Regions Bank has formed a working relationship with mortgage loan management platform Lender Price.
This agreement, which includes an undisclosed equity investment, will provide Regions Bank with technology and resources to support its digital lending. Through the new partnership, Regions will look to streamline its processes, and simplify interactions between bankers, borrowers and the bank.
Consumers will benefit from the deal by having fewer information requests, additional data sources for approvals and confirmations, and quicker responses.
Lender Price provides correspondent lenders, wholesale lenders and retail originators with a management platform for mortgage loan products. The platform helps firms with product, pricing and eligibility for loans through its business intelligence and analytics.
Solutions provided by the company include built-in compliance checks, secondary marketing tools, margin management, lock desk, customized workflows and others.
Regions Bank head of enterprise operations Logan Pichel said, ?This investment in Lender Price and our working agreement provides important growth capital for Lender Price, aligns our mutual interests in digital transformation and continues to move us toward the goal of making banking easier for our customers.p>
This is Lender Price second partnership this month, having previously completed an agreement with Ellie Mae mortgage management solution Encompass. Through the deal, Lender Price is integrating its technology with Encompass to help users price and lock loans.
Last year, North America picked up the lion share of funding in the mortgage lending sector bagging 44 per cent of the total global investment, according to data by FinTech Global. The region received $4.3bn across the year, with Asia being the next biggest market picking up $3.7bn.