Mobile-First Mortgage Solution StreamLoan Secures $2MM Seed Capital Round to Re-Imagine the Home Purchase Process
StreamLoan Can Launch Mortgage Lenders into the Digital Space in Less than 30 Days
SAN FRANCISCO, February 14, 2018 (Newswire.com) - StreamLoan, a tech innovator focused on bringing mortgage lenders into the mobile-first era, has secured a $2 Million seed capital round of funding to continue to drive change with its enterprise lending customers and partners.
“Mortgage lenders are acutely aware that they need a digital mortgage solution that is both mobile and web to reach today’s borrowers,” said StreamLoan CEO and co-founder Stephen Bulfer. “Only a few of the the largest U.S. mortgage lenders have the resources to create their own in-house platforms. It’s complicated, time consuming, and too costly for most lenders in this low-margin space to create a platform that satisfies borrower expectations. StreamLoan provides the industry with a white-label digital mortgage solution that can be up and running in less than 30 days.”
StreamLoan’s platform is more than a mobile-first Point of Sale (POS). It’s a true end-to-end digital solution that takes borrowers from point of intent, to purchase, through close, while significantly reducing transaction time by speeding all the steps in the process. This is accomplished by streamlining all the highly manual and offline steps that exist today including the mortgage application, financial information collection, document gathering, and updating all along the way.
Mortgage lenders are acutely aware that they need a digital mortgage solution that is both mobile and web to reach today's borrowers. Only a few of the the largest U.S. mortgage lenders have the resources to create their own in-house platforms. It's complicated, time consuming, and too costly for most lenders in this low-margin space to create a platform that satisfies borrower expectations. StreamLoan provides the industry with a white-label digital mortgage solution that can be up and running in less than 30 days.
“Imagine a borrower walking into an open house, being referred to your app by the real estate agent, while being connected to your lending team at the same time, and having the loan application submitted to underwriting before the borrower leaves the house,” continued Bulfer. “Our existing mortgage lenders are already seeing this kind of speed and efficiency through the StreamLoan platform. This doesn’t just allow our lending customers to catch up to their much larger brethren, it actually takes them a number of steps beyond – to where mortgage lending will be 12-18 months from now.”
StreamLoan places borrowers at the center of the home buying experience by giving them complete control of who sees what data. They can seamlessly share some or all of their information in the system with realtors, lenders, co-borrowers, inspectors, attorneys, appraisers, accountants, title companies, notaries, or insurance agents. This approach grew out of StreamLoan’s founders’ deep experience in lending, real estate investing, data security and systems integration which are all critical in creating a true end-to-end digital mortgage platform.
“StreamLoan simplifies a very complex and often frustrating experience into an elegant workflow. They have created the ability to seamlessly integrate homebuyers, realtors and lenders into a coordinated and well-designed experience,” said Derek Chau, Partner at Acorn Pacific Ventures.
“The first thing that caught my attention was the sophistication of the StreamLoan platform and the amazing capability it brought to lenders," said Steve Weston, former CEO of Barclays Mortgage Bank. "But what made me really excited about investing was how the company brought together Silicon Valley's best innovation with the deepest possible insider knowledge of the mortgage and real estate industries to deliver a more complete solution, more efficiently, than many rivals."
- StreamLoan’s seed round investors include (among others):
- Acorn Pacific Ventures
- Whitespace Capital, LPs include executives from Facebook and Apple
- Steve Weston, former CEO Barclays Mortgage Bank
- Rajiv Krishnarao, Director of Finance at Uber, formerly of Sequoia Capital
StreamLoan was founded in 2015 to bring a simple experience to securing a mortgage. The company is based in San Francisco and is backed by top-tier Silicon Valley VC investors representing real estate, finance, FinTech and other innovative technology industries. For more information please call 415.617.9906 or visit http://www.streamloan.io
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