Massachusetts lender Radius Financial Group has begun experimenting with an all paperless mortgage in recent months as they look to become more efficient in this technological age; the process includes DocMagic, the MERS loan registry, Fannie Mae and Santander Bank; so far they've been able to complete six applications; the savings seen are significant, $200 a loan and on average nine to 13 days by using an e-warehouse line as compared to the traditional warehouse line. Source
The liveliness of the LendIt USA 2015 conference continued to day 2. The day started with a special presentation from Noah Breslow of OnDeck. In this presentation, he talked about their partnership with Prosper and took a closer look at the effects of scale on credit for small businesses. Lawrence H. Summers gave the signature keynote titled “New Lending For a New Economy”. You can read the press release related to his keynote here.
Next up, we welcomed Karen Gordon Mills, Former Administrator of U.S. Small Business Administration who presented on The State of Small Business: Credit Access During the Recovery and How Technology May Change the Game. The ballroom also hosted panels on asset allocation, emerging online lending leaders, securitization, short/long term small business lending and purchase finance. Mike Cagney, of SoFi accepted the award for LendIt Innovator of the Year.
Wednesday also featured our new Real Estate FinTech track that was kicked off with Dan Ciporin from Canaan Partners, who gave a presentation on the state of the real estate online lending market. Our panels varied widely from the different opportunities in the real estate crowdfunding space. Panelists spoke about commercial real estate, different property types, energy finance, mortgage markets and real estate technology. We also hosted several presentations on the future of real estate investing, building scale for real estate and trajectory of real estate. These special presentations were given by Jiilliene Helman (RealtyMogul), Christian Faes (LendInvest) and Rich Sharga (Auction.com) respectively.
Our company demo room continued with over 25 companies demoing their product offerings in 10 minute presentations. The expo hall was full of leaders in the industry and start-ups alike looking to enter the marketplace lending space.
The China Pavilion continued in day two of our event with panels, special presentations and company demos. Barry Freeman of Jimubox gave an update on the Chinese p2p market and how Jimubox is flourishing in China by delivering SME and individual consumption loans to under banked borrowers. We featured panels on p2p lending going mobile, auto finance, alternative social data scoring, micro lending and building a Chinese credit bureau.
All videos from the event will be posted in the videos section of the LendIt.co website when they are available. You can view photos from the event at www.Lendit.co/photos. Thanks to our sponsors, speakers and attendees for making LendIt USA 2015 a huge success. We hope you will join us in China, Europe or next year back in San Francisco.