How to Get a Mortgage Loan in Three Days with Matterport Spatial Data3820
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 WGAN ForumFounder & WGAN-TV Podcast Host Atlanta, Georgia |
DanSmigrod private msg quote post Address this user | |
| How to Get a Mortgage Loan in Three Days with Matterport Spatial Data Hi All, Matterport is the missing link to getting a mortgage approved in three days - instead of six weeks. Not today: but 10 years from now seems reasonable. (And, another reason why Google will buy Matterport.) For those of us that have bought homes - especially those of us that are self employed - we have experienced the pain and suffering of the horrible, inefficient mortgage loan process. nothing about the process makes sense (from a home buyer's perspective). I imagine a day when all these inefficiencies disappear with blockchain tech mashed up with back-office automation, with one potential exception. The one manual process that seems impossible to overcome is the appraisal process. Enter Matterport. Imagine that we (all) are helping Matterport map the world of indoor, residential spaces. Now image that the scanning data captured (by the Matterport Camera) can be mashed up with image recognition tech to enable a computer to: ✓ Calculate square feet ✓ Calculate bedrooms, living rooms and living spaces ✓ Count bathrooms ✓ Count built-in appliances ✓ Count heated spaces ✓ Count and recognize any and everything that ‘matters’ to the inside appraisal process Now imagine that Google acquires Matterport (previous discussion here) and now has mapped the world of indoor and outdoor spaces: all easily served up as an API. (While these computer files remain large, Moore's Law continues to be true and cost of data storage is De minimis. Reducing the mortgage processing time to just a few days from many weeks is just one powerful example of the value of the Matterport data in this equation. (And why Google will buy Matterport.) Scanning data is the key that unlocks so many possibilities and is the reason that Matterport has dodged questions about ownership of "our" data. Fast forward 10 years. How else might the Matterport scanning data be used? Dan Related We Get Around Network Forum Discussions ✓ Why Google Will Acquire Matterport ✓ Will Matterport Add Publish to Google Maps? ✓ Is Matterport working with Google Maps? ✓ Matterport WILL offer Street View | MP2SV ✓ Matterport vs. Google Indoor Street View ✓ Exponential Growth Coming Soon to Matterport ✓ Announcing: MatterXport |
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Regina, Saskatchewan Canada |
Queen_City_3D private msg quote post Address this user | |
No offense to my American friends... but your banking system is broken.  Here in Canada we can get mortgages approved in 3-10 days already, and we can have possession dates as early as 5-7 days later (even less for cash deals).  |
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Viewing private msg quote post Address this user | |
I'm afraid nobody can boast about their respective nation's banking system until the day that their nation's money moves away from fiat. That would be something to boast about. Not the way it handles mortgages. A little like Peter Pan in that it only works if you truly believe in it because, if you think about it, it's a piece of paper worth only what you're told and believe it's worth  away from paper, it's numbers on a computer screen. I suppose the paper is worth ever so slightly more.Today you're lucky to save up for a mortgage deposit in 5-10 years. We need at the very least 10% here in the UK. What's another few weeks waiting for mortgage approval in the grand scheme of things. Nothing personal to anybody and I like the idea that our cameras can help people. Just my two cents. |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
DanSmigrod private msg quote post Address this user | |
| Other thoughts? | ||
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TrustedPhotoDC private msg quote post Address this user | |
| There is nothing in Matterport that Google hasn't already done or could do by flipping a switch. | ||
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neeravbm private msg quote post Address this user | |
| Appraisal by itself doesn't take that long. I am going through a home purchase right now and I believe it was done in about 3 days. | ||
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APN private msg quote post Address this user | |
| I believe the hold up is the underwriting process not the appraisal process. | ||
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
DanSmigrod private msg quote post Address this user | |
 The Wall Street Journal on Monday, 26 August 2019; page B4 Hi All, An update on my post (above) three years ago: The Wall Street Journal (26 August 2019) Robots Weigh In on Home Values "HouseCanary, which charges $59 for its 20-page computer-generated property valuations, is among those that stand to benefit from the change [to $400,000 from $250,000 homes that require an appraiser to assess the value of a home for a mortgage]. Appraisers, meanwhile, are in danger of losing market share. Appraisals for a single-family home typically cost between $375 and $900." "More than two-thirds of U.S. homes sell for $400,000 or less, according to U.S. Census data and the National Association of Realtors." Source: The Wall Street Journal Dan |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
DanSmigrod private msg quote post Address this user | |
| Hi All, I wrote my initial post four years ago (3 February 2017. We're getting closer to that day with this news: ✓ CNBC (8 April 2021) SoftBank invests $500 million in digital mortgage lender Better.com Better’s platform moves the mortgage process completely online, giving customers the ability to upload and eSign documents, and claims to cut the closing time from an industry average of 42 days down to 21 days. Source: CNBC |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
DanSmigrod private msg quote post Address this user | |
| Hi All, Looks like my prediction on February 3, 2017 - 5+ years ago (see 1st post above) - has come true: ✓ The New York Times (21 March 2022) Remote Appraisals of Homes Could Reduce Racial Bias | Desktop appraisals, in which an appraiser never meets a homeowner, could reduce discriminatory practices, such as undervaluing homes owned by Black people. The majority of appraisals on home purchases in the United States can now be conducted without an appraiser ever stepping foot into the home desktop appraisals require a number of data points including floor plans, public records on the home, and resources like Google Maps and 3-D scans. Detailed floor plans, with interior walls, also have to be available for the appraiser to study. Source: The New York Times (21 March 2022) -- |
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