Skip to main content

Fintech LenderClose Rebrands As Coviance

Jan 16, 2023
Coviance website

Company provides a cloud-based platform for home equity lending to credit unions and community banks.

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.”

About the author
David Krechevsky was an editor at NMP.
Published
Jan 16, 2023
More from
Home Equity
Resilience Of Homeowner Equity Varies By Region

Florida observes 3.4% annual decline in share of equity-rich homes, while gains in the Northeast consolidate

Jan 30, 2025
Cash In On Senior Equity

Use HECMs to supercharge your success

Jan 14, 2025
Homes With Negative Equity Jump In Third Quarter

“I am surprised to have seen some of the increases in home prices," CoreLogic's chief economist says.

Dec 09, 2024
Homeowners Gain Equity, Renters Lose Wealth

New report by First American says home prices decreased by 3.1% between August and Sept. 2024

Oct 29, 2024
Senior Home Equity Reaches $14 Trillion

National Reverse Mortgage Lenders Association and RiskSpan release quarterly report

Oct 08, 2024
Average Mortgage Borrowers Gained $25,000 In Equity Since Q2 2023

The average borrower has gained $129,000 in equity since the start of 2020, per CoreLogic

Sep 13, 2024