RealKey Launches Automated Lending Platform to Fill Gaps in Legacy LOS and POS Systems

Automated, Intelligent Document Collection and Data Review Platform Cuts Loan Processing Time by Up to 50%; Enables MLOs to Scale their Business and Increase Revenues

RealKey, an innovative provider of digital mortgage technology, today announced the launch of the RealKey Automated Lending Platform (ALP), setting a new standard for processing mortgages more efficiently. The platform enables automated, intelligent collection and review of documents and data, as well as secure communications among all parties involved. The platform capabilities will shorten the loan processing cycle by roughly 50%.

With RealKey, lenders and brokers can easily double the number of loans they process each month, and scale their business to meet increasing loan application demands spurred by record-low interest rates and an increase in the number of home sales.

“The mortgage application process has been broken for years,” said Christopher Hussain, Founder and CEO of RealKey. “With the high volume of documents required, legacy systems, and inefficient communication channels, lenders and their borrowers get caught in a painful document dance that typically results in extra hurdles, unnecessary complexity, and added time required by all parties. RealKey works seamlessly with existing point of sale and loan origination systems to bring a comprehensive digital mortgage processing experience to loan officers and their customers, making the entire cycle smoother, shorter, and free of headaches for everyone.”

 

2021 has Bolstered the Need for Truly Digital Mortgage Processing and Centralized Communication

The housing market complexities stemming from the global pandemic and increased demand for home purchases and refinancing due to record low interest rates have put increased pressure on the mortgage industry for technological transformation. MLOs are seeing double the usual customer activity, and are challenged with keeping up as legacy technologies hold them back from maximizing their potential. At a time of unparalleled demand, MLOs are struggling to scale.

The RealKey ALP delivers an innovative approach to loan processing that allows for a truly comprehensive mortgage experience. Automating the collection and review of documents, as well as effective, efficient, and secure communication for all parties involved, enables MLOs to save significant amounts of time. These time and efficiency gains enable them to process more loans and generate more revenue. In short, RealKey connects all collaborators in a seamless and transparent experience that breaks down the barriers inhibiting the mortgage industry today. This results in happier customers, which leads to more business referrals for MLOs, and a stronger brand reputation.

“RealKey has created a platform with capabilities that I’ve wanted for a long time,” said Thuan Nguyen, CEO of Loan Factory and the top MLO in the U.S. “The automation component is of tremendous benefit because underwriters can and do make mistakes. RealKey gives all parties involved assurance that the results are reliable and accurate. I believe that the platform is something that all lenders would love to have, and I’m very excited to have it as well.”

 

RealKey: Closing the Gaps with Legacy Technology Systems

Through its seamless design, the RealKey platform effortlessly walks borrowers through the labyrinthian document collection process, helping guide even the most complex borrower through complicated conditions with ease. The platform delivers automated document collection and data review through algorithms, centralized communications for all involved parties, and secure cloud-based document storage.

A summary of core product features includes:

Automation through Intelligence

RealKey’s powerful Conditions Engine triggers conditions and document needs based on the submitted information, automatically inviting collaborators at the right time, so less time is spent passing notes and instructions between the numerous parties involved and underwriting.

Centralized Communication

RealKey automatically invites parties based on their role into a centralized chat that provides everyone involved a single location to efficiently exchange information and improve response times.

Automated Review of Documents

Review of documents is streamlined through clear and transparent on-screen instructions for all collaborators; all data received runs through RealKey’s Rules Engine to instantly provide actionable feedback

Secure Storage

Secure storage of all relevant documents providing access to the right people at the right time. Industry-standard security provided via SOC2, ISO 27001, and SSAE 16 encryption parameters/standards.

“We are extremely pleased with RealKey’s continued growth and constant push for innovation in the mortgage industry,” said Dave Garland, Managing Partner of Second Century Ventures. “We are in unprecedented times with interest rates at record lows. RealKey’s platform is delivering much needed efficiency to the mortgage process that will allow loan officers to close more loans and scale their businesses. We have strong confidence in the RealKey team and their technology.”

RealKey’s simple and intuitive interface is designed with a deep hands-on understanding of the needs of the mortgage industry, and the way that MLOs, Processors, and Underwriters want to work in the digital era. It works seamlessly with, and bridges the gaps between, the legacy systems already in place, including POSs (Point of Sale), AUSs (Automated Underwriting Systems), and LOSs (Loan Origination Systems). The RealKey is the final piece of the puzzle that did not previously exist — the Automated Lending Platform (ALP).

The RealKey Platform is available as a subscription service for $99/user/month or $990 per user year. For a limited time, new subscribers will become automatic members of the RealKey Founder’s Club, which includes several benefits, including:

  • Discounted subscription
  • Early access to new features and upgrades
  • Direct line of communication to provide feedback and make feature requests
  • Priority access to technical support
  • Special discounts with integrated partners

To schedule a demonstration of the platform or sign-up for a seven-day free trial, please visit https://realkey.com/demo/.