The dream of homeownership has long been a cornerstone of the American dream. However, for many millennials and Gen Z’ers, the burden of student loan debt has significantly altered the path towards achieving that dream. The intertwining of student loan debt and the pursuit of homeownership presents a complex challenge for today’s aspiring homebuyers. The impact of student loan debt on mortgage applications is a reality that cannot be ignored. As the landscape of student loan debt evolves, it becomes increasingly important for individuals to make informed financial decisions, establish strong credit profiles, and explore strategies to effectively manage their debt. Today, we have Catalina Kaiyoorawongs of LoanSense to share with us how you can achieve home ownership by having a process that will make sure your home loan application will be approved while still having student loan debt.
Student loan impact on mortgage industry with Catalina Kaiyoorawongs of LoanSense
Listeners I’m excited to have Catalina Kaiyoorawongs, who is the founder of LoanSense. LoanSense is a company that helps those that are impacted by student loan debt who yet want to buy a home. What Cat does is to help people with student loan debt get their payment on their student loan debt reduced through a program that very few people know about. And you’re going to hear about in this interview, how she discovered it and how she can help you and your originators originate more loans when they might not otherwise qualify because of student loan debt. So, listen to the following interview that we have recorded and share it within your company. It’ll make a difference. Catalina has just one of those. Tools that need to be in your tool chest. I can’t wait to get in on this interview Marc helm. Good to have you joining us on this interview.
Thank you, Sir! Glad to be here.
Catalina, also known as Cat. Catalina is a great name. Cat is even better. So great to have you here. One of the things when I met you cat, you had so much energy and such a passion to help those who are burdened in the student loan process. We’re going to get into that in just a minute, how you can help those who have a ton of student loan debt with some, I don’t know if there are loopholes or what you characterize it, where you can help them get qualified to buy a home. And listeners, if you’ve got anyone who has student loan debt, that’s impacting their ability to get a mortgage loan, you got to listen to this podcast and share it with others, but cap, before we get started, let our listeners get to know a little more about you and how you got to where you’re at.
Absolutely. I came to the US when I was little, I was around 11 before I was 12. And we came after the Southeast Asian crisis from Thailand. I’m half Thai and like most immigrants you’re told get an education. I was first generation to go to college and I ended up getting a pretty good tuition scholarship to Columbia but had room and board to cover. I took out student loans, and I’m just following the script here right so to us home ownership was really precious we didn’t move into our first home until I was almost in high school, and the difference you know I’ve already moving across the world, and then constantly as renters moving around so homeownership really meant something. I got my own room for the first time. And so of course, after graduating shortly after, I’d say about six years I did various things, but I went to try to buy my first home in 2015. Two lenders never called me back. And the third said, pay down your student loans and come back. And I said, wait a second. I follow the script, now I’m following the next script. Being an American, the American dream and you’re telling me that the first step I took is going to hurt me from the second step. Nobody gave me this information. So, I started being a really great policy student that I was. I started researching the rules and I found out that Freddie and Fannie, the year prior because I was trying to qualify for conventional loan. I had great credit, but I had a debt-to-income issue. I graduated at the height of the economic crisis. So, my generation, we were lucky to even get a job. So, I got 1 wasn’t the highest paid, but I had good credit and I found out researching that after Freddie and Fannie passed these guidelines lo and behold, loan officers and lenders weren’t as updated on the guidelines, so I went to change my student loan plan and not just one that lengthened the payment. I went into an income driven plan, 45 days later was able to close on my first home and then I went off to get my MBA but then two years later we started hearing all these blitz by the National Association of Realtor in about 2017 about how millennials are inundated with student loan debt and that it’s leading our generation five years behind prior generation from being able to buy and that’s when the media started talking about this much more pervasively. And so, I went to do the classic MBA thing, do strategy consulting, various jobs. And I realized, look, my heart isn’t helping a fortune five company save money. My heart isn’t helping individuals like me qualify for the next stage of wealth building. And personal finance became an obsession to me, and it especially became important to me because while I was on tuition scholarship at Columbia, my dad, it was a reverse, most people ask their parents for money. My dad asked me for money during finals. I was like, listen, I don’t have time to entertain this. He called me 2 months later, He was like in a Las Vegas homeless shelter, and like he has since this is so sad, but he has since literally been living and we hear about these populations of people, but I never thought it would be my own family. He’s just been living from motel to motel and a lot of percentage of Americans never can save up enough for a deposit on an apartment. They just go from motel to motel. It’s a really sad story. Of course, like me and my sisters have offered to help, but there’s this level of pride, right? I don’t want to take money. I’m fine living from motel to motel. But the point is this is why homeownership is so important and why I knew that when I was told no, that this is really my why or why I wanted to fight so hard because I mean its security right security is so important. Basically, I turned down the classic MBA job and I was like, I need to do something the pandemic hit. I recruited my ETO out of a unicorn company, the pandemic hit, and then the mortgage market opened because lenders started using 1% and 0. 5% of people’s student loan balances and disqualified so many people who were in the pipeline before President Trump announced the pause on payments on March 13th of 2020. So that was our opportunity to get into the market as fast as possible. And now we have a solution that’s used in the market right now by lenders. And I’m really excited for the stories I’m hearing and what we’re able to help bars achieve.
