This article was originally published in National Mortgage Professional.

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Company provides a cloud-based platform for home equity lending to credit unions and community banks.

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LenderClose, a Des Moines, Iowa-based financial technology company that provides a cloud-based platform for home equity lending, recently announced it has rebranded to Coviance. 

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The new brand reflects the company’s next phase of growth as a technology partner providing process automation powered by data-driven decisioning intelligence, the company said. 

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“The transformative technology empowers community lenders to deliver a superior borrowing experience, efficiently scale home equity volume, and go from clear-to-close in hours versus weeks,” the company said in a news release. 

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“The evolution of our technology has advanced us into a new era on our mission to perfect the lending experience,” says Omar Jordan, Coviance founder & CEO. ”Our technology empowers credit unions and community banks to compete with fintechs, delivering the best borrower experience with a more humanized touch.”

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Home equity lending is growing rapidly but continues to be a friction-filled process, driving accelerated demand for a solution, the company said.

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Founded as LenderClose in 2015 by Jordan, a lending industry vet, the rebranded Coviance offers community lenders a user-friendly technology solution to lend more efficiently, faster, and at scale, the company said. 

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Coviance has over 425 credit unions and community banks nationwide on its platform, and claims it has grown more than 1,117% over the past three years. In 2022, nearly $8 billion in home equity lending transaction volume was processed utilizing its technology, it said.

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Coviance said its proprietary technology, Home Equity Express (HEx), automates the home-equity-loan process through configurable workflows with data-driven decision-making intelligence, giving borrowers and lenders the speed and efficiency to go from clear to close in hours. 

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The cloud-based platform, it said, uses real-time data, best-in-class vendors with pre-built integrations, and intelligent communications that deliver a fluid, elevated experience. 

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“We are emerging as the category leader and are committed to advancing technology across the lending journey so that community lenders can focus on what matters most — their borrower’s experience,” Jordan said. “We’re putting valuable time back in the hands of the lender and borrower.”