes it times more secure and fast than anything we’ve seen before. The probability of a successful data theft or any online fraudulent action nears zero. Further, they utilize a 256-bit bank level security and around-the-clock monitoring of the platform.
For those who would like to seek an expert’s opinion on a certain matter, 360 Mortgage Group has a team of experienced loan advisors ready to assist any applicants with any questions concerning mortgage.
This loan approval process is backed by the applicable government agencies like Ginnie Mae, Fannie Mae, Freddie Mac that validate contracts upon approval.