New digital platform helps you save time and money on mortgage applications

Jan 18 2021, 10:00 am

BC’s real estate market reached a record-breaking milestone in what has been one of the most challenging years to date. Home sales in Metro Vancouver were 24.6% above the 10-year sales average for November 2020.

This dramatic increase in sales alludes to the fact that more people are applying for mortgages within the province (unless they have the money to purchase a property outright, that is).

But the process of applying for and securing a mortgage doesn’t look the same for everyone. This, coupled with frustration caused by the inefficient way that customers traditionally dealt with lenders, led licensed mortgage broker Amin Eskooch to co-launch a private lending platform: WiiBid.

With proprietary auction technology and machine learning, it brings borrowers and lenders together, allowing consumers to compare mortgage bids, manage documents, and maintain data security online — all while saving time and money in the comfort of their home.

As a borrowing consumer himself, Eskooch understands that mortgages are a huge financial decision and that most people want to be well-informed of their options — without having to approach a multitude of lenders.

He set out to find a solution that not only makes transactions secure but also creates an ecosystem where lenders can compete, as opposed to consumers having to go from one lender to the next. The result? A faster, more transparent process with better results, which involves consumers filling out just one application form.

All communication and exchanges of information happen in a closed-loop right on the WiiBid platform, which is encrypted and adheres to strict security standards — eliminating the risk of sending mortgage documents containing sensitive information over non-secure email.

When lenders bid on applications, all of the offers are presented to the consumer. After this point, they can compare and pick the best rates without any intermediation or influence. WiiBid is there with the consumer every step of the way and provides advice over the phone, virtual chat, and via email if needed.

“Our system provides notifications and ensures customers are aware of the status at every step of the way, so they are not left wondering or waiting for a lender or their broker to answer their phone calls,” Eskooch tells Daily Hive.

WiiBid’s innovative mortgage technology and lending capacity of over $1 billion empowers consumers to find the best rates, putting them in the driver’s seat and allowing lenders to bid for their application. As a result, it saves those applying for mortgages money that would typically go on fees.

According to Eskooch, the amount that consumers can save in fees with WiiBid varies depending on the size of the loan and the risk criteria — but it’s in the region of thousands of dollars. He also stresses the importance of considering time in the equation. By using WiiBid, mortgage approval times are cut by up to 75%.

“Imagine a consumer who is about to lose their deposit on a property with the banks pulling out and only three days to close. If they are not able to close or if they have to take a very high rate of bridge financing, the savings could be in the tens of thousands of dollars.”

A further example of how WiiBid is disrupting the $1.5 trillion mortgage industry is that the platform offers a solution for people who have faced challenges in securing bank loans.

Eskooch explains, “With the tightening of mortgage rules in the past few years, many people find themselves outside the strict guidelines set out by the banks. For example, if you are self-employed or a business owner, you might find it difficult to prove your qualification with the bank.”

This, he says, is why alternative lending has become prevalent in serving this growing part of the population. “However, alternative lenders are not as well known as banks, they don’t necessarily have big branch offices on every street corner.”

At present, private lenders finance approximately 10% of Canadian mortgages and provide an important function to the economy.

Looking to the future, Eskooch says WiiBid is setting out to transform the mortgage industry. “The industry has not seen much innovation in the past 50 years when it comes to mortgage origination, and it’s time to change that.”

WiiBid is working with Academia to optimize and automate the entire process. This could mean putting in a request for a mortgage, having the algorithm discover rates with the most relevant lenders, negotiating terms, closing the deal, and depositing funds from your smartphone — all within 24 hours.

In essence, the easy-to-use platform wants to enable consumers to take control of their own mortgages, control their own data, and ultimately secure their own mortgages.

“We are also implementing automation for lenders to help them analyze deals faster, improve their risk assessment processes, reduce their costs, and offer better rates,” adds Eskooch. “It’s a win-win for all parties.”

To learn more about how WiiBid could benefit you as a consumer or a lender, visit wiibid.com.

This content was created by Hive Labs in partnership with a sponsor