Lendsmart, which took dwelling Better of Present honors in its FinovateFall debut final yr, introduced a brand new partnership with Freddie Mac this week. The digital lending platform has built-in with Freddie Mac Mortgage Product Advisor, the agency’s automated underwriting system, to enhance the mortgage origination course of for each lenders and debtors by decreasing processing time.
“Lendsmart’s software program predicts the credit score and underwriting situations required within the mortgage origination course of by pinning them to a borrower’s knowledge in real-time reasonably than making the borrower wait 45 days to get an e-mail from the underwriter,” Lendsmart founder and CEO AK Patel defined. “We’re additionally shaving off weeks within the letter of rationalization course of.”
Headquartered in New York Metropolis, Lendsmart combines an AI-powered digital lending platform with a house shopping for market to save lots of lenders time, assist them enhance productiveness, and develop their earnings whereas offering each the lender and the homebuyer with a “next-generation digital expertise,” within the phrases of Lendsmart COO Philip Gem George.
Lendsmart’s platform centralizes and unifies all events within the mortgage course of whereas automating guide duties to make sure accuracy, scale back threat, and maintain prices low. George famous through the demo of Lendsmart’s know-how at FinovateFall that the automation ensured that homebuyers are solely requested for info that can’t be readily accessed from the documentation. This additional accelerates the method and relieves a number of the burden sometimes felt by homebuyers through the origination course of.
And as Freddie Mac VP of Enterprise Companion Integration Kevin Kauffman added, know-how like that accessible from Lendsmart helps monetary establishments sustain with the expectations of their more and more digital-first prospects. “Right this moment’s lenders and debtors count on a seamless digital course of that isn’t burdened with administrative duties or extreme timelines,” Kauffman mentioned. “Partnering with Lendsmart permits Freddie Mac to offer the most recent know-how that satisfies out mutual purchasers’ wants.”
Based in 2019, Lendsmart was among the many many fintechs that helped facilitate PPP funding through the COVID-19 pandemic, partnering with Griffin Applied sciences to supply banks and credit score unions an end-to-end answer to allow them to course of extra mortgage purposes whereas figuring out and pursuing certified small enterprise leads. “With monetary establishments struggling to handle the excessive variety of purposes and small companies in want of speedy funds,” Patel mentioned when the partnership was introduced final spring. “We noticed a chance to hurry up and simplify the principally guide course of through the use of our current know-how.”
Lendsmart started the yr elevating an undisclosed quantity of pre-seed funding from INV Fintech. Along with its New York headquarters, the corporate additionally has an workplace in India.
Photograph by Michael Tuszynski from Pexels