Despite an exponential rise in Fintech activity across many sectors, mortgage seems to have attracted a significantly lower amount of attention, at least on a relative basis.
I would suspect this is all for good reason - mortgage is one of the most complicated and heavily regulated financial products and requires a deep level of domain expertise, which is why I suspect many startups focus more on the consumer interaction layer vs. more complete process and product solutions.
That said, mortgage represents a huge opportunity, with ~$1.5 Trillion of new mortgages originated annually in the U.S. and ~$10 Trillion of mortgages outstanding that require servicing, and that is just primary residential mortgages - if you add in home equity lines and commercial/multi-family the numbers are even larger.
Given my professional focus on mortgage, I have been tracking a number of mortgage related startups (I will use the term “MortgageTech” until someone suggests we adopt a better name) and would like to expand this list for any companies that I may have missed.
Thanks in advance for your suggestions, and for now I’ve kept this U.S. focused, but at some point I am sure it makes sense to start threads for other markets as well.
I have broadly categorized these companies based on 3 defining segments, but open for suggestions as to a better way to organize them.
1 - Mortgage Enterprise Solutions - this would include loan origination system (LOS) providers, marketing/lead gen/application/underwriting/fulfillment/closing platforms, servicing platforms and other component solutions targeted primarily towards originators, issuers and servicers.
2 - Tech-Enabled Mortgage Lenders - this would include companies who are in the business of originating mortgages directly to consumers. I would also consider some forms of tech-enabled brokerages in this category, as long as the company has responsibility for taking the customer’s application all the way through underwriting and funding decision.
3 - Mortgage Data and Analytics Providers - this would include any company that collects and/or supplies data to mortgage originators, issuers, investors or servicers.
While I know this is only a partial list, I am hoping that others can suggest additional companies and help make this the most comprehensive list of MortgageTech.