What’s so exciting about you beyond just your energy is your enthusiasm and your passion to help people and Mark and I share that Mark when you heard her story. I know you and I both talked afterwards, and it was just. Infectious. There’s just something you said. That girl is going somewhere. I want to be a part of that. I love it.
David, I agree with you a hundred percent. I think hearing the story was remarkable because as long as you and I’ve been around the industry, we talked to each other and neither one of us had really focused on this aspect of it at all about what could be done to help people with their student loans to affect getting a mortgage. So, Cat knows more about this than anyone else so Cat, if you could share with us the details of how the student loan impacts the mortgage affordability, I think it would be and what you can really do about it, it would really have an impact on listeners today, I think.
Absolutely! so first and foremost, student loans are the second largest debt behind mortgage. And like mortgage, it’s extremely regulated. so, we’re talking about two of the most federally regulated debt markets in the United States, both heavily subsidized by the government, by the way subsidized education, but guess what? We’re one of the only countries that give such low interest rates, even in this climate, it’s still considered a low interest rate for mortgage, because guess what? It’s backed by the government, right? Even though there’s a lot of private money. But the point is the two systems do not speak to each other. So, when a loan officer is trying to qualify someone for mortgage, they can only see what the payment is or what the balance is, but they have no insight into can this person enroll into a different federal program that will base their payments on their actual ability to pay instead of just a fully amortized 10 year payment, right? the student loan system was created when people had way less debt and the government automatically puts people into 10 year fully amortized plans. But if you can’t afford to make that fully amortized 10-year plan because you’re graduating with as much debt as you are your first year’s income, then what are your options? There are several options, but the only entity that’s really responsible for educating borrowers on their options is the federal government and their very broken servicers that are paid by them to help consumers. When help, like It’s a low paid low train call center person who doesn’t have any of your information and they’re just giving out generic links. That’s the best that we can do for borrowers and as a result, the system is broken. They’re not getting the information they need. And so, what has happened historically is. Bars are put into forbearance or are given very few options, and as a result, end up defaulting on their loans or in really bad situations, right? Because it’s not managed by a private, if you went to a private bank and you had hardship, they work with you, right? This is different, it’s federally mandated, the servicers barely understand the rules themselves, and now they’re supposed to communicate this to people and so what we do is we cut that crap in the middle all the non-understand like all this legally is what we do is we let borrowers they’re sent to us by lenders. We will let them answer 7 to 10 questions. We will directly connect with their loans, and we will tell them what the best options are, and we will directly enroll the paperwork, just like a turbo tax, like efile, but for student loans. We will get back guideline compliant documentation to help that borrower close with a lower payment in 21 days. An additional benefit is. Student loans is the only form of debt that you can get the debt to income down by many percentage points without the consumer putting in or the lender putting in a dime because it’s enrolling them in a program that will qualify them for interest subsidy on their student loan, and ultimately they can qualify for loan forgiveness over time, right? So how do we qualify these consumers? And as a result, get them mortgage ready in these 21 days. And that’s what we do, we connect, and we explain what the rules are to the consumer through our technology we enroll them and get the data back to the lender that they need to approve and qualify them for a higher mortgage amount without the lender having to specialize and understand all the student loan guidelines themselves. Does that make sense?
Sure does. And there’s a follow up with that. So, we’re entering in August where the student loans are entering repayment cycles again. And you’ve covered some of that, but what do you think will happen to demand, processing times, et cetera, during that period when these loans appear again, the folks having to worry about them, before.
