Fintech Impact

Jason talks to Don Scott, CEO of Frank Mortgage. It is a new company looking to take the bias out of shopping for a mortgage and make sure that consumers get the best rate possible. Don talks about the surprising piece of feedback that he has received post launching Frank Mortgage. Episode Highlights4.30: The market has a flaw in the way it's set up. The brokers are supposed to represent the customer, but we are paid by the lenders so that can steer a bias into the process and bias because it's not necessarily the same compensation between lenders may not be identical, says Don.5.44: Some of the brokers out there provide wonderful service for their customers. But there is this inherent flaw in the way that business is set up. So, customers often enter the process feeling very uncertain and not informed, and they often exit the process feeling the same way.8.51: Features matter as much as rate does to a lot of customers. It's always not just a pure rate decision and we can help them understand all of that