The verdict is in — the old way of doing business is over. Join us at Inman Connect New York Jan. 23-25, when together we’ll conquer today’s market challenges and prepare for tomorrow’s opportunities. Defy the market and bet big on your future.
Mortgage loan origination software provider Vesta continues to add partners and integrations at a rapid clip, announcing Thursday a partnership with Upstart to launch its new home equity line of credit (HELOC) product and integration with Willow Servicing, a cloud-based mortgage servicing platform.
Founded in 2020 by Blend veterans Mike Yu and Devon Yang in San Francisco, Vesta announced a $30 million Series A funding round last year. Since then, Vesta has announced about a dozen new integrations and partnerships, including integration of its loan origination system (LOS) with pricing engine Lender Price in October, and a partnership to provide its LOS to digital home loan lender Beeline in June.
Vesta said the latest integration of its LOS with Willow Servicing was accomplished in just a week — “a rare feat for this industry.”
“Seamlessly integrating a loan origination system with a mortgage servicing system removes a major point of friction in the mortgage lifecycle and unlocks tremendous value for lenders, servicers and investors,” Willow Servicing CEO Laura Cain said, in a statement. “Vesta and Willow’s rapid progress is a testament to the strength of both teams and products and we are extremely excited for the impact this integration will have on reducing costs and errors for our customers.”
According to the Nationwide Multistate Licensing System, San Mateo, California-based Upstart Mortgage sponsors three mortgage loan originators, and is licensed in seven states — Alabama, Colorado, Kentucky, Maryland, Michigan, Tennessee and Washington — and Washington D.C.
Upstart’s goal is to fund HELOCs in fewer than five days by coupling its AI-powered pricing and decision-making process with Vesta’s loan origination software to automate the entire process, the companies said.
“Vesta’s robust APIs, ecosystem integrations, and automation capabilities were the perfect match for our tech-forward lending approach,” Upstart’s Jared Jones said in a statement.
Last month Vesta announced that with the integration of Lender Price’s pricing engine into Vesta’s LOS, lenders can offer “competitive, market-driven rates to borrowers with accuracy and speed.” The integration with Lender Price included robust locking and lock management functionality, which is not typically offered directly through an LOS, the companies said.
Vesta CEO Mike Yu said at the time that the Lender Price integration “aligns with our commitment to equip lenders for success in today’s dynamic mortgage landscape. Through this integration, we hope to further empower lenders to make data-driven decisions, enhancing borrower satisfaction and driving business growth.”
Other Vesta loan origination system integrations announced since the company’s Series A raise include:
- Equifax’s The Work Number, providing employment and income verification capabilities
- Fannie Mae Desktop Underwriter, the mortgage giant’s automated underwriting system
- Freddie Mac’s automated underwriting system, Loan Product Advisor
- CoreLogic’s suite of property information, consumer credit and hazard risk solutions
- Docutech, a provider of document, eSign, eClose and digital-to-print fulfillment technology
- SitusAMC’s ComplianceEase, an automated mortgage compliance system
- Asurity, a provider of mortgage compliance technology
- Factual Data, a provider of credit and verification services
Get Inman’s Mortgage Brief 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.