[January 17, 2023]

LenderClose Announces Rebrand as Coviance to Support Accelerated Growth and Strategic Vision for the Lending Experience

LenderClose, a fintech company that is making the home equity lending process simpler, faster, and more scalable through its cloud-based platform, today announced a rebrand to Coviance. 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 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 evolution of our technology has advanced us into a new era on our mission to perfect the lending experience," says Omar Jordan, Founder & CEO of Coviance. "Our technology empowers Credit Unions and Community Banks to compete with fintechs, delivering the best borrower experience with a more humanized touch."

Home equity lending is experiencing rapid growth but continues to be a friction-filled process, driving accelerated demand for a solution. Founded in 2015 by Omar Jordan, a lending industry vet, Coviance offers community lenders a user-friendly technology solution to lend more efficiently, faster, and at scale.

Coviance has over 425 credit unions and community banks nationwide on its platform. With a tremendous track record of 1,117% 3-year growth. In 2022, nearly $8B in home equity lending transaction volume was processed utilizing Coviance's technology.

Alongside the rebrand, Coviance's proprietary technology, Home Equity Express™ (HEx), automates the home equity loan process through configurable workflows with data-driven decisioning intelligence giving borrowers and lenders the speed and efficiency to go from clear-to-close in hours. The cloud-based platform uses real-time data, best-in-class vendors with pre-built integrations, and intelligent communications that deliver a fluid, elevated experience. HEx offers these core features:

• Process Automation - A no-code/low-code workflow automation delivered in the push of a button. Drag and drop workflow configuration process makes automation simple, configurable, and flexible to adjust to lending needs. An API-led technology solution comes with pre-built vendor integrations.
• Communication Automation - An out-of-the-box or configurable intelligent communication hub for borrowers and lenders. Workflow triggered communication and/or notifications based on real-time property data, providing visibility throughout the lending cycle. Mobile-first secure file sharing capabilities providing borrowers the ability to remain informed and deliver lender requirements via the white-labled communication hub.
• Vendor Services - Coviance's marketplace leverages the buying power of over 425 financial institutions with best-in-class vendors and pre-built integrations. One user interface, login or Single-sign-on (SSO), and a single invoice. As a result, training, managing change, and vendor management becomes drastically simplified.
• Customer Support - A highly rated customer support team is in place offering consultative onboarding assists with custom workflow automations and communications to fit lending process requirements. With access to real-time chat support within the platform, email or via phone, Coviance's customer success team offers best-in-class hands-on support.

"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," says Jordan. "We're putting valuable time back in the hands of the lender and borrower."

ABOUT COVIANCE

Founded in 2015, Coviance (formerly LenderClose) is a fintech company on a mission to perfect the lending experience for community lenders and borrowers through automation and intelligence. A cloud-based platform, Home Equity Express™ (HEx), automates the home equity lending process through configurable workflows with data-driven decisioning intelligence elevating the lending experience for borrowers and lenders. For Credit Unions and Community Banks, Coviance is an out-of-the-box solution that is easy to implement and deploy and allows them to focus on what matters most - "the borrower's experience". Coviance was selected as the National Association of Credit Union Service Organizations' 2022 CUSO of the Year and earned a spot on the Inc. 5000 List of Fastest Growing Private Companies in the U.S. in 2022. For more information visit Coviance.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230117005148/en/

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