Opendoor’s new financing app targets wide audience

The app

The app is a big step forward in letting customers handle more of their mortgage process themselves, Harmon said.

“It’s an opportunity to what we call ‘self-serve your mortgage pre-approval process’ and you can do it on your terms when and where you want to,” she said.  “We’ve had individuals get pre-approved while standing in line at Disneyland, or while boarding a plane, or while watching halftime at the NBA basketball finals. They are able to do this at anytime, anyplace, anywhere.”

The app technology translates loan options available from dozens of lenders and processes more than 10,000 data points in seconds, Harmon said. She added that all of this is done accurately and transparently without affecting a customer’s credit score. Algorithms are also key.

Put a different way, the Opendoor app uses specially designed algorithms combined with a broad use of data. Opendoor has its own data pool, though the app also integrates with other sources so it can aggregate data for customers.

Pandemic implications

Typically, Harmon acknowledged, apps in the fintech and banking industry target specific, younger customers. The pandemic helped change things, she said, broadening the Opendoor app’s appeal.