Pawnt, Designated as Innovative Finance for 'Mortgage Loan Comparison Quote Service'

On the 22nd, Fount Finance, a subsidiary of Fount, a specialist in robo-advisors, announced that its upcoming 'Online-Offline Linked Mortgage Loan Comparison and Quotation Service' has been designated as an Innovative Financial Service (Regulatory Sandbox) by the Financial Services Commission.

The service designated as an innovative financial service this time is an online-offline linked service specialized in mortgage loan comparison. Rather than simply comparing interest rates of mortgage loan products, it allows users to check limits based on first-tier financial institutions’ banks and select the most favorable loan product through comparative quotations. The platform is scheduled to launch in the second half of this year.

Considering the nature of mortgage loans, which are difficult to process completely non-face-to-face, the platform intermediates loan brokers connected with financial institutions, and the most distinctive feature is the comparative quotation service provided by loan brokers. After consumers check their mortgage loan limits through the platform and request quotations from loan brokers in the financial sector, they can directly select the optimal loan product among the proposals made by each loan broker. Subsequently, the loan is executed after face-to-face consultation with the loan broker who proposed the selected loan product.

Currently, the domestic mortgage loan market faces issues such as information asymmetry between consumers and suppliers, difficulty in comparison due to limited information, and the inconvenience of directly diagnosing eligibility for government policy products.

The company plans to directly provide mortgage loan comparison quotations centered on first-tier financial institutions to loan demanders through the new digital platform. Through this, it is expected to offer benefits such as reducing loan-related burdens, inducing consumer-centered changes in the mortgage loan (comparison) market, and supporting financial accessibility for digitally vulnerable groups.

Kim Young-bin, CEO of Fount, said, “Although the proportion of mortgage loans exceeds 50% of total household loans, and mortgage loan products handled by banks account for more than 60%, there is currently no platform among many loan comparison platforms that handles mortgage loan products including all major first-tier financial institutions’ banks.” He added, “Based on know-how in financial big data refinement and analysis, machine learning, and not limited to investment advisory and discretionary investment management, we will lay the foundation necessary to grow into a comprehensive asset management platform by expanding our service area to the housing loan sector.”

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