Lendsnap

Lendsnap is a technology company that makes the home mortgage process easier for lenders and borrowers.

Lenders will write $1.5 trillion of home mortgages in 2017, and they'll need to evaluate every borrower's ability to repay. This is expected to cost the industry $15 billion in human labor.

Lendsnap interviewed these humans, and learned that they spend one-third of their time asking other humans for documents and data that are almost universally available online.

Lendsnap delivers these documents and datasets electronically, saving the lender and the borrower time and effort.

HOW IT WORKS
Lendsnap solves the financial data access problem for lenders and consumers. Its secure web application links to consumer accounts to gather pay stubs, W2s, tax returns, and bank statements.

It started in mortgages, which TechCrunch calls “the holy grail of lending.” Simply put, it powers mortgage lending with all the documents and data needed to qualify borrowers.

Through its web app and public API, it supports traditional and online origination workflows to help lenders transition to electronic mortgage origination on their terms.

The company believes it's positioned to address a $4 billion market that is evolving rapidly. Mortgage underwriting rules are set in large part by FNMA and FMAC, the government sponsored entities (GSE’s) that keep mortgage markets liquid.

The sea of change happening right now is the transition from original electronic documents to transactional data sets. While the market is still figuring out how to access and use this new data, Lendsnap bridges the present with the future by delivering original electronic documents and datasets. Its competitors deliver data only but not the original electronic documents.

CUSTOMER TESTIMONIALS
“Lendsnap has improved our signed application conversion almost overnight because of its speed and ease of use. Once clients send us the documents and we can deliver a full pre-approval, they are more likely to stay with us and use us to satisfy their mortgage needs.” -Jared, Access Mortgage Partners

“Lendsnap has been a great tool. As a small broker shop, it was challenging to find a resource to obtain complete borrower documentation securely. Lendsnap provides a secure, convenient, and most importantly, a straightforward, simple interface for consumers to provide sensitive information quickly. With my branding incorporated, Lendsnap becomes an extension of my company. Thanks for everything.” -Jeff, Homebuyers Mortgage

PRODUCT & SERVICE
Lendsnap instantly gathers the original borrower documents and data for lenders by linking to consumer financial accounts. It reports that it increases loan origination team productivity by 25% and saves applicants several hours on each application.

It makes it easy and safe for borrowers to submit and for loan officers to receive the necessary documents for lenders to make a credit decision. With quicker access to original source documents, lenders are able to provide faster service with less risk.

Its lender clients pay the company to increase their throughput, enabling them to increase top line revenue by closing more loans. It charges $15/applicant/month on new business. Existing business is priced at $100/loan officer/month.

Launched in July 2016, the company now processes 150 applications per month at ten companies.

As the only company delivering the right documents and data to originate non-agency loans such as VA, FHA, and subprime, it is able to work with all types of lenders.

It is the only company that currently delivers actual electronic statements straight from source institutions, such as Bank of America, TurboTax, Chase, and hundreds more.

LendSnap is a graduate of the prestigious Y Combinator start-up accelerator, and a graduate of the enterprise-focused Alchemist Accelerator.

It's been ranked as one of the Top 25 startups transforming the mortgage industry by CB Insights, and it won Best in Show at the National Mortgage News Conference.

Team Background

Orion Parrott - Founder and CEO

Orion is an experienced engineer and entrepreneur.

He was a Senior Systems Engineer for Raytheon, a Program Manager for Teledyne, and the founder of a bio-fuel start-up.

He also helped design, develop, and test our nation's distributed missile defense system.

He earned a BS in Electrical Engineering from Virginia Tech, a Masters in Signal Processing from Northeastern University, and an MBA from University of California, Berkeley.

Mike Romano - Founder and Vice President of Business Development

Mike has originated thousands of loans and led origination teams at Wachovia and Wells Fargo through good markets and bad.

He's also worked at PwC and KPMG in financial services focusing on the mortgage industry, so he knows how to work with enterprise customers in this industry.

He earned his undergrad and graduate degrees from University of California, Berkeley.

Doug Duncan - Advisor

SVP and Chief Economist at Fannie Mae (FNMA)

Co-Investors

Y Combinator

Seed-stage accelerator whose alumni include Scribd, Reddit, Airbnb, Dropbox and Stripe

Cerium Technology

Venture capital firm focused on the energy and capital markets sectors.