Industry Watch: LoanDepot teams with Farm Bureau Bank, new funding round for Spruce and more

LoanDepot and Farm Bureau Bank, which serves local Farm Bureaus and their members in 45 states, have announced the formation of Farm Bureau Mortgage, a new joint venture targeted at rural borrowers across the country. Industry veteran Dominick Deorio will serve as president.

Spruce has announced a $60 million Series C funding round led by Zigg Capital. Existing investors, including Bessemer Venture Partners and Scale Venture Partners, also participated. This latest investment, which will be used to build upon Spruce’s leading title and residential closing technology offerings to help its clients grow, brings Spruce’s total funding to $110 million.

United Wholesale Mortgage has unveiled a multi-year corporate partnership as the new jersey advertiser and the “exclusive mortgage partner” of the Detroit Pistons. Terms of the agreement were not disclosed. In addition to UWM’s logo featuring on the left front of Pistons jerseys, other elements of the partnership include television and radio broadcast advertisements and features, courtside rotational signage and basket station digital signage inside Little Caesars Arena.

Synergy One Lending has launched of a digital Home Equity Line of Credit (HELOC) product powered by a blockchain-integrated artificial intelligence platform. According to the company, the new platform streamlines the HELOC process by allowing borrowers to complete a brief questionnaire, receive credit decisioning, set up payment options, and video chat with an online notary within a single interface. The platform offers access to up to $250,000 in five days or less, while “lowering costs, reducing risk, and improving financing execution throughout the loan process” via blockchain integration.


More Headlines