Even change one word of the loan documents when you go to a mortgage closing, you're not going to get the loan.

So mortgage is not devoid of innovation, but the industry does run on software that was built decades ago.

Just imagine that you're a homeowner who recently lost their job.

You apply for mortgage assistance, which is, again, a pretty time-intensive

process. It's a little bit like sending a lot of information into the void. For most Americans,

buying a home and getting a mortgage is by far the largest financial transaction of their lives.

Buying a house and getting a mortgage is not just a financial transaction. It's a really highly

personal experience, and it's really tied up in really deep-seated emotions about home and family.

Ultimately, homeownership is a really, really key part of the American dream.

If you improve the fundamental infrastructure that allows all of this to happen as a country,

you're able to effectuate public policy faster

and it actually improves societal outcomes.

The U.S. mortgage market holds over $13 trillion in debt, touching 50 million homeowners.

In this episode, A16Z general partner Angela Strange talks with Tim Myopolis, former CEO Fannie Mae and president of Blent, Mike Yu of Vesta,

and Andrew Wang, Avalin, about why mortgage tech has been slow to change and how new

infrastructure could lower costs and improve the experience of homeowners and lenders alike.

Let's get into it.

We're going to focus this conversation on the technology underpinnings of the mortgage industry.

And now this can seem esoteric, but it really drives all of our experiences as consumers.

They now notoriously high costs as lenders.

And of course, incredibly important to the economy writ large as the underpinning of the largest class of consumer debt in the U.S.

We all know mortgage is big, but a reminder of the sheer scale of the industry, $13 trillion

...