CBANC Acquires Mortgage Settlement Services Platform Lendwell
AUSTIN, Texas (April 30, 2019) – CBANC, the professional network for bank and credit union professionals, announced today it has acquired Austin, Texas-based Lendwell, LLC, a privately held integrated mortgage settlement services software and provider marketplace. Lendwell delivers mortgage settlement services to small and medium sized banks and credit unions, primarily focused on refinance and second mortgages, home equity loans and home equity lines of credit.
Through its SaaS platform, Lendwell aggregates loan originations across many lenders, helping banks and credit unions to streamline their loan operations with access to top mortgage settlement services from national vendors at 15-20% cost savings. CBANC members will be able to access the Lendwell platform at no up-front cost.
“Our acquisition of Lendwell is the next step in our strategy of unlocking the power of cooperation and the collective purchasing power of thousands of financial institutions within the CBANC Network,” said Bryan Koontz, CEO of CBANC. “The Lendwell platform will help our network members reduce the cost of lending operations while improving their ability to serve their customers.”
Lendwell founders Gabe Flores and Mike DeBonis join CBANC as the GM of Lendwell and as SVP of Engineering, respectively. Financial terms of the deal were not disclosed.
Hundreds of financial institutions currently use Lendwell to support their loan operations. Learn more at www.cbancnetwork.com/lendwell .