Entrepreneurs bring transparency to the purchase of housing and empower the BIPOC community
For those looking to buy a home for the first time, the process can be a bit daunting; needing to understand how a mortgage works and find the right home to buy that you can really afford. To help tackle these issues, entrepreneur Bryan Young has teamed up with Steven Better to create Home Lending Pal (HLP). purchasing process.
Bryan Young spent the majority of his youth living around the world while his mother served in the US Air Force. The entrepreneurial itch reached him at a young age and he ran his own businesses as a teenager. After receiving a government contract as part of a summer work program as a landscaper, he hired a few friends to work alongside him in his lawn care business.
Her second business – a trucking company her mother signed the documents for because of Young’s minor – grew to seven figures. He said working as a contractor in his house was a “rebellious” endeavor, but growing up in a military environment taught him a strong work ethic.
“My mom and stepdad gave me a structure – and for them owning your own business takes away that structure that left them very worried,” he said. “As a black family, you always think that working for someone else is safer than working for yourself.”
Changing an industry with a mission in mind
In 2017, Young quit his role as a business strategist in the corporate sector and partnered with his friend Steven Better to create Home Lending Pal. Both saw the need to “disrupt” the industry and provide an easier process for those looking for their first home.
Co-located in Durham and Orlando, the company serves as a mortgage research software that simulates underwriting to help potential borrowers determine the affordability of home loans and compare the likelihood of approval with different lenders. Using artificial intelligence, the company’s smart mortgage advisor makes it easy for clients to find affordable mortgage options, uncover the hidden costs of homeownership, and identify lenders willing to work with them. Lenders can view the data necessary for underwriting without the borrower having to disclose their age, gender or race.
To begin with, potential owners create an account and associate their banking information; this helps HLP technology to extract their current transaction history. Subsequently, HLP will offer customers flexible credit through Equifax to give them the same starting point they would have with an underwriter.
Then, clients select potential homes of interest that use HLP’s machine learning algorithm to match them with the mortgages and lenders that are best for them. Once ready, customers can select lenders to contact directly through the HLP app and work to find their new home.
Entrepreneurship that builds the community
“Borrowers don’t have transparency or control over their data in the home buying process,” Young said, and that’s what they wanted to disrupt in the industry.
The continued growth of Home Lending Pal has given them the foundation to become the future of online lending. In 2019, IBM selected the company for its Hyper Protect Accelerator, a program that empowers businesses to deliver breakthrough security and encryption solutions while helping them drive innovation and scalability. And earlier this year, Young and HLP completed a $ 900,000 fundraising round, bringing their total fundraiser to $ 1.2 million; the new funds enabled the hiring of new employees in the company, as well as the development of its mobile application and updates to their web interface.
As CEOs and COOs respectively, Young and Better also strive to bring change to BIPOC communities (black, indigenous, colored). Young said, “Steven is Latino. I’m black – and less than 2% of the industry is made up of people like us, ”so as a thank you, they plan to give 2% back to the communities that have supported them and supported them on their path to success; Additionally, the HLP team works with former HUD employees to help women and help close the wealth gap.