Cardinal Financial’s “Octane” Program Transforming Today’s Home Loan Process

On my way home the other day, I got off the freeway near Kahala Mall, stopped at a traffic light at the corner of Waialae and Hunakai, and glanced at a building where a credit union is now located. I reflected that only about ten years ago that building housed our thriving neighborhood Block-buster store. Back then, if you wanted to watch a movie without the hassle of going out to a theater, you’d stop at Block-buster and hope they had a copy of the movie you wanted to see in stock.

Invariably, only the top box office attractions made it to the shelves, limiting your options. Nevertheless, we continued to patronize Blockbuster, which remained a thriving retail business until consumers were provided with a better and more efficient way to get movies via online streaming and other new technology. Change was about to take place, and, as Blockbuster soon learned, you either meet the demands of the consumer or become extinct.

I bring this up is because residential mortgage lending has also been affected significantly by advances in technology. This rapid change in the mortgage industry has made the world a better place for homebuyers and consumers alike.

The entertainment business as we know it today has undergone a sea change. Consumers can watch virtually any movie, anytime, anywhere. Intermediaries, such as Amazon, Hulu and Netflix, have a lot of power because they are hyper responsive to consumer demand. The driving force of change is the consumer, but it is technology that enables it.

As with the entertainment industry, a revolution is being envisioned by those mortgage companies that are driven by a desire to reimagine and redefine the mortgage lending experience. Just as Amazon redefined the retail experience for retail consumers, Netflix did for the entertainment consumer, and Expedia did for travel consumers, technology is already changing the same experience for real estate consumers.

Projecting a few years into the future, certainly some mortgage lenders will be out of business because of their inability to adapt. Other lenders, however, who have embraced technology and the efficiency it can bring to their platform, will be in an even better position to serve the consumer.

Octane is Cardinal Financial’s award-winning proprietary technology that is transforming the mortgage industry. An unrivaled digital platform, Octane simplifies the lending process for a frustration-free user and consumer experience. Its speed, efficiency, transparency, and precision ensure every critical deadline is met. Octane reinforces Cardinal Financial’s commitment to modernizing the way home loans are obtained so that we can offer the highest value to our consumers, colleagues, and business partners.

If you or someone you know is interested in becoming a member of our rapidly growing team at Cardinal Financial Hawaii, please reach out to me directly.