Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

Why brokerages and mortgage lenders are rushing into JVs

Joint ventures are suddenly stitched into the fabric of a handful of national brokerages. But the idea of the joint venture collides with the loose, informal networks that color the American housing economy.

How to simplify the appraisal process for everyone in today’s hot market

While the world might be slowly getting back to normal, the housing boom is far from over. Appraisers need to make sure they have the right tools to manage the high demand.

Robert Dietz on why the single-family rental market is growing

In this episode of HousingWire Daily, NAHB's Robert Dietz explains why the marketshare of single-family rentals is growing despite strong homebuyer demand. He also discusses the NAHB’s latest Housing Market index.

IPO / M&APolitics & Money

Private equity firm ASG acquires AI-powered startup Homebot

Homebot serves thousands of loan officers nationwide and achieves an average 50% monthly engagement rate

Homebot, an AI-driven mortgage lending and real estate software provider, has been acquired by private equity firm ASG for an undisclosed amount.

Denver-based Homebot, a 2020 HW Tech100 Mortgage winner, has created a financial dashboard aimed at helping lenders get repeat and referral business by facilitating “meaningful engagement between lenders and their clients.”

The startup, which says it helps homeowners maximize their wealth, raised $4.5 million in 2017 in a seed round led by Black Knight Financial Services

CEO Ernie Graham and CIO Ira McMahon cofounded the company in 2015 after their experience doing research and product development at realtor.com. Their goal was to develop a data and communication tool that all parties involved in a home transaction – homeowner, mortgage lender and real estate agent – could use.

Today, Homebot serves thousands of loan officers nationwide and achieves an average 50% monthly engagement rate across millions of homeowners with an unsubscribe rate of less than 2%. 

The current Homebot leadership team – Graham, McMahon, and COO Michael Lynch – will continue to lead the business along with Charlie Pratt, who joins as CRO. According to ASG, all of Homebot’s 50-plus employees will remain with “no employee changes at this time.”

The acquiring firm, ASG, is a portfolio company of Alpine Investors that buys, builds and operates vertical SaaS (software-as-a-service) companies. The buy of Homebot marks ASG’s second in the proptech space and first expansion into residential real estate software, according to Mark Strauch, partner at Alpine Investors and cofounder of ASG.

“The U.S. homeownership market is valued at $30 trillion but is a largely ‘unmanaged’ asset class,” Strauch said in a written statement. “Homebot is changing that…and we look forward to continuing their already impressive growth.”

ASG declined to comment on Homebot’s financial metrics.

GLC Advisors served as the financial advisor for Homebot in the transaction.

In late May, ASG also acquired WorkSpace, a commercial real estate software company that works to enable business teams “to make value-based decisions.”

Earlier this week, real estate tech startup OJO Labs announced the close of a $62.5 million funding round and the acquisition of Movoto, a residential real estate search site. OJO Labs also uses AI by combining human and machine intelligence to provide personalized property recommendations and insights.

Leave a comment

Most Popular Articles

Why brokerages and mortgage lenders are rushing into JVs

Joint ventures are suddenly stitched into the fabric of a handful of national brokerages. But the idea of the joint venture collides with the loose, informal networks that color the American housing economy. HW+ Premium Content

Oct 25, 2021 By and

Latest Articles

What does the future hold for appraisal tech?

HW+ Managing Editor Brena Nath had the opportunity to catch up with Global DMS President and CEO Vladimir Bien-Aime at MBA Annual to talk more about what’s next for the appraisal industry in terms of technology.

Oct 27, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please