The process of closing a home loan typically takes about 30-45 days, but one firm in Irvine, California, thinks they can get it down to ten. Network Capital Funding is a direct lender that specializes in matching consumers to loan programs that perfectly mirror the needs of those groups. The company is able to thrive because it combines the impersonal approach of data analysis with personable loan specialists who take the time to get to know every case they work with.
The Role of Technology
Thanks to companies like Microsoft, Oracle, Cisco and Redhat, Network Capital is able to utilize technology to streamline the paper trail behind closing a home. As a result, clients can work with Network Capital from any access point in the country. If you can find internet, you can sign the papers you need to finalize the purchase of your home.
Technology also plays another important role: data analysis and gathering. More information is put online in accessible databases, which means Network Capital can work on behalf of its clients to secure the documents the company needs to properly process a loan. With fewer obstacles, the company loses less time tracking things down or waiting for an email to come through.
That’s why the company can offer “same as cash” lending. It knows a great deal of information about its customers, and their financial history, so it’s equipped to make decisions about whether it can lend and at what rates.
Efficiency is the Advantage
Network Capital is also a “direct lender”, which means their clients don’t deal with middlemen during the process of closing the loan. That saves a ton of time behind the scenes, which helps the loan close faster, but it also guarantees that the rate a customer locks in is lower than other brokerage firms merely searching for lenders and presenting plans.
Because so much work is put into the process before a loan closes, the time it takes to close the deal is dramatically decreased. Network Capital can reliably knock off as many as 30 days from the process, which is staggering in an age where the mortgage market is increasingly competitive.
Interest rates are rumored to increase, but are still at historic lows. That’s driven quite a bit of activity around buying property. Existing home owners are also rushing to refinance as the threat of rates increasing looms closer. Qualified buyers are getting rates as low as 3.5%, which translates to thousands saved over the lifetime of a loan.
Network Capital’s History
The company was founded in 2002 with the focus on making mortgage lending simple and streamlined. CEO Tri Nguyen eliminated lender fees and removed the middleman from the process. He reasoned that eliminating fees, combined with a fast turnaround, would help improve his business operations and he was right. Nguyen’s company has also been honored four years in a row by Inc. Magazine, which says Network Capital is one of the fastest growing companies in the United States.
The company plans to continue the tradition of employing technology to solve the challenges of lending. Nguyen believes that as more of our data shifts to the Web, companies will be able to work closely with consumers to deliver on time-sensitive operations like home loans.