Though competition can be fierce in the housing tech space, the industry is seeing more companies reaching out for partnerships to harness each other’s strengths. Companies contributing to new relationships this week include MountainSeed with Kabbage, Ally Lending with Authority Brands and EXOS Technologies with Mortgage Cadence.
MountainSeed, a real estate service provider for banks and credit unions, formed a partnership with Kabbage, the fourth largest automated paycheck protection program lender in the U.S. According to the companies, the goal of the partnership is to give community bank and credit union clients access to PPP loans.
“Because of complications with the PPP and its confusing application process, many of America’s smallest businesses and banks were overlooked and not prioritized for funding relief to help them through the COVID-19 pandemic,” MountainSeed said.
Kabbage used its automated lending platform to process and fund $800 million for nearly 20,000 small businesses, according to a release from MountainSeed.
“Our partnership with Kabbage is an example of how powerful fintech collaborations can result in a meaningful, positive impact for underserved U.S. businesses,” MountainSeed CEO Carl Streck said. “While the PPP process was a rocky road for all involved, we are thrilled that many of our clients are now able to serve more businesses in their communities.”
Ally Lending, the lending arm of Ally Bank, and the banking subsidiary of Ally Financial, announced this week its partnership with home service provider Authority Brands. The partnership will be Ally’s first contribution to the home improvement market.
Authority Brands customers seeking assistance with plumbing, electrical and HVAC expenses will have access to Ally Lending’s suite of lending services and finance products.
“We empathize with the economic situation millions of Americans now face,” Hans Zandhuis, president of Ally Lending said. “We’re proud to offer budget-friendly, responsible financing options, so consumers can feel more secure when doing the home repairs and upgrades they need.”
Cloud-based tech provider EXOS Technologies also completed its integration with digital-lending platformer Mortgage Cadence after the two firms signed an integration agreement in 2019. Mortgage Cadence now provides clients with direct access to ServiceLink’s (EXOS’s parent company) title and settlement services through the Mortgage Cadence Collaboration Center.
“With the industry facing increased cybersecurity challenges and a rising cost-to-close, our teaming with EXOS as a synergistic partner will enable us to drive solutions that help clients address these critical issues,” Byran Ireton, Accenture’s managing editor for Mortgage Cadence said.