Online home loan marketplace faces big demand from brokers

by Julia Corderoy24 May 2016
Online home loan marketplace, HashChing, has partnered with Docusign and its electronic signature product as it faces huge demand from mortgage brokers.

Launched in August 2015, HashChing is an online platform connecting consumers with brokers. As of April 2016, HashChing has processed close to 1,000 home loan applications worth $530 million and recently closed $1 million in funding from investment firm Sapien Ventures.

With 81 active mortgage brokers registered and 1,200 additional brokers waiting to be activated, HashChing co-founders Atul Narang and Mandeep Sodhi said the lengthy process of signing mortgage brokers up to the platform through archaic paper documentation was hindering their growth. 

“We turned to DocuSign’s e-Signature product to digitally streamline brokers signing up to the HashChing marketplace, speed up the approval time of broker applications,  reduce the need and cost of printing and storing large contracts, provide ability to easily access contracts for compliance purposes, and reduce our environmental footprint,” Narang, CIO and co-founder, said.

According to Narang, the platform is now aiming to capture 1,500 brokers on its platform by the end of 2016. 

Speaking to Australian Broker, Narang said HashChing is about empowering brokers, not banks. 

“HashChing is helping brokers by not only providing leads but also providing them the business tools to manage those leads effectively. At the moment brokers use different tools including Excel sheets to manage the business - which is not the most efficient way to manage leads. 

“For an average broker dealing with 20-30 leads a month, the process can become cumbersome and loss of business is a potential outcome, if they forget to call the consumer at the right time. 

“Our CRM not only helps them effectively manage those leads but also help them save that business because they can set reminders within their dashboard to be reminded about a follow up.”

He said the platform has already touted as a “win-win” from registered brokers. 

“Brokers are very happy with the quality of leads because they don't have to pay per lead. It's a win-win situation for everyone because consumers get access to great home loan deals,” he told Australian Broker.

“Brokers don't pay anything for the leads until a loan is settled and HashChing only makes money when the broker makes money.”

Brokers pay a monthly fee of $50 for using the CRM and business tools. They only pay for the lead generation once a loan is settled.