Habit Factory US Corporation Obtains License as a Specialized Mortgage Bank in the US

Habit Factory, a fintech startup based on MyData, announced on the 19th that its US subsidiary, Habit Factory USA, has received a mortgage bank license from the California Department of Financial Protection and Innovation (DFPI).

The company applied for the business license last January, as the loan completion took up to 30 days due to brokerage limitations even after significantly reducing the processing time. With this license, the company will be able to provide services faster and offer lower interest rates. After system improvements, operations are scheduled to begin in the second half of the year. The company plans to expand to other states such as Georgia, Texas, and Nevada in the future.

Habit Factory established its corporation in Los Angeles (LA) in January last year and launched its mortgage brokerage service, Loaning.ai, in March. The cumulative loan amount has reached 50 billion KRW.

In the US mortgage market, loan brokers earn income only when loans are successfully completed. Therefore, interest rates are often set favorably for mortgage institutions. Habit Factory has increased productivity and reduced costs using artificial intelligence (AI) to offer optimal interest rates. It has also provided interest rates on average 1 percentage point lower than those of major local financial institutions such as Wells Fargo and Rocket Mortgage. Additionally, it introduced a real-time interest rate inquiry feature.

Lee Dong-ik, co-CEO of Habit Factory, said, “We were able to achieve meaningful results by pursuing changes in the mortgage market and customers’ interests together,” adding, “Loaning.ai will evolve into a global financial platform through service advancement.”

This content was produced with the assistance of AI translation services.