Tim, Arvin, and Veronica went into the mortgage business out of college in late 2001. The Founders met in 2002, when Arvin, a loan officer, formed a working relationship with Tim and Veronica, real estate appraisers. From 2002-2006, Tim, Arvin and Veronica formed a friendship through their daily business dealings and had numerous conversations about their and their borrower’s frustrations working with fragmented and time-consuming processes within the mortgage industry.
The concept of BeSmartee was formulated in late 2006, as the mortgage crisis was gaining momentum and the difficulties borrowers and originators were having were becoming more apparent. The founders recognized the need for a faster, easier and more transparent origination process to benefit borrowers and lenders alike. The original concept was to develop a mortgage marketplace (like Expedia for mortgages), whereby borrowers can select any lender on the platform, view all loan programs from the lenders PPE, view closing costs, rates and APR easily, then begin and end their mortgage process completely online, giving the borrower the same tools as the lenders used.
As the mortgage crisis became a global economic crisis in 2008, BeSmartee’s original supporters began reconsidering their partnership and investment goals and initiatives. The Founders made a decision to put BeSmartee on the shelf in early 2008 as the Founders went back to their respective businesses, only to return when circumstances improved.
In January of 2014, BeSmartee re-started development, taking the underlying technology that would support the original marketplace, then developed it further to license to lenders under a white-label with enhanced tools and features that enable lenders to compete in the new digital lending landscape.
BeSmartee is always in development mode, and continuously reinvesting in themselves to strengthen existing products and developing new ones. Today, BeSmartee has several product lines in use by over three dozen clients. These product lines are: BeSmartee Mortgage (consumer loan POS), BeSmartee TPO (for wholesale lending), and BeSmartee Solar (a solar lending platform).