Back office (paperwork reviews and processing) was/is done in India, hence the time zone latency. They tried to make up for it with the web app, but mortgage banking relies on too many people processes (title, survey, appraisal, underwriting [even with automated underwriting and “Day One Certainty”] etc) to wring enough efficiencies to scale in a SaaSy sort of way.
I was in the middle of a refi with them during this and took my business elsewhere. Maybe their SPAC go public plans are running out of runway in a rising interest rate environment.
It is also heavily automated. I used to work for a company that sold a document management package that was integrated with a variety of high speed scanners with OCR and for a time almost all of the new business was with US banks wanting to speed up the processing of mortgage documents.
After talking with one of the customers we were all very sure that the US mortgage business was in trouble. Not 'crashing and destroying the economy' bad but on unstable ground.
I was in the middle of a refi with them during this and took my business elsewhere. Maybe their SPAC go public plans are running out of runway in a rising interest rate environment.