A lot of different think tanks as well as the Department of Ed themselves have projected a massive amount of late payments and defaults and as a result, the Biden administration has basically made an on ramp to repayment where servicers do not report to the credit bureaus for 12 months on late and delinquent payments. It doesn’t mean they’re not due. It just means It’s going to make it easier for people to ease into repayment. I think the processing time to get the paperwork is likely to go up because if someone has missed a payment, can’t make their payment. Now they’re going to be scrambling to figure out how do I enroll in these programs and then the servicers are going to be inundated and they haven’t gotten extra funding to hire even more people to expand their capacity. So, it’s like the Department of State, like people are starting to travel again, but they didn’t increase the funding of people to process passports. So now, instead of it taking six to eight weeks, it’s taking three to six months, I’m sure there’s going to be some form of similar delay which that delays the documentation process for the mortgage as well. That’s what I think will likely happen. The problem comes delays are even more likely when people fill out the paperwork. On their own incorrectly, and then they have to call the servicer, get answers. What did I do wrong? Because every time if you make a mistake, you get back this legalese, often borrowers don’t even understand what is the servicer saying, and the great part of our service is when we enroll people, if they get documentation back from the servicer, they could just forward it to our customer support, and we will tell them what it means and what they need to do, right? So, it’s almost like we file for them, and then we help interpret and manage a system that has grown so complex people don’t even understand what they’re saying, and so we act as that in between the student loan borrower and the servicer, and we also act as an in between the student loan borrower and the servicer to the lender. Because the LO might come back and reach out to our lender account manager and say okay, this is the documentation that was sent underwriting saying this like what is it that we need to do to get this or that, and so we can help the bar work. Through that process as well. So, it’s almost like we’re acting as the middle person, not just between the bar and the servicer, but the lender and the servicer as well.
And so, I know I answered beyond what you asked. I think there’s going to be delays, but if we get it right from the get-go and enrolling people, then we’re going to reduce the amount of time it takes to get people through and to reduce their debt to income if student loans is an issue.
So, let’s go back up and review a couple of things. So, your service as a result of you basically finding a challenge to get a mortgage loan, because your own student debt, you dove into this system, became an expert on it, and then have now set up a business a service where you help those with student loans and you’re helping lenders as well. I’m assuming out of this because they’re going to be able to do more loans. And what you’re doing then is by working with the student loan servicer and the person holding the student loan debt, you’re able to actually reduce the amount of principal and interest. So, talk a little more, give us more insight. How does that benefit the mortgage lender that has got some of these loans that they’ve had to turn down? So how does that work? Give a little more greater. Yeah, mortgage lender is going to experience by working with you.
Of course, my passion comes from being a borrower, but how we work with lenders is very important. If you’re a large enterprise brand, you can send us your data on a daily biweekly clip, and we can tell you exactly what loans we can boost purchasing power for with a loan ID. We don’t even need consumer like private information, right? That’s one method. Another method is lenders can train a repack team or repack point person on our platform, and they could be running people with student debt through our system before sending an adverse action letter out. That’s another way. So, we have a way to work with lenders through our platform. We will Automatically tell whoever the point person is, whether they’re receiving the data or in our platform, how much we can reduce the payment, how much we can boost their purchase power. The lender will send them to us and then we’ll start working with the lender. So, a lot of lenders are sending people because they know, based on their student loan balance, their debt to income, they’re sending us directly people who challenged by this issue. And we work with lenders by providing a platform, a data service. We also provide a consumer lead capture product, and we also provide tons of marketing assets. We’ve launched with brands where we’ve co-branded You know hundreds of different co-branded assets that their loan officers go out and use on social and get the data back. So, help grow leads and nurture the current leads coming through the pipeline. So, there’s 17 million student loan borrowers who are renting right now. There’s a real problem for a generation. People who come in and get declined, but then there’s also the psychological problem of people because of their debt are too scared to even inquire when they’re in the prime purchase demographic. So how do we solve the real problem, but also make it accessible and a conversation starter for all the loan officers at your company. We do both of those things and that’s how we met total expert because we’re working with a brand. We co-branded all these assets, and then they’re now setting up journeys.
Listeners, journeys is part of the Total Expert language where they help you set up a journey of communication, with borrowers, and I think it’s just delightful and in what you’re doing and delightful so many levels because you’re helping more people get a home. I’m so I’m expanding the pie. We’re expanding the pot, yeah. So, listeners pay attention to this
My question was partially answered in that narrative by Cat. So, I was going to ask to how does addressing student loans help lenders or reject more loans, and I can say that is obvious. So maybe not address that part. But let me ask 2 questions that are a follow up to that number 1. what kind of reception are you receiving from the lenders out there? Because this is not only increasing their volume because they can make loans they couldn’t make before, but it’s also and I don’t think it has an impact this way. It seems to me the government ought to get off their rears and classify what you’re doing and what the lender is doing under this, under some kind of affordable housing initiative, because that’s exactly what it is and it’s two federally insured programs. that are, one federally insured program and one federally regulated program. So, I would think that all kinds of people will be pushing this to happen the right way. Can you give us a little bit insight what you think is happening from the environment about your program and the acceptance of it and use of it?
