Coviance allows community lenders to harness the power of fintech

In an era of consolidation among major financial institutions, credit unions and community lenders continue to provide their customers with the high-quality personalized service that can only be offered by local businesses. But a longstanding tradeoff for this level of service has been the inefficiency of cumbersome legacy systems and a lack of access to technology solutions that make the lending process more streamlined and accessible.

When LenderClose (now Coviance) was founded in 2015, community lenders didn’t just face a widening technology gap – they were also struggling to adapt to sweeping regulatory changes and compliance demands. There was a significant need for technology which would allow community lenders to survive amid these changes and offer more competitive services and experiences to their customers. Coviance was created to help community lenders thrive by enabling a much better home equity borrowing experience with best-in-class technology that drastically improved speed and efficiency.

With its rebranding, Coviance is moving into the next phase of growth as a partner to community lenders that will combine the power of fintech with the unmatched level of service in the industry. Coviance provides a cloud-based platform that gives community lenders the ability to significantly scale home equity volume with a clear to close in hours versus weeks.

The home equity lending market is growing rapidly, but borrowers still face unnecessarily slow and unwieldy processes that waste time and cause frustration. It’s time for credit unions and community lenders to enter a new era, which means modernizing home equity lending experiences with technology solutions that make the process simpler, faster, and more convenient. This will simultaneously facilitate better service for customers and make home equity lending more scalable.

 

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