NFTYDoor Launches Digital Home Equity Lending Platform – NMP

NFTYDoor LLCa digital mortgage startup based in McLean, Va., on Monday unveiled a home equity platform, offering US homeowners a digital way to access their equity with a one-minute online application and funding in as little as three days.

US homeowners are equity rich, with more than $11 trillion in usable equity, according to ATTOM and Black Knight. However, homeowners looking to use their capital will find that currently higher interest rates often make the cost of refinancing a cash-out prohibitive. At the same time, traditional home equity lenders take 30-90 days to fund a loan due to manual underwriting.

NFTYDoor, on the other hand, claims that it provides a quick and seamless solution.

“We help homeowners manage and pay for life’s big events,” said Mark Schacknies, CEO and co-founder of NFTYDoor. “Homeowners should be able to easily tap their capital on demand to pay for a home improvement, tuition, a car, or pay off expensive personal debt.”

NFTYDoor opened in January this year. In addition to Virginia, it is licensed in the District of Columbia, Florida, Illinois, and Maryland, with plans to expand nationwide by the end of 2023. Its website, however, indicates real estate capital platform is live only in Virginia, Maryland, and DC

Homeowners in these locations can access $25,000 to $250,000 of their home’s equity with a 25-year fixed rate term, after completing a simple online application. NFTYDoor is a proprietary end-to-end digital platform that leverages artificial intelligence to automate underwriting, closing, financing and servicing. These innovations are regulatory compliant and reduce origination time and cost, the company said.

NFTYDoor partners with bank and non-bank lenders so they can offer a branded home equity product to their clients, said Jonathan Spinetto, COO and co-founder of NFTYDoor. “Our platform is a plug-and-play real estate capital solution for lenders,” he said. “Our eNotes are stored on the blockchain, unlocking next-level efficiency in capital markets.”

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