We’re definitely influencing the GSEs to change some of their policy to make student loans if they enroll in these programs have a lower impact on the debt to income so we’re directly influencing policy. We’re also working very hard to be part of all the underwriting system, so lenders don’t unnecessarily decline but this is the impact we know of top 10 lenders we’ve analyzed many top 10 lenders data. So, we help one of the GSEs analyze market level data on boosted affordability for LMI and Black Americans. Black Americans specifically can, we can increase the mortgage of the near mortgage ready for Black Americans by a very significant percentage. Also, for low to moderate income borrowers because four out of ten borrowers actually take on debt and don’t get a degree. And so, they’re disproportionately impacted by the debt and don’t have the earnings outcome. So, if we’re going to help the low to moderate income population, and when I say that it depends on the area, but I’m talking about $80,000 and under earnings, which in a lot of us, you can buy something with an $80,000 earnings, right? So how do we help them have a lower impact of student loan debt on the debt to income for them to buy? But lastly, like we are talking to the GSEs and we are, our vision is on the mortgage pipeline from getting someone’s Like before getting their full application 1003 prequalification all the way to a possible decline LoanSense vision is to be within certain products along the pipeline of application to origination or potential decline to stop the leakage of this pipeline, because top 10 lenders are turning down over $300 million in this market. It’s not even like the height of good interest of low interest rates. I’m talking about like in this. market projected annual $300 million that they don’t have to turn down. And so, if you’re somebody listening to this and you’re not at a top 10 lender and you’re thinking, yeah, we’re not turning down that much. Like I can guarantee you, you are, you just don’t know about it because there’s no adverse action. There’s no decline due to high DTI, but there’s not a decline due to student debt. And also, even people coming into your pipeline, let’s say you said you could qualify them for mortgage for $300,000, but in their market, they need $400,000. If they have student debt and we can get them closer, then they’re closer to qualifying for the median average price in that market. So, it’s not even someone you’d necessarily decline. They can qualify. They just can’t qualify for enough, then those are also prime target candidates. That we can help. And so, to answer your question, Mark, like we’re working really hard to influence at the GSE level, but we’re also working with key like we have a vendor distribution strategy to work with key players across the application to origination decline pipeline to catch people along the pathway.
I have a follow up suggestion on that just from what David and I have experienced in our careers. It’s one thing to sell the management at the top, but the people that really need to be educated is processors and underwriters. The key people that are actually making the loan happen or not, to know that there’s an alternative out there that their customer should pursue.
Here’s the thing. I agree with you, Mark. I agree. But I want to make it even better, because educating the market is very time consuming. If we could at the underwriting level, say, hey this loan is at risk for decline, but they qualify to adjust down their student debt by this amount. Get them started. It’s an education process in real time with an actual loan that person can earn commission on. That’s a whole different story. They’re not coming to a workshop to learn for the sake of learning. They’re literally getting a notification in real time. I can now make commission on this loan. I thought I wasn’t going to. And that’s what I think we’re working on in the market. We have 84 brands that have tested. manual versions or versions that aren’t that, but we know in order to really get impact at scale for borrowers across the industry is we need the other way around. We need to educate the processors and underwriters in real time. And that’s what we’re really working hard on. And that’s, what’s the hardest, right? It’s easy to get a lender excited, get them onboarded. Now it’s like, how do we get into their systems? So, it’s less lift for them, right?
And that’s I agree with you. If you educate those people, you’re going to hit a home run. It’s really going to happen. So, following up this last item that I have here is their updates come out about student loans in light of the Supreme court decision to strike down the forgiveness? Yes. Has anybody said sorry about that or, whatever?
