Automated platform allows companies to service their loans in-house
The Mortgage Collaborative (TMC), the nation’s largest mortgage cooperative network, has announced its participation in a $6 million seed round for Willow Servicing, a San Francisco-based fintech startup.
The round was led by Thomvest Ventures, with participation from TMC Emerging Technology Fund, Global Asset Capital, Webb Investment Network, and Zigg Capital.
Willow Servicing was founded in 2021, and, earlier this year, the company launched its cloud-based mortgage servicing platform, which automates routine servicing tasks and compliance. This enables both small and large servicers to efficiently service loans in-house. Since its launch, Willow claims to have serviced over $750 million in loans.
“We saw a drastic need in the market for a modern, automated solution that allows small and large servicers alike to efficiently service their loans in-house,” the startup wrote in a blog post. “While originally designed to manage the first few payments on a loan, we’ve quickly expanded our platform to support additional loan types and processes – from HELOCs and construction loans to appraisal and payoff fees.”
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“Partnering with TMC gives us direct access to a broad network of lenders who can provide guidance on the changing dynamics within the mortgage industry and invaluable feedback on our product roadmap and offering,” said Laura Cain, founder and CEO of Willow Servicing. “We are eager to continue building out our platform and automate the most error-prone and difficult tasks facing mortgage lenders and servicers. The additional funding will allow us to continue investing in our customers and solve their pain points.
Cain added that the additional funding will enable Willow to continue investing in its customers and solving their pain points.
Feliks Viner, vice president of secondary markets at First World Mortgage and Tech Fund council member, commented: “Willow Servicing’s platform has been a perfect solution for our interim servicing needs. The entire process, from initial onboarding to managing daily workflow, has been seamless with real-time support and a user-friendly website. Willow has allowed us to effortlessly automate our interim servicing process and provide our customers with timely notifications and simple payment options. We are thrilled for our continued partnership with Willow Servicing.”
