Lendsmart, which took house Best of Show 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 Loan 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 predicts the credit and underwriting conditions required in the loan origination process by pinning them to a borrower’s data in real-time rather than making the borrower wait 45 days to get an email from the underwriter,” Lendsmart founder and CEO AK Patel defined. “We’re also shaving off weeks in the letter of explanation process.”
Headquartered in New York City, Lendsmart combines an AI-powered digital lending platform with a house shopping for market to save lots of lenders time, assist them improve productiveness, and develop their earnings whereas offering each the lender and the homebuyer with a “next-generation digital experience,” 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, cut back danger, and hold prices low. George famous throughout the demo of Lendsmart’s know-how at FinovateFall that the automation ensured that homebuyers are solely requested for data that can not be readily accessed from the documentation. This additional accelerates the method and relieves a few of the burden sometimes felt by homebuyers throughout the origination course of.
And as Freddie Mac VP of Business Partner 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 clients. “Today’s lenders and borrowers expect a seamless digital process that isn’t burdened with administrative tasks or excessive timelines,” Kauffman mentioned. “Partnering with Lendsmart allows Freddie Mac to provide the latest technology that satisfies out mutual clients’ needs.”
Founded in 2019, Lendsmart was among the many many fintechs that helped facilitate PPP funding throughout the COVID-19 pandemic, partnering with Griffin Technologies to supply banks and credit score unions an end-to-end resolution to allow them to course of extra mortgage functions whereas figuring out and pursuing certified small enterprise leads. “With financial institutions struggling to manage the high number of applications and small businesses in need of immediate funds,” Patel mentioned when the partnership was introduced final spring. “We saw an opportunity to speed up and simplify the mostly manual process by using our existing technology.”
Lendsmart started the yr elevating an undisclosed quantity of pre-seed funding from INV Fintech. In addition to its New York headquarters, the corporate additionally has an workplace in India.
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