The mortgage industry has a problem, according to one freshly launched financial technology startup.
The most painful part of the mortgage process—document review—hasn’t changed in decades, with brokers and lenders wasting time on paperwork.
Three entrepreneurs in Alberta have started a company with intentions to address this issue.
Wayne Kainu, Lucas Scheer, and Sebastien Hiscock are the masterminds behind Calgary’s Purelend, a mortgage automation platform they say “does in minutes or even seconds what used to take hours or days.”
“Thrilled to launch Purelend Technologies with my cofounders,” stated Kainu. “The founder mindset in me is ready to build again.”
Kainu says he learned a lot while at his previous stint with rapidly growing Alberta fintech titan Neo.
“I had a front-row seat to learn from Neo’s world-class founders about driving true exponential growth,” he noted on LinkedIn.
Alongside Scheer and Hiscock, Kainu expects Pureland to be “redefining mortgage operations by automating the doc chaos we all love to hate and making the process faster, smarter, and far more cost-effective.”
The Purelend platform is built based on three core values, including “Speed.”
“We believe time is the most valuable resource in mortgage processing, and we’re obsessed with giving it back to our users,” the startup states online.
The others are Precision and being Customer First.
“We build solutions that actually solve real problems for mortgage professionals, not just impressive technology demos,” reads the website of Pureland. “Every feature is designed with accuracy and reliability in mind, because mortgage decisions impact people’s lives.”
The company’s AI-powered platform makes the features and benefits clear: Automate document organization and verification tasks that typically consume hours of manual work; Process more applications in less time; and automatically generated submission packages to get funding from lenders sooner.
Lenders, meanwhile, enjoy built-in compliance checks and audit trails that ensure every application meets regulatory requirements; Automated income analysis and verification for faster approvals; and scalable operations.
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