Fintech Tomo has launched a real-time underwritten mortgage loan pre- approval that reveals a credit decision in “the matter of one minute.”
The new offering allows for a buyer’s income, assets, liabilities, and credit to be quickly verified. The application can then be pre-underwritten and pre-decisioned at any time, according to the company’s press release.
This is the latest in a line of offerings the company has launched in recent months. All are aimed at reducing borrower pain points and broaden access to homeownership, the company said.
In August, Tomo launched Appraisal Coverage, which promised the same cash to close, monthly payment, and interest rate regardless of a low appraisal. This, the company says, helps protect borrowers from “last minute disruptions in the process.”
In June, it rolled out its Lock & Shop product, allowing buyers to lock in a mortgage rate for up to 120 days without a contract.
“With every product launch, we aim to create a more seamless home purchasing process so the mortgage itself will be the easiest part,” CEO Greg Schwartz said in a statement. “Market conditions are going to put a pinch on buyers for years to come; we can’t fix that, but we’re trying to fix everything else.”
Tomo laid off a third of its staff (44 employees) in June. It now has about 110 employees.