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After debuting its Power Buyer program for real estate brokers in February, real estate technology provider zavvie has officially launched a similar service for mortgage lenders.
Zabee says he’s helped the real estate brokerage’s mortgage collection business grow by 10% to 15%, but he’s been working behind the scenes. Zabee, which began beta testing with financiers last fall, said it has closed 500 deals and now has power buyer partnerships with 30 mortgage lenders in nine states.
Most of the mortgage lenders that zavvie works with are subsidiaries or joint ventures of its real estate brokerage clients, but five are “direct mortgage” companies, the company said.
Lane Honung
“Today’s mortgage market is ripe for innovation and solutions that can help lenders close more deals for their customers and realtor partners,” said co-founder and CEO of zavvie. Lane Hornung said. statement.
About a third of all home sales are cash transactions, and mortgage officers are adopting cash transactions at a faster pace than realtors, Mr. Hornung said.
“Lenders are immediately drawn to zavvie’s Power Buyer program. Historically, cash offers are four times more likely to be accepted than loan offers, closing is faster and sellers and their agents are more satisfied.” because they are,” he said.
The plan is to expand zavvie’s reach in the mortgage industry to 14 states by the end of the year, offering power buyer services such as no surprise cash offers and pre-sale purchase bridge loans.
Power-purchasing company Knock said in January that it would work with local financiers to combine its home swap equity advances with borrowers’ choice of mortgage purchases.
Sean Black
“By partnering with financiers, we are able to leverage the assets of the current home to purchase the home of their dreams, without the hassles of buying and selling, such as avoiding the need for consumers to move twice. We’re making it easier to get the benefits of being able to,” and live through repairs and exhibitions,” Nok co-founder and CEO Sean Black said at the time.
Zavvie announces $3.65 million in new funding, including $1.5 million in cash and $2.15 million in convertibles, in a round led by existing investors including Second Century Ventures, a National Association of Realtors venture capital fund. started this year.
Zavvie joined the NAR’s Technology Accelerator Program, REACH, in 2018. The new capital injection brings Tyler Thompson, managing partner at Second Century Ventures, to join zavvie’s board of directors.
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