Money360 Launches Interactive Tech Portal

Fin-tech company Money360 has launched the first interval of its tech platform, My360. The online portal increases transparency and security for borrowers, and allows brokers to easily interact with clients and send updates on the loan process. This is the first launch of what will be a fully built tech infrastructure in Money360, and was best and easiest way for us to begin serving our clients through technology, according to the firm.

“My360 is the beginning of connecting the internal with the external so that we can build out other functions to make the processing logistics of a loan more efficient,” Paul Cleary, COO of Money360, tells Globest.com. “This is relatively new, and there aren’t many other comparables, particularly in the private and commercial real estate lending space. We wanted to build an external web-based tool, and we interviewed brokers to find out how we could best serve them. We decided to start with the processing part because it is logistically more complicated. This is very secure for trading documents and it is tactical in terms of which documents are being provided. We thought that this was the best place to start.”

My360 let’s borrowers upload documents and track them through the process, plus it is fully interactive for broker communication. As a result, it has been wildly popular among the firm’s clients. “This has been really well received,” explains Cleary. “This is not going to blow people’s socks off, but it is a hand in a glove. That is a great place to start in getting people to adopt it and in taking the rigmarole out of the day. Most importantly, people are responding to getting the feedback of where their loan is. Borrowers can see what documents have been reviewed or approved and what documents we still need. A broker on any platform can pull down a needs list on any device and they can email it right to their client.” There is no requirement to use the portal, but Cleary says that it has been used on every transaction since the launch.

My360 can also be expanded to include other stakeholders in the loan process, including appraisers and legal. This will enhance communication with all parties through the process. “In the future, we will open the platform to other stakeholders involved in closing a commercial real estate loan,” adds Cleary. “We can grant access on a document-by-document or need-by-need basis.”

In addition to expanding My360, Cleary and his team are working on other features to enhance efficiency through the loan process. “We are working on character recognition and utilizing data to avoid retyping,” he says. “That is more of a challenge, but that is something that we would like to have, and we are building it.”