The Bond Group Lifestyle

Apr
10
How one mortgage lender is trying to compete against cold hard cash Colorado company Eave has launched software that automates mortgage applications and gives buyers a decision within two days.

This will be great for all luxury markets alike and hopefully do away with the

headaches of the traditional way of financing of hurry up and wait!

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After all-cash deals dominated about a third of home sales last year, the takeaway for lenders and banks was they needed to expedite mortgage applications — before a competitor did.

Bank of America began allowing buyers to access loans worth up to 80 percent of their home following an all-cash purchase, and Better Mortgage Corp. started testing on a system to allow them to underwrite mortgages within a day.

Now, a Colorado-based and operated company, Eave, is going a step further launching a new software that automates mortgage applications and decisions, according to Inman. The system provides buyers with a response within two days based on 10 documents. The company targets loans for high-end homes, from $665,000 up to $8 million, and was founded by a C-suite line-up that counts a Capital One executive and Hailo executive among its ranks. Its backers include Bessemer Venture Partners and Two Sigma Ventures. [Inman] — Erin Hudson


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