Innovation

Commercial Mortgage Depot is successfully using existing technology such as computer and computer software that provide background checks for people who desire loans. They input personal information from the data that comes from the software. The department will offer the loan to sustainable users that have good or approved credit from the company. How this innovation is related to our course is that it makes it easier for cross teaming. Mr.Suarez stated that his team does that background checking of customers with this software after getting the information from the bank. After he checks the information from the bank, just in case they go onto the transaction from beginning to end. This software just makes it easier to look at customer that the bank provides.

Inspiration

The company’s reason for this innovation is to attempt to help hard-to-finance transactions. Using refurbished computers, and existing technology, Commercial Mortgage Depot is able to help provide loans that will allow people to improve property, or buy a house. The technology used helps to tailor the right type of loan to the borrower. This innovation allows these communities and businesses to achieve their goals, and grow financially as well. Mr Gomez says his company's mission statement is "to tailor loan to specific clients in efforts to provide a smooth and easy process for the client. It is the same mission statement that me and my employees believe in."

Overall impact

The overall impact of the innovation is that the company is doing background checks on their customers to provide a better loan. Doing these checks the company gets a better understanding of who they're loaning money to and if it will be a good investment. Because once they give the money to the customer they will maybe go into to the community and build a new business which can create new jobs and opportunities for people. Or someone may build a housing complex which provides new homes for the communities. All these places will generate a profit giving back to our company which in turn we can grow our business to new areas to provide loans for other communities that can benefit their area.

Business benefit

The benefit on this innovation is that satisfied customers will recommend Commercial Mortgage Depot for all their loaning needs. This has resulted in an increased amount of business for the company. Commercial Mortgage Depot has hired more employees as a result of their success, and has also been able to offer a variety of new programs for their customers. Gomez has hopes that the growth of the company will continue, and they will keep growing their customer base.

Social and environmental benefit

The reason this innovation benefits society as a whole is because it follows the sustainable cities and community global goals. The company offers loans to qualifiers with good credit scores based on the software background check. For example, if the loaner desires a housing complex or a business, these qualifiers are required to evaluate themselves on purpose of the loan. With this software the company is only giving out loans to qualified people and then these qualified people will assemble buildings into the community which in turn provide new home opportunities and the new business which create new jobs helping the community to grow. Mr Gomez believes this technology can revolutionize the way we buy homes, and give people a sense of security and belonging.

Interviews

Oscar Suarez, Employee

Enrique Gomez, Management/CEO