What Problem We are Solving

Today, lenders receive unsupported and incomplete applications through Points of Sale or by phone from borrowers. The MLO runs that data through Automated Underwriting Systems to get worthless feedback and request basic documentation (often the same documents twice), resulting in tons of back and forth with underwriting. Their internal systems provide no facilitation on what to gather and when. These gaps lead to drastic reductions in NPS scores.

About Us

RealKey automates processing and underwriting of mortgage through a web-based mortgage process facilitator that centralizes and simplifies both documentation collection and review to reduce touches (back and forth) with underwriting by getting documents and data direct from the source through APIs and OCR. RealKey stores all data and documents securely and centrally for all parties to access. Review of data is automated through algorithms coupled with machine learning to improve accuracy overtime. Smart conditioning, centralized chat, and auto-updates to parties facilitates the collection of additional required conditions to get the right documents the first time efficiently, while creating a network effect around RealKey’s platform. Smart stacking creates the "Perfect" submission package to underwriting, which is simple and easy to read, resulting in reduced errors or questioning. Lenders (RealKey’s paying users) benefit from improved efficiency and reduced costs internally, as well as improved customer satisfaction and likelihood of repeat and referral business from their clients. RealKey is a first mover, filling the gaps of current products currently in the marketplace. 

Venture Highlights

• 761+ Current Paying Users - $905k ARR w/in Only 4 Months of Going Live, and less than 1% churn over past 12 months (Cash Flow Positive/Profitable)
 
• Flagstar Accelerator Inductee (5th Largest Mortgage Lender in US)
 
• 2019-20 Alibaba Global Pitch Competition Finalist and InvestHK Finalist – North America Winner
 
• NAR REach/Second Century Ventures 2018 Graduate (included $100k investment)
 
• Realogy FWD Tech Summit Finalist (2018)
 
• Inman Innovator Award Finalist 2018 (Most Innovative Company)
 
• Digital Mortgage Conference Best in Show
 
• Banking Disrupted Summit Winner (Most Disruptive Fintech Company) 

Business Model

RealKey currently charges a monthly fee of $99/Mortgage Loan Originator (MLO). Future features allow for a $35-70/transaction fee to mortgage loan originators. The average MLO closes 36 transactions/year. Tiered pricing entices enterprise clients to add more users, and a discount is provided to powers users. Fees are charged for integrations (Title/Escrow, Insurance, etc.), as well as pay per click for leadgen to these parties. Future evolution includes leadgen for untethered consumers.

Competitive Advantage

1st Mover Advantage, Strategic Investors/Endorsements, Network Effect, Improved Efficiency Over Time, Increasing Cost to Switch Over Time, Filling Gaps in Current Products, Unparalleled Domain Knowledge w/ World Class Leadership Team.

Revenue

Revenue To Date
$226K
MRR
$75.3K
MoM Growth
19.8K%
Margins
95%

Users

Total Users
907
Total Users (Past 30 Days)
761
Total Paying Users
907

Customer Costs

CAC
$30.00
LTV
$18.8K
Churn
1%

Go-To Market Strategy

Marketing focuses on SMB through digital/social media, PR/content marketing, and live events. Business Development focuses on co-development with Franchises and Non-Bank Lenders (shorter cycles then banks). Strategic endorsements/investments like NAR (National Association of Realtors), Flagstar, and Realogy help with growing awareness and cutting through long sales processes. Past marketing has proven a CAC of ~$20-30 and LTV per user of $18,750.

Competitive Analysis

1st Mover Advantage, Strategic Investors/Endorsements, Network Effect, Improved Efficiency Over Time, Increasing Cost to Switch Over Time, Filling Gaps in Current Products, Unparalleled Domain Knowledge w/ World Class Leadership Team.
Competitor Website
Promontech mortgagepath.com
LoanBeam loanbeam.com
Capsilon capsilon.com

Networking

We are open to meeting up to grab a coffee, or just to chat. We would really enjoy your feedback and insight into our venture and would be happy to discuss anything that you are currently working on to see if we can be of service!

Share

TAM SAM SOM

TAM
$3.01B
SAM
$3.01B
SOM
$3.01B

Business Stage

Ebitda Positive

Business Type

Investor-Backed, Venture Capital Backed

Categories

SaaS Insurtech Fintech Enterprise B2B2C B2B Technology Real Estate Finance

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Last Updated: 03/17/20

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