SAN DIEGO, CA, August 26, 2021 (SEND2PRESS NEWSWIRE) – The Mortgage Collaborative (TMC), the nation’s largest independent cooperative network serving the mortgage industry, announced today that the TMC Emerging Technology Fund LP (the “Fund”) has recently taken over as investment round ahead of Series A at Home Lending Pal, a technology marketplace that focuses on fair lending methods using artificial intelligence and distributed ledger technology to transform the complex process of home research and creation into an easy online shopping experience for qualified and unqualified borrowers.
The Home Lending Pal platform helps consumers, especially minority and millennials, assess their financial ability to obtain a mortgage. It also helps them take action to improve access to mortgage finance and select mortgage founders with whom they want to share information about their applications based on an artificial intelligence algorithm that predicts the likelihood of closure.
“TMC understands that progressive approaches to tackling fair credit and bridging the gap between homeowners are needed, and the Fund’s unique access to TMC’s network of renowned industry lenders will be vital in helping Home Lending Pal create a process that de-identifies HMDA data until after an underwriting decision has been made, ”said Brian Young, co-founder and CEO of Home Lending Pal. “This revolutionary technology enables underwriting data to be digitally validated using a single download of documentation to enable multiple lenders across the country to determine whether they will work with a borrower without prior disclosure of age, gender or race.”
“Financial integration must start with equal access, providing borrower data and personalized learning without pressure from sellers,” said Stephen Better, co-founder and chief operating officer of Home Lending Pal. “Home Lending Pal reduces friction when applying for a loan for qualified borrowers and provides customized roadmaps for unqualified borrowers. I am delighted to be working with TMC to modernize the process by focusing on fair lending and putting people first. ”
“The mortgage industry is embracing the idea of providing educational financial resources to consumers long before they start their home buying journey and seek out lenders for financing options. Home Lending Pal exemplifies this concept by providing a much-needed solution to a common problem, ”said Jonathan Fried, managing partner of Holland Mortgage Advisors and one of the fund’s participating limited partners. “We are excited about Home Lending Pal’s cutting edge technology and the opportunity to partner with their forward-thinking team to improve access to home finance solutions for all consumers.”
Other notable investors joining the round are Orlando-based Angel Syndicate Bluewave Investment Partners, CMFG Ventures, Dallas Cowboys midfielder Jylon Smith and CMFG Ventures Discovery Fund. To date, Home Lending Pal has raised $ 3.5 million for its AI and blockchain-powered digital mortgage consulting platform. Home Lending Pal will showcase the next phase of the Consumer Financial Protection Bureau (CFPB) in early September and will release it to the public for use and feedback by the end of September.
TMC Emerging Technology Fund Limited Partners are made up of some of TMC’s most technology-savvy creditor members who value and invest in companies seeking to develop the mortgage industry. The fund continues to seek investment opportunities that will lead to increased profitability and improved business processes for TMC’s creditor members.
The Mortgage Collaborative, based in San Diego, California, was founded in 2013 by four well-known industry leaders and is the nation’s largest independent network of mortgage cooperatives. TMC is committed to creating a collaborative and innovative environment for small and medium mortgage lenders across the country to lower costs, increase profitability, and better serve America’s dynamic and changing consumer base. For more information visit http://www.mortgagecollaborative.com/.
NEWS SOURCE: The Mortgage Collaborative
This press release has been issued by Send2Press® Newswire on behalf of the news source (The Mortgage Collaborative), which is solely responsible for its accuracy. Information believed to be accurate but not guaranteed. Story ID: 74574 APDF-R8.2
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