Lower Acquires Neat Labs for a Dynamic Digital Mortgage Future
Lower, a prominent digital mortgage lender, has taken a significant step towards enhancing the mortgage experience by acquiring Neat Labs. This innovative company is well-known for its cutting-edge end-to-end mortgage origination software. With this integration, Lower intends to enhance its new platform, LowerOS, which promises to deliver an exceptional borrower experience while reducing the time and cost associated with obtaining a loan.
Enhancing the Mortgage Process
Neat Labs, established in 2015, has developed a platform that streamlines the mortgage process from pricing to loan approval and final closing. Their impressive record of originating over $1 billion in loans showcases their capability to expedite the borrowing process, enabling borrowers to navigate from application to funding in as little as ten days.
The Launch of LowerOS
The debut of LowerOS signals a transformative shift in the mortgage technology landscape. This platform will empower both borrowers and loan officers to collaborate efficiently. Through LowerOS, borrowers will gain self-service access to Neat Labs' advanced underwriting engine, allowing them to customize their loan products and payment plans as per their qualifications. Furthermore, this platform will automate many traditional, time-consuming tasks in the mortgage process, significantly shortening the timeframe and costs incurred by borrowers.
Comments from Leadership
Dan Snyder, CEO and Co-Founder of Lower, expressed enthusiasm for the acquisition, stating, "We're thrilled to bring Neat Labs into the Lower family. Their technology is the foundation of our next chapter. Since our inception, we've combined cutting-edge technology with top-notch customer service. With LowerOS, we are once again revolutionizing the mortgage industry, offering unmatched operational efficiency and an intuitive, frictionless experience for both borrowers and loan officers."
New Leadership at Lower
As part of this acquisition, Steve Herschleb, the Co-Founder and Chief Technology Officer of Neat Labs, will step in as Lower's new CTO. Herschleb brings a wealth of experience in developing scalable mortgage technology systems and previously served as Chief Product Officer at Maxwell. His expertise will be invaluable in the ongoing development of LowerOS.
A New Way to Approach Mortgages
Steve Herschleb also shared his vision for LowerOS, indicating that it will markedly transform how consumers approach securing a mortgage. Whether it's purchasing a new home, refinancing to reduce monthly payments, or tapping into home equity for significant life events, LowerOS aims to simplify the mortgage process. Borrowers can expect quicker approval times, making the process feel less daunting and more akin to acquiring a car loan or a credit card.
Lower's Commitment to Innovation
This recent acquisition and the launch of LowerOS further solidify Lower's commitment to redefining the mortgage experience. By merging advanced technology with a keen focus on providing exceptional value, Lower is committed to enhancing efficiency and accessibility in home finance.
About Lower
Founded in 2014, Lower proudly holds the title of the 28th largest home lender in the U.S. They are supported by notable investors, including Accel Partners, SoFi, and Veritex Bank. Lower operates a versatile digital platform that serves customers both online and offline through a network of retail branches. With a steadfast commitment to being the best lender for both originators and consumers alike, Lower is determined to redefine home finance, one client at a time.
Frequently Asked Questions
What is the primary goal of Lower's acquisition of Neat Labs?
The main goal is to integrate Neat Labs' advanced technology into LowerOS, improving the borrower experience and streamlining the mortgage process.
When was Neat Labs founded?
Neat Labs was founded in 2015, focusing on developing mortgage origination software that accelerates loan processing.
How does LowerOS enhance the mortgage process for borrowers?
LowerOS automates numerous tasks in the mortgage process and allows borrowers to self-service select their loan products, improving efficiency and reducing costs.
Who is the new CTO of Lower?
Steve Herschleb, the former Co-Founder and CTO of Neat Labs, will take over as the new CTO of Lower.
What differentiates Lower from other lenders in the market?
Lower combines cutting-edge technology with exceptional customer service to redefine the mortgage experience, aiming for efficiency and a frictionless process.
