Lower unveils Mortgage as a Service platform, announces Opendoor as first customer
By Edlyn Cardoza
Lower debuts a new Mortgage as a Service (MaaS) platform that easily allows consumer brands to offer mortgage products to their customers. After piloting the service, Opendoor, one of the leading e-commerce platforms for residential real estate transactions, moved their mortgage fulfillment to Lower exclusively.
Launching an in-house mortgage lending operation has historically been a complex undertaking for many businesses. Through the MaaS platform, Lower provides a solution for consumer finance, banking, and real-estate brands to offer a digital-first home financing experience quickly and easily, with white-label options available. It can be embedded into the partner’s customer journey through API and no-code solutions.
Lower’s unique blend of human expertise and technology has been a winning formula for the team, underscored by Opendoor’s early service adoption.
To lead the new platform, the company has named Chelsea Wagner SVP of Partnerships. “Nearly every proptech and fintech company we talk to has some version of home lending on their roadmap. It’s a natural value add, but until now there wasn’t a solution. Our infrastructure and expertise make us uniquely positioned to accelerate a new mortgage offering,” said Wagner. “We believe the demand will be high for this product as a new, easily implemented product offering for companies.”
As a part of the founding team, Wagner built and managed the company’s direct-to-consumer channel from the ground up. She now transitions to her new role to underscore Lower’s commitment to the MaaS channel and bring her strategy and lending expertise to every step of the relationship. “Chelsea has been an integral member of Lower since day one. It was a natural fit to promote someone so passionate about the customer experience and committed to helping our partners develop their business strategy in the home lending space,” said Co-Founder and CEO of Lower Dan Snyder.
About the new platform, Snyder continued, “We’ve taken our years of mortgage experience and processes and allowed any business to offer mortgage to its customers. This is a big step for brands with captive audiences but not the means or experience to offer such products. It allows companies like Opendoor to stay focused on what they do best, while adding a new product that lives up to their brand promise and expand their reach.”
The MaaS offering immediately allows companies to offer their consumers home financing options while expanding their lending footprint to more than 93% of the U.S. population. Customers will have access to Lower’s full suite of products tailoring loan options to their specific needs.
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