And there, what we benefit from is the fact that the banks are outsourcing their mortgage operations to us, in some cases outsourcing sales and operations to us along with managing the entire mortgage customer journey online for their customers. And those are all fee businesses. As you might have seen, over 50% of our revenue last quarter was from B2B partnerships and we think that this presents a really great capability for us to use our platform to drive revenue and build out the business, so that we’re not solely reliant on growth in our direct-to-consumer channel.
Operator: Your next question comes from the line of Reggie Smith from JPMorgan.
Reggie Smith: You guys talked about investment in Tinmen on the press release and your prepared remarks. I was curious if you could shed any light, any insight on kind of new products, maybe some new things you have launched there and where you think the capabilities of Tinman can ultimately go?
Vishal Garg: Yes. We’ve continued to expand our suite of one day mortgage products. So Tinman has gotten now good enough that almost 80% of the mortgage loans that are coming in through the door and getting funded are one day mortgages, which is pretty impressive for one year post launch. We’ve now recently taken the HELOC process and turned that into a One Day HELOC where consumers are getting a commitment letter on a HELOC within one day, which is industry leading. We’ve also launched VA and FHA loans. So, expanded the capability for us to now reach that portion of the market, which now comprises about a quarter of our mortgage market, which is something that we just didn’t do before. So Tinman is expanding the breadth of the mortgage market that it’s ingesting into its rules engine and becoming faster at being able to autonomously process the mortgages across a broader cross section of consumer types.
Going forward into the future, we’ve been building for 8 years the supervised learning network, which in the context of what people are talking about with respect to AI is one of the best manifestations of true machine learning and the creation of a rules engine in the mortgage industry. Now where this goes forward is the ability to use generative AI to further automate many parts of the process and make it easier for consumers to be matched to the right loan officer, be matched to the right loan product, as well as all of the back end processes which require human intervention still and some use of human logic for those processes to then be done by the machine itself. So, we think that we’re just inning two of the stages of automation and customer delight in terms of the application of technology with Tinman.
We’ve just been building this platform to get to one day certainty across all these mortgage types. And now from there, you’re going to see us really push forward on cost savings and customer satisfaction.
Kevin Ryan: I think, Reggie, we pulled back last year and so many chatted guys. We talked about we’re out raising capital. We pulled back. We did not pull back in technology. This is kind of core to the company. And back to the B2B question, we would have had half our volume come from B2B if it were not for what we’ve already built in Tinman. And as Vishal said, we’ve rolled out a lot of new products. And in his direction, we’re investing even more and more technology and he is our competitive advantage here.
Operator: [Operator Instructions] We have no further questions in our queue at this time. I will now turn the call back over to Vishal for closing remarks.
Vishal Garg: Thank you, everyone. We’re really pleased with the progress that the business and the technology platform has made in 2023. And we’re looking forward to under our new commercial operating model demonstrate progress again in 2024.
Operator: This concludes today’s conference call. Thank you for your participation and you may now disconnect.
