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Haven Servicing Inc., a startup that helps mortgage servicers make money cross-selling products like home equity loans, solar panels and insurance, has raised $8 million in Series A funding the company says will go toward hiring and to accelerate product development.
New York-based Haven, which claims to reach more than 800,000 homeowners through integrations with six of the top 50 U.S. loan servicers, was founded in 2020 by Aditya Acharya, Jonathan Chao and Nipun Kant veterans of Dropbox, Plaid and Industrious.
The latest funding round, which was led by Fifth Wall with participation by Fidelity National Financial, RWT Horizons and 1Sharpe Ventures, brings total funding to date to $13.5 million, Haven announced Tuesday.
Launched in 2016, Los Angeles-based Fifth Wall is a leading investor in the proptech and mortgage technology business, having provided backing to companies including Blend, Doma, Flyhomes, Knock, Notarize, Opendoor, Pacaso, Polly and Sundae. Fifth Wall Partner Sarah Liu will take a seat on Haven’s board of directors, the company said.
“Haven will transform the mortgage servicing and consumer finance landscape and help servicers improve the homeowner experience by cutting out the noise and customizing offerings with relevant, helpful services and tools,” Liu said in a statement.
Haven’s technology is integrated with mortgage subservicers, giving holders of mortgage servicing rights a new marketing channel through which to engage, educate and enroll borrowers into new products and services, Haven said.
Traditionally, mortgage servicers have engaged in that kind of marketing through less effective offline channels such as mailers, telemarketing and banner advertisements, the company said.
“Education is critical to building personal credit, surfacing what options are available, and understanding how to best take advantage of them,” Haven CEO Chao said in a statement.
In May, Virginia Beach-based mortgage subservicer LoanCare announced it was partnering with Haven to increase recapture and cross-sell conversion.
“LoanCare is laser-focused on providing unique and data driven homeowner retention strategies to enhance and maximize our clients’ recapture success,” LoanCare executive Rodney Moss said at the time. “We are thrilled to offer clients and homeowners Haven’s enhanced data analytics to help them make better informed financial decisions.”
LoanCare is a Fidelity National Financial (FNF) company, which is also a backer of Haven.
FNF, the largest of the “big four” title insurers, owns a stable of real estate technology companies including SoftPro, a provider of closing, title and escrow software solutions; NextAce, a pioneer in automating title search and examination; ServiceLink Auction, a full-service auction platform for short sales and foreclosed homes; CINC (Commissions Inc.) a provider of real estate marketing and CRM software for real estate agents and brokers; Real Geeks, a lead generation and management solution for real estate agents; and SkySlope, a digital transaction management platform for real estate brokerages.
In 2020, FNF paid $1.8 billion to acquire F&G Annuities & Life Inc., a provider of annuity and life insurance products, to provide a revenue stream that’s counter-cyclical to Fidelity’s title insurance business.