Home Lending Pal

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Home Lending Pal
Private
IndustryReal Estate
FoundedAugust 2017; 4 years ago (August 2017)
Miami, Florida
Durham, North Carolina
FoundersSteven Better
Bryan Young
Headquarters
Miami, Florida
Durham, North Carolina
,
United States
Area served
Multiple U.S. states
Key people
Bryan Young
(CEO & co-founder)
Steven Better
(COO & co-founder)
Joey Barrow
(Chief Knowledge Officer)
Frank Pollock
(CMO)
ProductsIntelligent Mortgage Advisor
Number of employees
15 (March 31, 2020)
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Websitewww.homelendingpal.com

Home Lending Pal is an anonymous marketplace that uses artificial intelligence to simulate home loan underwriting to show approval odds, affordability risk, and budget strain for potential homeowners.

History

Home Lending Pal was founded by Bryan Young and Steven Better in August 2017.[1] The company now has dual headquarters in Durham, North Carolina, and Orlando, Florida.

Funding

In September 2019, Home Lending Pal was selected by IBM as one of fifteen companies globally to join the first IBM Hyper Protect Accelerator. IBM gave $120,000 in credits to assist Home Lending Pal with protecting borrower's data, utilizing Watson for their chatbot and blockchain for transferring information between borrowers and lenders. Home Lending Pal received its first outside investment from Thomas and Cuancha Manning on November 17, 2019. Allan Heye became their second investor in February 2020.

On March 9, 2020, Home Lending Pal passed all of Equifax's data security requirements to store user data on IBM servers. At the time, Home Lending Pal stated they were the first non-loan originating company to show underwriting data directly to consumers.[2]

On May 14, 2020, Home Lending Pal was selected as one of six companies to receive a $50,000 grant from the NC IDEA Foundation.[3]

The company initially used tech accelerators to help with its growth. Home Lending Pal has been a part of StarterStudio (Florida), Flagstar Bank Mortgage Accelerator, Tampa Bay Wave (Florida),[4] The Batchery (California), and the Wire Accelerator (Texas).[5]

On August 6, 2020, Village Capital announced that Home Lending Pal, along with ten other fintech startups, were selected for its 2020 Finance Forward US 2020 Accelerator Program. Sponsored by Village Capital, Metlife Foundation, and PayPal, the initiative focused on improving their business models and making their solutions available to those who need them most during COVID.[6]

Business model

Home Lending Pal is an online mortgage marketplaces that connects to trusted digital sources to validate underwriting information prior to the submission of a mortgage application. The company collects underwriting data from lenders for its pairing algorithm in hopes of improving potential borrowers chances of successfully securing a mortgage.

Technology

Home Lending Pal uses chatbots, machine learning, and blockchain to help first time home buyers through the home research and buying process.[7]. They call the artificial intelligence an Intelligent Mortgage Advisor. They call their artificial intelligence an Intelligent Mortgage Advisor and say it will find the best mortgage option and lender for a potential borrower to work with based on their finances.

References

  1. Thompson, Elizabeth. "Durham-based Home Lending Pal Selected For New IBM Accelerator | GrepBeat". Retrieved 2019-10-22.
  2. Soderstrom, Alex. "New Orlando tech firm makes mortgage loans more accessible| Orlando Business Journal". Retrieved 2020-08-21.
  3. NC IDEA Foundation. "NC IDEA FOUNDATION Awards Total of $300,000 to Six North Carolina Startups". www.ncidea.org. Retrieved 2020-05-14.
  4. Tampa Business Journal. "Tampa Bay Wave launches the latest cohort, featuring the next crop of startups you need to know". www.bizjournal.com. Retrieved 2020-06-05.
  5. Soderstrom, Alex. "A patchwork of capital, a grant and self-funding helped this Orlando tech startup get off the ground| Orlando Business Journal". Retrieved 2020-09-08.
  6. Village Capital. "11 Fintech Startups Selected for Village Capital's Finance Forward US 2020 Accelerator Program". www.vilcap.com. Retrieved 2020-08-06.
  7. NXTSTAGE.IO. "NXTSTAGE PILOT COMPETITION ANNOUNCES 2020 FINALISTS". www.nxstage.io. Retrieved 2020-07-30.

External links

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