Lower’s a goer with AI-powered lending launch
Ohio-based Lower has fired up offering the power of artificial Intelligence (AI) to help homebuyers make mortgage decisions.
The firm uses its proprietary AI technology, LOAi, to compare data points and past loans to give borrowers a personalised loan recommendation.
“The online lending process is broken. Self-service works for selling socks, but not for a life-changing decision like a mortgage,” says Dan Snyder, CEO and founder of Lower. “Unlike other digital lenders, we use technology to boost the expertise of our loan advisors, not replace them.”
To back up its ambitions, the firm cites Ellie Mae data from March 2018, which says nearly two-thirds of Americans expect to be able to apply for a mortgage and complete the application process online.
Lower says it offers homebuyers with an application (called PersonalApply) that can be completed in minutes on a desktop or mobile browser.
By answering questions in a conversational format, potential borrowers can get a personalised loan recommendation without the need to complete online forms or find, scan and submit paperwork.
Some features include a virtual loan officer assistant and free refi for life. Just to clarify, the latter means if a borrower buys or refinances with Lower, they also get “no lending fees on future refinances, for life”.
Lower is licensed in 29 states and approved by the Federal Housing Finance Agency as an Equal Housing Lender.
Snyder is also the co-founder and managing partner of Homeside Financial, a privately held mortgage bank based in Maryland.