Staircase suggests that over 6.3 million homeowners are eligible to refinance using its software. The AI interface collects answers to personal questions from the buyer or owner to initiate the process. No hard credit pull is required to produce a rate estimate. The company, founded in 2020, received an $18 million Series A funding round in December 2021 led by Bessemer Ventures, bringing its total raised to date to $24 million.
Key takeaways:
- Mortgage technology company Staircase has released an automation solution called ChatMTG that aims to streamline the lending process for a new home by making it digital and populating required information from a user’s uploaded financial documents.
- ChatMTG can produce a rate for the consumer in less than a minute and the entire application for both new and refinanced mortgages can be completed in 10 minutes or less.
- Staircase claims that the faster application process can reduce a mortgage rate, on average, by 1.25 percent and the monthly payment by 13 percent, potentially saving up to $56,000 or 67 percent over the 10-year life of a loan.
- Staircase was founded in 2020 and received an $18 million Series A funding round in December 2021 led by Bessemer Ventures, bringing its total raised to date to $24 million.