Predictive credit score fintech CreditXpert announced a new software-as-a-service platform for mortgage lenders. Covius, a provider of tech-enabled solutions to the financial-services industry, will be the first credit reporting agency to integrate with CreditXpert through its proprietary FundingSuite platform. The new platform will offer several capabilities aimed at boosting lender efficiency, including the easy visualization of credit potential for loan applicants; artificial intelligence that highlights underwriting blockers and identifies changes between credit pulls that may have contributed to a change in an applicant’s credit score; sharing improvement plans with mortgage applicants; and management of users, groups and branches through a single dashboard.
Cryptocurrency lending platform Moon Mortgage raised a $3.5 million seed round as it looks to bring two products to market, including a mortgage option that will allow investors to collateralize crypto holdings for real estate investments. The round was led by CoinFund and Cadenza Ventures, each of which invested $1.65 million in the business. If realized, Moon Mortgage’s CryptoMortgage product will enable digital-asset investors to materialize their crypto holdings in real estate. The product takes the investor’s digital assets as collateral and provides 100% of the financing for owner-occupied and investment properties. CryptoMortgage is planning an upcoming launch for homebuyers in Texas, Florida and Colorado, and will be open to investors in most states across the U.S. for investment properties.
Equifax announced that it will begin providing certain consumer telecommunications, pay TV and utilities payment information to the mortgage industry to help streamline the mortgage underwriting process and support loans within the secondary market. Delivering such data to mortgage lenders alongside traditional credit reports can help create greater homeownership opportunities for consumers who may benefit from additional insights into their financial profile. The use of these expanded data insights also may provide visibility to millions of consumers without traditional credit files while enhancing the financial profiles of young and “credit invisible” consumers as they complete first mortgage applications.