SAN DIEGO, April 11, 2017 /PRNewswire/ -- Approved launched its digital mortgage platform today, aimed at radically simplifying the home loan experience for lenders and borrowers nationwide. The company raised $1 Million in pre-seed funding led by Social Capital and Precursor Ventures to support the launch.
"We started Approved to make it less tedious for borrowers to buy a home, but were shocked at how much time and money lenders themselves waste on paper-based workflows," says Andy Taylor, Approved CEO and former Director of Product at Redfin. "Approved makes it easy for any lender to move their business online and compete with those that have spent hundreds of millions of dollars on technology. Rather than moving outdated, 30-year old workflows online, we completely re-designed an experience that puts today's modern borrower first."
Taylor co-founded the company with CTO Navtej Sadhal, another Redfin alum, to provide transparency around home loans and reduce the time it takes to get approved for one. Approved transforms an arduous process that can take weeks into an effortless one that takes just a few minutes. Rather than submitting pages of paper documents, borrowers can automatically import bank statements, paystubs, and tax documents securely online. Lenders in the pilot saw an average 50% reduction in the time it took to get those documents.
Social Capital and Precursor Ventures were joined in the round by Bluesky Equities, Graph Ventures, and several prominent angels who believe Approved can capture a significant piece of the trillion dollar mortgage market by partnering with established originators looking to modernize their lending operations.
Approved technology includes:
- DocCast™: Automatically collect original bank statements, W2s, 1099s, 1040s and paystubs.
- DocVision™ Camera Scanning: Allows borrowers to securely "scan" documents using their mobile devices.
- White-labeled Dashboards: A delightful and frictionless platform for borrower and lender collaboration.
- Digital Document Library: Support for all popular loan programs.
Close more loans, faster.™
Approved is on a mission to bring transparency, efficiency and a little sanity to the mortgage experience. We build technology that agents, borrowers, loan officers and lenders use everyday to streamline their back office and provide a world class experience for borrowers. Learn more and sign up for a trial at www.getapproved.io
Andy Taylor, CEO
Approved Technologies Inc.
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