Mortgage fintech LoanSnap launched VA Smart Loans, which will provide personalized options to current and former service members applying for a Veterans Affairs-guaranteed mortgage.
LoanSnap's smart loan technology uses artificial intelligence to analyze a consumer's financial picture and offer individualized mortgage options and suggestions. The introduction of this tool to veteran borrowers shows there are lenders making moves to apply digital mortgage principles to the VA market, which has seen lagging technology efforts compared to other segments of the industry.
Through LoanSnap, eligible active and retired military personnel can secure a new mortgage or refinance an existing one. Vets that currently have a mortgage, including those in other products, can use VA Smart Loans to refinance.
"When our veterans return home, they have an immediate need to understand their financial situation and make smart decisions," said LoanSnap CEO Karl Jacob in a press release. "Their home loan is one of the most powerful tools they can use to make sure they land firmly on their feet when they return from active duty."
This new program comes at a time when
LoanSnap also plans to offer charitable support to veterans by donating 1% of proceeds from every VA mortgage to its newly launched Operation Home Foundation for one year. Consumers with conventional mortgages can also opt to donate 1% of the profit from their transaction to the foundation.
Others in the industry are also keeping veteran support top of mind. Starting on Veterans Day, mortgage lender
