Master Aims for 30-Second Online Loans
Master Financial Inc., the Orange-based lender specializing in home-equity loans, is working on a new online loan origination system that it claims can provide approval in 30 seconds.
That would beat Southern California’s current record-holder, Irvine-based LoanWorks, which says it can make loans in about three minutes.
The quick approvals would allow Master--which does its lending primarily through a network of independent brokers--to get checks in the mail in a matter of days. The technology was demonstrated at the National Assn. of Mortgage Brokers convention in Phoenix.
The cutting-edge computer technology also is bringing outside attention to privately held Master, which considered, then abandoned, an initial public offering about two years ago. Master, owned by the Mullin family, might soon find itself the next Orange County lender to draw buyout offers from large out-of-state financial firms.
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