BAM Key Details:
- Lower debuted a new Mortgage as a Service (MaaS) platform to allow consumer brands to offer mortgage products to customers.
- As its first customer, Opendoor piloted the service and has moved its mortgage fulfillment exclusively to Lower.
Enter Opendoor, their first customer, who, after piloting the program, moved their mortgage fulfillment exclusively to Lower.
Given Opendoor’s status as the biggest surviving iBuyer in the real estate industry (thus far), this vote of confidence could attract new business partners for the mortgage service provider.
A digital-first solution to a historically complex undertaking
No matter how big you are, providing in-house mortgage services to your customers is a complex undertaking.
Through its MaaS platform, Lower provides in-house tools for consumer finance, banking, and real estate brands to make it quick and easy for their customers to access mortgage services. White label options allow partners to quickly and easily customize branding for in-house home financing services.
With the new partnership, Lower’s MaaS platform can be embedded into Opendoor’s customer journey through API and no-code solutions. And as other brands explore the platform on Opendoor’s site, Lower anticipates new partnerships in the months ahead.
The face of Lower’s MaaS platform
To lead the new MaaS platform, Lower has named Chelsea Wagner SVP of Partnerships.
Nearly every proptech and fintech company we talk to has some version of home lending on their roadmap. It’s a natural value add, but until now there wasn’t a solution. Our infrastructure and expertise make us uniquely positioned to accelerate a new mortgage offering. We believe the demand will be high for this product as a new, easily implemented product offering for companies.
As part of Lower’s founding team, Wagner built and managed their direct-to-consumer channel from the beginning. Her role as she transitions to SVP will be to underscore the company’s commitment to the MaaS channel and to support every step of the relationship with her own strategy and lending expertise.
Dan Snyder, Lower co-founder and CEO, spoke to Lower’s vision for their partnerships with Opendoor and other consumer brands in the financial services space.
We’ve taken our years of mortgage experience and processes, and allowed any business to offer a mortgage to its customers. This is a big step for brands that have captive audiences but not the means or experience to offer such products. It allows companies like Opendoor to stay focused on what they do best, while adding a new product that lives up to their brand promise and expand their reach.
Lower’s MaaS platform allows companies to offer home financing options to their customers—while also growing their lending footprint to over 93% of the U.S. population.
Customers who use the platform will have access to the full suite of products designed to tailor loan options to their specific needs.
Consumer brands interested in learning more about a MaaS partnership can learn more here.
Top takeaways for real estate agents
Digital-first financing options can still play well with the human touch provided by real estate agents. While Opendoor has jumped into the partnership with both feet, they probably won’t be the only consumer brands in residential real estate to take that leap.
It can’t hurt to stay informed as to which brands align themselves with Lower to provide customers with digital-first access to home financing and related financial services.
Knowing what’s available to your clients for mortgage lending only makes you that much more valuable, especially if you can pinpoint the solutions best suited to their needs.