Career/ Area of Study:
Shoe Dog by Phil Knight
Benjamin Schieken had a long career in the mortgage business. From that experience, he decided to work on fixing a glaring issue within the industry.
If you’re younger than 25 years old, the process of buying a house may be unknown to you. Benjamin with a background in home mortgage lending seeks to change how buyers have typically been searching for loans for their homes. Benjamin mentioned that. “People tend to do the process backwards.”
A better process is to secure one loan estimate, and shop around to other loan officers to gain other offers. Your first loan estimate gives the individual greater power of negotiation. Unfortunately, this can prove to be a tedious process. “The average person would need to take weeks off from work to speak to 10 loan officers.” So most individuals only consider the first or second offers, leaving a lot of money on the table.
Fincast offers a solution to that tedious process. An app that benefits all parties (loan officers, the buyer, the realtor) involved. Fincast streamlines the entire home buying process by finding the best mortgage loan for you.
Here’s how it works, the user inputs standard information into the app. The app presents that information to the loan officers subscribed to the platform and the loan officers make an offer. The app assesses the offer and presents it to the user in a simple easy to understand way.
Even better, Fincast redacts information such as name, address, etc. minimizing the potential for personal and racial bias in the mortgage lending industry. The loan officer is only presented with the information that truly matters.
Fincast considers the interest of all parties involved; the buyer and the loan officer. The user is presented with a fair mortgage loan, the loan officer’s time and expenses selling these loans is reduced significantly.
THE FUTURE IS FINCAST
Benjamin is optimistic about Fincast’s future. WIth the support of his team & entrepreneurial programs, Fincast founder anticipates much growth and a positive shift in the mortgage industry. As Fincast seeks to start their first fundraising round, they’re excited to partner with POC organizations in Georgia to help provide information to educate all communities on the best way to gain a competitive mortgage.