"Mortgage in 12 seconds": how technology helps Russians get housing faster

Golden Expert Badge

At the IX International Real Estate Business Forum (MFBR), which took place in September, Irina Rudakova, as part of the National Award "CONSUL 100", received the winner's diploma in the nomination "For the contribution to the development of digital technologies in project finance and mortgage lending."

Irina is involved in the development of a digital platform that analyzes client data across 75 Russian banks in just 12 seconds.

"The data relevance in the platform reaches 97%, which allows us to offer solutions with a high probability of approval," she explained.

It all started in 1999 – back then Irina had just started working in mortgage lending, and now she is the Deputy Chairman of the Board of the Individual Housing Construction Association (MZhS), and a Member of the Chamber of Commerce and Industry of the Russian Federation for entrepreneurship in the construction sector.

One of her significant projects more than ten years ago was the large-scale outsourcing of all operational areas, including in Russia. As Irina explained, this involved outsourcing the processes of verifying borrowers and mortgage collateral, with decision-making control remaining on the side of the outsourcing company.

"Timely digitalization and adaptation of processes helped reduce costs while increasing loan volumes. This is especially relevant now, when digitalization and outsourcing allow for the adaptation and, thereby, acceleration of many business processes not only of credit institutions but also others in the construction industry, especially in the field of low-rise and individual housing construction (IHS)," the expert explained.

Furthermore, during the pandemic, Irina Rudakova conducted a unique transaction where all stages, including settlements, were performed remotely. For this project, Rudakova received the golden badge of a real estate market expert.

Driver of Progress

Nowadays, Irina Rudakova believes, the main achievement of the mortgage sector in Russia is that it continues to be an engine of progress.

"I have always believed and will continue to assert that over time, nothing changes in this regard, regardless of whether there is a crisis or not: a mortgage is a driver and an opportunity! Sometimes you just need to look more closely, and if you can't do it yourself, then turn to professionals for advice," explained the Deputy Chairman of the Board of the Individual Housing Construction Association.

According to her, the MBFN diploma for Irina is another confirmation of the professionalism and usefulness of her work, an incentive to continue moving in the chosen direction, keeping pace with the times. To make mortgages more accessible and safer for Russians.