Haven, a homeownership platform that helps unlock value for mortgage servicers and subservicers, has raised $8m for its Series A round.
Fifth Wall led the round, with commitments also coming from Fidelity National Financial, RWT Horizons and 1Sharpe Ventures. Existing backers also joined the round, including Conversion Capital, BoxGroup, AME Cloud Ventures and Operator Partners.
Funds from the round will help Haven hire more staff and bolster its product development.
Haven claims that mortgage services have typically been invisible in the mortgage infrastructure, despite being responsible for moving $88bn monthly and handling the most critical transactions for homeowners and lenders. These include collecting and remitting payments, evaluating income assets, credit and debt, coordinating mortgage refinancing and origination, and reporting on property taxes and insurance premiums.
Due to this lack of visibility, Haven was created to help mortgage servicers from back-office processors by empowering them to deliver ongoing value to homeowners. It claims that by advising on and providing access to additional products, such as insurance, solar upgrades and HELOCs, mortgage servicers can help homeowners meet their financial goals, while gaining access to new revenue streams.
Haven CEO Jonathan Chao said, â€œAt Haven we believe that an educated homeowner is a confident and valuable one. However, while lenders, servicers, realtors, and home services vendors all interact with homeowners today, none have built a great relationship or add tangible, accessible value.
â€œEducation is critical to building personal credit, surfacing what options are available, and understanding how to best take advantage of them. Weâ€™re aiming to take a similar approach at Haven by helping servicer partners understand what to include in their portfolio of services, how those services benefit homeowners, and how to best reach those homeowners with the services they actually need, at costs that save them real money.â€
With this funding, the company has raised a total of $13.5m in funding.
In other lending news, Zest AI collected $50m in a growth round co-led by Insight Partners and CMFG Ventures. The company helps automate underwriting.
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