Angel Invest Boston Eilon Shalev - Elphi: Hacking Mortgages
Oct 7, 2020
36:17
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Mortgage origination is a massive business deeply stuck in the past. Proof: in 2020 it still takes an average of 45 days to approve a mortgage. Israeli founder Eilon Shalev and his buddies from MIT Sloan School aim to change all that with their startup Elphi.
Highlights:
- Sal Daher Welcomes Listeners & Introduces Eilon Shalev of Elphi
- What Elphi Does
- The Non-Linearity of Mortgage Applications Is a Huge Problem – Average Time to Approval: 45 Days
- “We have a paying customer and the software is live today with that lender. That lender is a non-depository mortgage lender, which means it is not a bank.”
- The Current State of the Mortgage Origination Business
- A Shout out to Sonal Singh of Spatio Metrics for Connecting Sal Daher and Eilon Shalev
- The Founding Story of Elphi
- Why University Tuition Is So Astronomically High
- How Eilon Shalev Shifted His Focus from Student Financing to Mortgages
- “I was obligated to just try to choose the most problematic problem I can find from that large industry and try to solve it.”
- The Elphi Team
- Sal Daher Plugs His Investment Syndicate
- Eilon Shalev’s Entrepreneurial Journey
- Parting Thoughts from Eilon Shalev
- “…one of the main reasons that there was no innovation in that particular space for those particular problems is the high barriers to entry. Once you overcome those barriers to entry, you are that kid in a candy shop…”