If mortgage lenders could figure out when their existing customers were thinking about moving, they could offer to help them find their next home — and prequalify them for a loan.

That’s the thinking behind two complementary services offered to mortgage lenders by Senso, a Toronto-based fintech analytics startup. Senso Insights employs artificial intelligence to evaluate a lender’s existing pool of borrowers to identify those who are actively looking to buy their next home.

After calculating each homebuyer’s purchasing power, Senso Engage provides them with personalized listings prioritized by neighborhood and affordability, along with access to loan pre-approval. This automated lead-nurturing campaign can help keep borrowers from defecting to another lender.

“When borrowers dream of their next home, they usually start by engaging a Realtor who requires them to get pre-qualified before showing them homes,” said Senso co-founder and CEO Saroop Bharwani, in a statement. “We flip that dynamic on its head by enabling banks to proactively identify homebuyers within their existing portfolio, qualify their buying power, and surface up engaging insights which guide them through the discovery process.”


Saroop Bharwani discusses how Senso uses machine learning with Harvard Business School Senior Lecturer Sara Fleiss.

As the Federal Reserve withdraws its support for mortgage markets, interest rates are expected to rise next year, putting an end to a refinancing boom that’s generated big profits for lenders. But Fannie Mae economists expect mortgage lenders to boost purchase loan volume by 7 percent, to roughly $2 trillion.

Toronto-based Senso says it’s been refining its AI and machine-learning technology since 2018, working with banks to provide predictive scores that can identify active borrowers “months in advance of their next home purchase or refinance.”

Senso declined to reveal the source of the listing data it provides to would-be homebuyers, or what markets are covered.

“We are not in a position to disclose our data partner until 2022, but we work with the top data aggregators in this sector to ensure any prospective homebuyer is provided with transparency that allows them to find their next home faster,” Bharwani said in a written statement.

Founded in 2017, Senso announced a $3 million (in U.S. dollars) financing round in July, 2020, led by Boston-based Mendoza Ventures and San Francisco-based Breakaway Growth. Also participating were Toronto-based Luge Capital, iNovia Capital and BDC; and San Francisco-based Rising Tide.

That round was preceded by a $1.5 million (in Canadian dollars) seed funding round announced in May, 2019 that was led by BreakawayGrowth, alongside NEXT Canada and Techstars.

Get Inman’s Extra Credit Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter

lenders | technology
Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Keep up-to-date on tools and tactics to impress your clients and outshine your competition with the 2022 virtual bundle.Register Now×
Agent Appreciation Sale: Inman Select for only $85.CLAIM OFFER×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription