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Matterport>Getting a Mortgage Loan in 3 Days3820

WGAN Forum
DanSmigrod private msg quote post Address this user
Matterport Enables Getting a Mortgage Loan in 3 Days

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?


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Post 1 IP   flag post
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).
Post 2 IP   flag post
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.
Post 3 IP   flag post
WGAN Forum
DanSmigrod private msg quote post Address this user
Other thoughts?
Post 4 IP   flag post
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.
Post 5 IP   flag post
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.
Post 6 IP   flag post
APN private msg quote post Address this user
I believe the hold up is the underwriting process not the appraisal process.
Post 7 IP   flag post
WGAN Forum
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

Post 8 IP   flag post
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