Ribbon announced it has raised $330 million in equity and debt financing to facilitate the company’s expansion into new markets and accelerate product development efforts. The company, which helps consumers more easily and efficiently buy homes, closed a $30 million Series B round of funding led by Greylock, and secured a debt facility with Goldman Sachs that, in addition to a previous facility, provides current financing capacity to $300 million upon closing and may be increased by an additional $220 million, in each case, upon the satisfaction of certain conditions. All previous investors, including Bain Capital Ventures, NFX, and NYCA also participated in the Series B round, as did new investor Thomvest Ventures.
Ribbon simplifies the homebuying process by enabling homebuyers with an all-cash, guaranteed-to-close “Ribbon Offer” to present to homesellers. Buyers are pre-approved for purchase and home valuations are completed within 24 hours, making the offer experience fast, transparent, and predictable. If a homebuyer can’t close with a mortgage on time, Ribbon will buy and reserve the home on behalf of the homebuyer and lease it to them for up to six months. Sellers and agents also benefit from the process, which ensures a guaranteed, stress-free experience. To-date, homebuyers working with Ribbon have increased their chance of having their offer accepted by an estimated 10 times, saved an average of $10,000 in cash discounts, and received a 100% on-time closing.
LoanMagic, which is provided free to all DocMagic customers, leverages a powerful backend platform that provides full interoperability with DocMagic solutions, as well as other third party mortgage software.
“Bringing mobile functionality to borrowers and enabling lenders to connect with their customers is the end goal of most mobile applications in our industry—but at DocMagic, it is just the beginning,” says Dominic Iannitti, President and CEO of DocMagic. “LoanMagic isn’t an add-on. It’s a fully interoperable technology that fills a critical gap in the digital mortgage process. It is just as powerful as any of our flagship and award-winning technology.”
CoreLogic, a global property information, analytics, and data-enabled services provider, announced the integration of its Instant Merge consumer credit report within the Blend digital lending platform. This move allows Blend customers to automatically access credit report data during pre-qualification and mortgage origination, helping to expedite the decision-making process.
For more than 30 years, the Instant Merge credit report has been the most widely used merged credit report in the mortgage industry, offering detailed credit information from all three credit bureaus. The direct integration of Blend’s pre-qualification technology provides the added benefit of automatically running credit requests through Desktop Underwriter (DU) to speed up the credit pre-qualification process.
“Integrating Instant Merge credit reports into Blend’s technology provides another opportunity to remove friction from the lending process,” said Brian Martin, Head of Business Development at Blend. “This partnership is central to what we’re doing at Blend, connecting components to reduce the time to get an accurate credit decision, and streamlining the lending process for both lenders and consumers.”