The same announcement that Biden struck down the 10 to 20, the department of Ed also announced a Biden brand new income driven repayment program called Save, which will cut people’s payments significantly for low to moderate income people, it will cut their payments in half or more for higher income people, it will cut their payments by slightly less. But the idea is that if you are a family of four and you earn $67 000, your student loan payment will be zero. So, if you’re a single person that I just hear you say that correctly, say that again, your payment will be zero. So, because it’s based on your ability to pay. So, if you’re a family of four earning $67,000, and of course it’s slightly different in places like Hawaii and Alaska, right? But if you’re average, like contiguous 48 States, $67, 000, If you’re a family of four. Even if you have a student loan balance and payment, your payment will be zero. If you are a single person and you earn $32,000, about that, between $32,000 to $33,000, a single person, your payment will be zero. It doesn’t mean that you’ll always pay zero. If your income goes up, you’re going to pay something, right? and you have to have a track record of making payments depending on who your employer is. But the idea is that he’s updated the programs to account for the cost-of-living increase and that people aren’t really going to live on poverty, right? $22,000. No one can live on that, right. So instead of computing a payment based on poverty or near poverty, he’s increased the base amount you have to earn to even make a payment. And that’s Biden’s way of instead of figuring out how we’re going to better fund or solve for the tuition increase. He’s basically saying you don’t have to pay back your student loans if you end up not earning the money. The people I think it’s going to protect the most are people who take on the debt and don’t graduate and never achieve the earning potential.
If you’re normal for your graduate, you’re going to eventually achieve. earning potential. So, you will pay back some amount. If you take out an outrageous amount of debt, you’re probably not going to have to pay back all of it. So, it’s way that Biden, I think is saying we’re going to fund higher education we’re still going to put it on the back of the bar or we’re just going to help them in case they can’t pay it and we’re going to make it so complicated though. So good luck figuring it out too. You know what I mean? It’s like a double-edged sword,
That’s going to move some people out of poverty level if they went to school, borrowed money, didn’t graduate, and they’re making that low amount, if they’re making their student loan payment now, it’s probably killing them. And if they don’t have to make a payment, it’s probably going to move the standard of living up for a whole bunch of people.
What I think it will do is it will lower the default rates. If the servicers do the job to get the people in this plan. That’s what I’m doubtful of the servicers aren’t going to do that because you have to keep in mind their incentive is they’re paid $2.60 cents a borrower a month. So, if you stop paying your student loans, they don’t make money. So, they put you in forbearance. They do all these tricks to get you in the wrong thing so that they can hold on to that loan and make their money, their $2.60 or whatever. So, the incentives are perverse and that’s why the system’s broken. It’s really sad and although Biden has these great intentions, but if we don’t align incentives through the system, like lenders should be paid if they do a good job instead of just paid for doing a bad job, and so there’s something going really bad that Biden’s like rolling out these programs that’s supposed to help, but the incentives in the pipeline are all perverse and so bad outcomes are occurring.
All I know is the way you’re approaching this and going at this thing; you have the passion to solve the problem. It’s really encouraging Mark. When you find someone with Cats determination and just indomitable spirit to go after something like this to help lift people out. A couple questions I have. How does a lender participate in this? Is there a fee for them to be involved with you on this? How do you get paid?
Yeah. So first of all, I really believe in call to action, not just learn this information, but I want to take it a step further. I invite you if you’re listening to this and you’re like, we have this problem. You could send your loan officers right away to our training.
Is there a cost to the training?
No. You come to the training for free. No. There’s no cost to the training. I’m gonna talk about the cost. After I talk about what I think the right next step for people is, right? If you’re an enterprise decision maker, and you’re skeptical, you should let us analyze your data so we can tell you exactly how many tens to hundreds of millions you’re losing right now because I think that’s really important, we will do that for free. we have different cost model there’s lender wants to participate that way. There’s also models where the consumer can pay, lenders can credit them at close. There’s also models where the lender pays. It’s completely dependent on how the lender operates and wants to distribute this product and program, right? I invite everybody to come to the training or to get their data analyzed if you’re skeptical so that you can understand the potential uplift. Because essentially, nobody really needs to pay us any money until they understand and see the value. We invite you to the training. We invite you to give us your data anonymized. Again, you’re not sharing any consumer contact. So, we could show you what the uplift is going to be. Of course, depending on how you operate, the cost may be different. So, your investment is basically we have scaling of escalated commitment, so the cost does not have to be an issue to get started and see the value is the point.
That’s okay. So how do you make money doing this? You’re not under a government grant program. This is a for profit company LoanSense, which is by the name, by the way, for listeners again, her company Cat’s company name is LoanSense.
You could go to the website, myloansense. And it’s S E N S E dot com. You can learn more about the whole program, but you also can use the link that Cat has provided for our listeners. But how does this, what’s the economics? How do you make money doing this?
