A start-up that's building a 'one-tap' mortgage application tool is now jumping into the auto-loan market

has been moving toward an ambitious goal: simplify the mortgage-application process to the point that prospective buyers can find out whether they qualify for a home loan, and how much they can borrow, nearly instantaneously.

"Because our system is intelligent and we help eliminate a lot of the types of documents that were historically needed by using data instead, the process is lower friction, lower cost as well for the lender," founder and CEO Nima Ghamsari told Business Insider. They're getting closer to making the single-tap experience a reality. The company told Business Insider that it's actively developing a one-tap solution with a couple clients, and a rollout could be deployed in the next year or two.

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Mortgage purchase applications hit highest level in 9 yearsTwo weeks of rising rates are taking their toll on homeowners hoping to refinance, but homebuyers are not pulling back. I want a house. I need a big liquidity event so I can pay for one cash. I don't trust banks foreclosing from a computer glitch. I also am afraid of property taxes in Connecticut it is like a second mortgage for life. I feel safe at the local VA Hospital so don't want to move.
Source: CNBC - 🏆 12. / 72 Read more »