Regions Bank invests in lendtech firm Lender Price
With housing markets across the US at an all-time high, banks are paying more attention to the mortgage tech space, writes Julie Muhn at Finovate. And, as evidenced in its new partnership with Lender Price, Regions Bank is no exception.
Along with the partnership agreement Lender Price inked with the $124 billion-asset bank, the California-based fintech will receive an undisclosed amount of equity funding. This announcement comes just days after Lender Price unveiled an integration with Ellie Mae.
For its part, Regions aims to leverage the partnership to enhance its digital lending efforts by:
- simplifying interactions between bankers, borrowers, and the bank;
- sending fewer information requests to consumers;
- integrating additional data sources for approvals and confirmations;
- offering faster responses.
The Alabama-based bank serves customers across the Southern and Midwestern US, and has approximately 1,500 branches and 1,900 ATMs. Logan Pichel, head of Regions Enterprise Operations, says: “This investment in Lender Price and our working agreement provides important growth capital for Lender Price, aligns our mutual interests in digital transformation and continues to move us toward the goal of making banking easier for our customers.”
Founded in 2015, Lender Price’s technology contributes to banks’ efforts to compete with digital-only mortgage originators such as Quicken Loans’ Rocket Mortgage and SoFi. In fact, Bank of America has just announced the roll-out of its own digital mortgage service.