Smart-loan provider LoanSnap said that it completed the fastest home-mortgage loan in history, sealing the deal in less than 24-hours.
By comparison, it took an average of 46 days to close a home loan as of August, while a refinancing took between 30 to 45 days, LoanSnap said, citing the Ellie Mae Origination Insight Report.
LoanSnap said it used its innovative AI technology, “affectionately called Nell,” to close the loan in the record-breaking amount of time. The system organizes information and lists tasks in priority order, without human intervention, which cuts not only costs but the time it takes to process the information necessary to process a loan, LoanSnap said in a press release. Each AI task is then verified by the system and organized as efficiently as possible while remaining compliant, the company said.
“This incredible feat proves the immense potential of AI technology can be leveraged to upend the entire mortgage industry,” LoanSnap CEO and co-founder Karl Jacob said in the release. “While the industry has been historically slow in getting loans completed, by completing a loan in 24 hours, we are making way for a new industry standard. This will be a great benefit to consumers, since it gets them their money quickly or the home of their dreams faster and eliminates costs that are usually incurred from documents expiring during the mortgage process.”