Jason van den Brand

Yeah, so we're an online marketplace lender.

We focus strictly today on the refinance market, and we're in California, Washington, and Oregon states.

Washington, okay, state, yeah.

And so the best way to think about it from a consumer perspective is if you go online today, which sadly includes Quicken Loans,

Your mortgage is going to end up looking like a big giant stack of paperwork.

It is extraordinarily frustrating.

Communication is lacking.

It takes 60 days to get the deal done.

And as a consumer, you're paying for it.

You're paying upwards of $7,500 in fees and fees that are baked into your interest rates.

So what Lenda has essentially done is taken that paperwork process, allowed consumers to find out what they qualify for in seconds,

and actually proceed through the process to fill out an application, pull their credit and make sure that they actually qualify for this loan before they go back and forth and deal with telemarketing and all the paperwork that ends up coming down through the process.

We are.

We've built an automated underwriting engine.

So we're basically predicting what kind of documentation, Nathan, that you're going to need in order to qualify for the home loan.

Now, look, everyone knows you're getting a home loan.

You know you're going to have to deal with documentation.

That's a given.

What is frustrating for consumers is after you give the documentation, someone comes back to you in an email and says, Nathan, we need 10 more things.

So these loans are not sitting on Lenda's balance sheet.