The lender buys credits for consumers that would get turned down if they don’t solve this problem and each credit represents a consumer who enrolls their paperwork, or the lender can do something where they credit the consumer at close, so the consumer pays us and then the lender credits them at close. But we make money per loan. By,
I think the point that I wanted to have everyone here that here is, first of all, I think you have a brilliant business strategy here. Clearly, there’s a problem, a huge problem, and you’ve come up with a way to solve the problem. I love that, but you don’t charge people upfront to get into the program per se. It’s when you are able to move, make. loans, you make loans. So, it’s everyone’s talking about everything costs so much money.
You Lender will not pay any fees until you start closing loans and who wouldn’t want to. I think that’s just, it’s a brilliant revenue model. When we help you, we get paid and if we don’t help you and we don’t help your borrower, we don’t get paid.
Absolutely. If you want to make it easy to systematically analyze your data, then we could do that for you automatically, but you could decide that after you see the value, right?
Good. People need to get ahold of you and start talking to you about this and folks.
The link is bit.ly/lenderexclusive and there’s a two-minute video of me. So, if somebody missed this, that you want to. Let them know the first 20 lenders will do the data analysis for free and also open to training your LOs, like some big brands send hundreds of loan officers to our training and we do it once a week, we can customize a training just for your brand if you want to let us know as well. So, we’re happy, like market education, let’s get the word out. Let’s identify the consumers and we can save loans together. You save loans and we help more consumers, and we help each other, right?
Good. Good. I love it. I love it. So again, the link, give it to us and then it’ll be in published in our podcast on our website.
The link is bitly/lenderexcusive the first 20 lenders that represent an enterprise brand as in like your executive decision maker, we will give you what the data criteria we need and we will analyze your data for free to show you and pinpoint how many borrowers we can help you originate that you may have declined or you may have they’re in your pipeline now, but you would like to know if they could boost their affordability. We’ll do that for the first 20 brands. If you’re a loan officer or in charge of a small team or regional manager or branch, and you’re not quite the enterprise decision maker, you should still come to our training that we hold weekly, again that’s bitly/lenderexclusive.
And there’s no cost for the training.
Nope. Nope. Not at all. Come and see and learn. That’s what we’re here to do. Yeah.
Cat, I don’t know what you’re going to be running down the road. You’ve obviously running a great solution here, but I got a feeling we’re going to be seeing a lot of you in the future and many other initiatives. I love what you’re doing and the energy and the whole attitude. I just admire you. Thank you so much, I’m so glad I ran into you at the conference at the Total Expert conference. Again, folks, you’ve got to go to these Total Expert conferences. It was so good. Meeting people like Cat just made the whole conference worth it. And there were so many of these kinds of meetings that we had there. So, I’m giving a little bit of a shout out to one of our sponsors. Again, Total Expert. Cat, thank you so much for coming on here, being with us. It is encouraging what you could do to help. So many people that are saddled with so much student loan debt. I encourage people to reach out to you.
Thank you so much for having me, David. I really appreciate your time and your belief in what we can help the market achieve. That’s huge. So, thank you so much and to Mark too, Thanks!
Thank you, Mark, for joining in on this interview. It’s really encouraging. This is the next generation, Mark. It makes old guys like us smile a little bit that we got some really talented people coming up in this industry.
David, I’m looking forward to having Cat back in about a year and seeing what she’s accomplished. I think we’re going to be blown away.
I agree with you again, Cat. Thanks so much for your time.
Thanks.
Important Links
About Catalina Kaiyoorawongs
Catalina Kaiyoorawongs is an executive who spent a decade working in financial inclusion, economic development, and consulting. As the founder and CEO of a lending technology platform LoanSense, Catalina has built a solution to modernize the mortgage industry and address the largest barrier to closing on a house – the consumer debt burden Americans have.
LoanSense increases home affordability by ~$100,000 for ready to buy consumers with student loan debt within 21 days. In 2021, top 10 lenders turn down over $400 million of mortgage loans and LoanSense can adjust debt-to-income for over $300 million and overcome the affordability hump.
LoanSense also saves the 7 out of 10 loans that are turned away due mostly to Americans’ high student loan debt and get them back to the lender in 21 days.
Americans are denied the dream of homeownership with little understanding how to actually be accepted for a mortgage. Catalina created LoanSense to re-write the story and build a more inclusive America where every denied applicant for a home loan can leave their lender with a clear pathway on how to get back to the closing table.
To connect with Catalina further about how she can guide your clients to a brighter financial future today, email her at [email protected].