LenderClose, a Des Moines, Iowa-based financial technology company that provides a cloud-based platform for home equity lending, recently announced it has rebranded to Coviance.
The new brand reflects the company’s next phase of growth as a technology partner providing process automation powered by data-driven decisioning intelligence, the company said.
“The transformative technology empowers community lenders to deliver a superior borrowing experience, efficiently scale home equity volume, and go from clear-to-close in hours versus weeks,” the company said in a news release.
“The evolution of our technology has advanced us into a new era on our mission to perfect the lending experience,” says Omar Jordan, Coviance founder & CEO. ”Our technology empowers credit unions and community banks to compete with fintechs, delivering the best borrower experience with a more humanized touch.”
Home equity lending is growing rapidly but continues to be a friction-filled process, driving accelerated demand for a solution, the company said.
Founded as LenderClose in 2015 by Jordan, a lending industry vet, the rebranded Coviance offers community lenders a user-friendly technology solution to lend more efficiently, faster, and at scale, the company said.
Coviance has over 425 credit unions and community banks nationwide on its platform, and claims it has grown more than 1,117% over the past three years. In 2022, nearly $8 billion in home equity lending transaction volume was processed utilizing its technology, it said.
Coviance said its proprietary technology, Home Equity Express (HEx), automates the home-equity-loan process through configurable workflows with data-driven decision-making intelligence, giving borrowers and lenders the speed and efficiency to go from clear to close in hours.
The cloud-based platform, it said, uses real-time data, best-in-class vendors with pre-built integrations, and intelligent communications that deliver a fluid, elevated experience.
“We are emerging as the category leader and are committed to advancing technology across the lending journey so that community lenders can focus on what matters most — their borrower’s experience,” Jordan said. “We’re putting valuable time back in the hands of the lender and borrower.”