#United States #Columbus #Lower #Neat Labs #LowerOS

Lower Acquires Neat Labs: A New Era for Digital Mortgages

In a major move to transform the mortgage landscape, Lower, a prominent digital lender, has officially acquired Neat Labs, a company celebrated for its cutting-edge mortgage origination software. This strategic acquisition aims to integrate Neat Labs' innovative technology into LowerOS, a comprehensive cloud-based platform designed to enhance the borrower experience while streamlining the loan process.

Neat Labs, founded in 2015, has distinguished itself by developing a platform that significantly simplifies the mortgage journey from application to funding. They have successfully originated loans exceeding $1 billion, allowing borrowers to navigate the process from application to closing in as little as 10 days.

The unveiling of LowerOS heralds a significant advancement in mortgage technology, fostering unprecedented collaboration between borrowers and loan officers. This platform will empower borrowers with self-service access to Neat Labs’ sophisticated underwriting engine, enabling them to select the most suitable loan products and payment plans tailored to their qualifications. Moreover, LowerOS automates many traditionally time-consuming activities in the mortgage process, effectively reducing both the timeline and costs associated with securing a loan. This enhancement also grants Lower’s extensive network of loan officers more time to provide personalized guidance to each client.

Dan Snyder, CEO and Co-Founder of Lower, conveyed his excitement about the acquisition, stating, "We’re thrilled to bring Neat Labs into the Lower family. Their technology is the foundation of our next chapter. Since our inception, we’ve combined cutting-edge technology with elite customer service. With LowerOS, we are once again revolutionizing the mortgage industry, offering unmatched operational efficiency and a seamless experience for both borrowers and loan officers."

Joining Lower as its Chief Technology Officer will be Steve Herschleb, the Co-Founder of Neat Labs. With vast experience in developing scalable mortgage technology systems, Herschleb's insights will be instrumental in refining and enhancing LowerOS. He noted, "LowerOS will change the way consumers approach getting a mortgage, whether purchasing a new home or refinancing existing loans to secure reduced monthly payments." Herschleb elaborated that with LowerOS, borrowers could achieve loan approval significantly faster than conventional methods, transforming the process into one that feels more akin to acquiring a car loan or credit card.

As Lower adopts Neat Labs’ innovative software and integrates it into Lower OS, it signifies a critical step towards redefining the mortgage experience. By merging advanced technology with a steadfast commitment to delivering outstanding value and efficiency, Lower is positioned to lead the change in how mortgages are approached in the digital age. This merger comes as part of Lower’s overarching vision to redefine home financing, ensuring a smoother and expedited experience for users.

Founded in 2014, Lower is recognized as the 28th largest home lender in the U.S., backed by prominent investors such as Accel Partners, SoFi, and Veritex Bank. Their operational model combines both digital engagement through their website and last-mile services through a network of retail branches, demonstrating commitment to serving both consumers and loan originators seamlessly.

In summary, the acquisition of Neat Labs and the evolution of LowerOS underlines Lower’s mission to innovate and enhance the customer experience in home financing. As the mortgage landscape continues to evolve, Lower stands ready to meet the changing needs of borrowers, winning loyalty through efficiency and exemplary service.