Reali, a California-based real estate tech company, has acquired Lenda, an online direct mortgage lender with proprietary technology that allows homeowners to complete their refinance or home loans online.
In a press release, Reali, a flat-fee brokerage, said its goal is to create a seamless customer experience by using technology to increase the efficiency of in-house real estate agents and loan offers, and bring simplicity to what has traditionally been a complicated process.
Lenda will be incorporated into the platform as Reali Loans in the coming weeks, expanding Reali's product offering and streamlining the mortgage process to significantly save homebuyers time and money. The Reali Loans platform will include no origination fees, easy online customer experience, fast approvals, and competitive rates. Reali Loans can offer faster closing times, which is critical for pending offers in time-sensitive markets.
In its release, Reali noted that the process is when buying and selling a home is "disjointed," requiring a potential buyer to work with several people, "causing inefficiencies across the board."
Amit Haller, co-founder and CEO of Reali, said their objective is to simplify the process and create transparency. "This acquisition of Lenda into Reali Loans accelerates our company roadmap with goals to vertically integrate all parts of the home buying transaction in the near future and realize our vision for a reimagined real estate experience," Haller said.
By combining Lenda's mortgage lending capabilities with Reali's home buying and selling platform, customers will experience a seamless end-to-end real estate experience while saving thousands of dollars in commission fees. Lenda's proprietary technology platform is market-ready, in 12 states. Lenda's paperless process also helps expedite the online application – customers access rates in seconds and can apply for loans in minutes, culminating in impressive and competitive interest rates. When compared to big banks, Lenda's rates are .125% to .25% lower, which saves customers up to $2,000 on every $100,000 borrowed.
"Every industry is experiencing a digital transformation, mortgage lending included. We've been focused on understanding consumer data to simplify outdated processes," said Jason van den Brand, co-founder and CEO, Lenda. "Our team is thrilled to be joining Reali where we can scale our vision of reimagining homeownership to be a customer-first experience."
Existing Lenda customers will continue to be serviced by the Lenda teams, and the acquisition of Lenda allows Reali to offer the following to customers beginning today through Lenda:
A completely online mortgage application process
Fast and automated pre-approvals
Refinance loans with fixed or variable rates, jumbo loans up to $3 million, as well as VA and FHA-backed mortgages