LenderClose, a U.S.-based proprietary, technology-focused lending platform, announced on Tuesday it secured $10 million through its Series B investment round, which included participation from Next Level Ventures, Ardent Credit Union, Strata Credit Union, Tucson Federal Credit Union, Collins Community Credit Union, Financial Plus Credit Union, Serve Credit Union, and Ascentra Credit Union.
As previously reported, LenderClose stated it was established with the key belief that innovative technology would empower community credit unions and banks. The company’s platform equips loan originators with the workflows needed to boost efficiencies and shorten the lending scale through “streamlined and meaningful” integrations.
“LenderClose’s forward-thinking platform and award-winning technology compile all of the information lenders need, in one, single hub. The LenderClose solution enables credit unions and community banks to streamline the lending process and shorten the lending cycle to generate a better borrower experience.”
LenderClose also reported that it recently launched its automated loan processing solution; HEx (Home Equity Express), which the company claims was built with a level of algorithm intelligence to ensure that the exceptions in the collateral data collected are earmarked for underwriting oversight and portfolio risk tolerance. Omar Jordan, Founder and CEO, further shared details about the company’s development:
“Real estate and home equity lending continues to be a friction-filled process. At LenderClose, our commitment to leveraging technology to bring continuous improvement across the real estate lending journey allows us to focus on what matters most, lenders’ efficiency and their borrower experience. This has never been more important as the pandemic accelerated the demand for LenderClose, specifically our contactless lending solutions such as remote online notarization (RON).”
LenderClose then added that the investment round’s funds will be used to expand the company’s R&D into process automation. The goal is to ultimately create a comprehensive lending solution, fully integrating every step of the lending process from pre-close to post-close.