Jason van den Brand, owner of Lenda, to the podcast. Lenda is a financial services company that lets people refinance their mortgages with greater ease. Listen as Jason shares his company’s astounding start and explains how Lenda is removing the financial middlemen to give their clients more value.
Favorite Book? – Traction: Get a Grip on Your Business
What CEO do you follow?— Elon Musk
What is your favorite online tool?—Slack
Do you get 8 hours of sleep?— No
If you could let your 20 year old self know one thing, what would it be? —At the end of the day, it’s all about the network so don’t worry so much about your GPA. Go and meet more people.
Time Stamped Show Notes:
01:20 – Nathan’s introduction
01:30 – Nathan welcomes Jason van den Brand
02:20 – Jason’s take on the Quicken Loans Controversy
03:34 – About Lenda
03:45 – If you go online today, your mortgage is going to end up looking like a big giant stack of paperwork
05:10 – “We are an automated underwriting process so we’re predicting what kind of documentation you’re going to need to qualify for the home loan.”
06:28 – Loan servicers
07:04 – Wells Fargo
07:34 – Loans split up after they transmit it
09:27 – We are moving toward servicing our own loans
10:28 – Currently raised about $3.8M
11:02 – Warehouse Line of Credit
11:20 – We hold our loans for 6-7 days before they get sold off to the final investor who will actually service the loan
11:56 – $25M pipeline
13:36 – Almost $70M loans passed from October 2013 to January 2016
13:50 – How much money Lenda made in 2015 and how did you do it? -$500,000 – we make a margin on the loan amount
15:39 – Because we’re building technology, we don’t have loan officers in our model
16:50 – Continuously practice vertical integration
19:50 – This business model is going to work because it eliminates middle men, and when you do that, you eliminate costs
3 Key Points:
The mortgage industry as it exists today is a dinosaur.
When you use technology to replace middlemen or redundant people you cut costs dramatically—that savings can be passed back the consumer.
We can make this business model and completely remove all the middle men in the transaction
Lenda – Jason’s company
Wells Fargo – a loan servicer Jason mentioned
Warehouse Line of Credit – the credit line Lenda is using
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