Months after taking over management of broker LOS platform ARIVE, mortgage software startup LendWize has finalized a deal to take complete ownership of the origination platform.
LendWize took over management of the platform in early 2020 and integrated ARIVE’s software into its own technology stack. It launched a revised version of the ARIVE platform in June, featuring electronic lender integrations and improved tools.
The ARIVE platform essentially allows brokers to source mortgage offers from hundreds of wholesale lenders without having to send applications to the individual borrower portals, said Harish Tejwani, LendWize founder and CEO. The software also calculates broker pricing according to the agreement they have with the various lenders.
“Built from the ground up, our integrated LOS, PPE and POS platform, coupled with integrated wholesale lenders with native digital connectivity for exchanging pricing and loan transaction data, creates a new industry standard for digital origination platforms in the wholesale channel,” Tejwani said in a statement. “Not only do we provide brokers with a modern seamless end-to-end origination experience across lenders, but more importantly help brokers shop the best deal for consumers from the integrated lenders in the ARIVE marketplace.”
ARIVE, which was affiliated with broker trade organization AIME, is available to brokers for a small fee. There are about 1,000 brokerages on the platform, according to Tejwani.
LendWize is mostly funded by the wholesale lenders themselves, including United Wholesale Mortgage, Homepoint, PRMG, Flagstar, Caliber and others.
“The cost is subsidized on two sides, so we can keep broker and lender fees very small, and we’ll scale up,” Tejwani said in an interview Thursday. “We’ll be a big company to watch out for.”
According to Tejwani, the software also analyzes a borrower’s application in real time and determines the various lender guidelines they need to meet and which documents the broker would need to collect.
Correction: An earlier version of this story incorrectly stated there were 1,000 lenders signed up; it’s 1,000 brokerages.