Product showcase: Bee’s mortgage app

“You never have to talk to a loan officer and it is built for people who want to do business on their phones,” Wood explained.

Technically the company operates as a mortgage broker that has an app for its customers to use. It has partnerships with “a handful of banks” so far, Wood said, allowing customers to link up with the bank that offers them the lowest mortgage rate.

When customers apply through the system, the app runs critical data sets through its process. At the point customers submit a W2 or pay stub, or declaration page of having homeowners’ insurance, human review is no longer part of the equation.

“Instead of having a human review it we have a software program that uses AI and machine learning to read the data to process it, checks for fraud and basically does the same function that a human being would do,” Wood said. “That’s how we’re automating the steps within origination.”

The company is also in the process of building its own loan origination software to enhance its offerings. Wood described it as all-encompassing.