Denver, March 26, 2018 — Eave today announced its launch in its first market, Colorado.
The new direct mortgage lender has re-envisioned the whole mortgage experience, so that creditworthy home buyers have the confidence and certainty of cash buyers. Home buyers receive in-house underwriting decisions — “yes,” “no,” or “here’s what you need to do” — within two business days.
Eave saves home buyers weeks of time and, for many, eliminates more than $1,000 in fees.
Customers and real estate agents call it “seamless” and “pain-free.”
Mortgage industry veterans teamed up with software engineers focused on improving lives, to automate 60% of the mortgage process in its software, operated by expert underwriters. Eave is focusing on jumbo loans for homes from $665,000 to $8MM.
WHAT MAKES EAVE REVOLUTIONARY
• White-glove service for home buyers. Intelligent, automated software and a personal loan officer means home buyers save weeks with less stress.
• A fairer bidding field for home buyers who need to borrow. They can compete better with cash buyers as an Eave Approval provides sellers certainty about what the buyer can afford.
• Fewer fees and more transparency. Some home buyers can save more than $1,000 on fees.
• Tailored, faster credit decisions … every time. Eave specializes in complex jumbo loans. With its sophisticated software, it quickly analyses and documents atypical income and assets.
• The lender real estate agents have always wanted. Chasing the lender is no longer a part-time job. Upfront underwriting decisions, automated disclosures and document management, and no last-minute surprises at the closing table.
• Eave creates a safe home in India each time it closes a loan. Working with a development company, Milaap, Eave donates $500-$750, so mothers can create the homes they need.
WHAT IS AN EAVE APPROVAL?
Instead of the pre-qualification given by most lenders, Eave gives creditworthy home buyers an Eave Approval first, before they bid on a home.
An Eave Approval is a full-doc, full financial underwrite, so home buyers and their real estate agents know exactly how much home they can afford before they start looking. Eave Approvals help people compete with all-cash buyers — a significant advantage in tight markets, like Denver. An Eave Approval means there are no underwriting surprises for the home seller.
Mortgages started moving online two decades ago, but there’s never been anything like Eave. Traditionally, it takes weeks for a lender to confirm how much they are willing to lend without a number of caveats. But, Eave’s revolutionary approach means home buyers save weeks or months of uncertainty. Other mortgage lenders announcing innovations are improving only a small part of the process.
“They’re very impressive, especially in such a fast-moving market as Denver. Because we’re facing a lot of cash buyers, the difference between a two-week closing and a three-week closing is substantial,” said Elizabeth Sacerdoti of the Coakley Sacerdoti Team of Kentwood Real Estate. “Getting the mortgage done ahead of time is increasingly going to impress listing agents.”
A LOAN OFFICER WHO IS PERSONALLY AVAILABLE
With guidance from Sacerdoti, Denver transplant Vahid S. recently closed on a loan for a house in central Denver after relocating from Houston. Remarkably, Eave combined the best things about working with a big bank, an online lender and a local loan officer, he said. “You get the simplicity of doing things online, the peace of mind that you have someone responsible to you, as well as a team that looks at the process details.”
Eave was founded by three tech-and-finance veterans — former Capital One executive Saro Vasudevan, and Jack McCambridge and Anoop Ranganath, executive and manager at Hailo and Foursquare, respectively. Christina Nugent, who built Trulia’s office in Denver to 300 people before it was acquired by Zillow, leads market development.
The team has a long track record of taking on the most intractable problems in tech and finance, like mortgage lending.
“We created a company that does not need to use gimmicks like buying points or excess fees to make money. We have a better business model. We don’t make the home buyer pay us for the opportunity to serve them,” Vasudevan said. “Traditional mortgage companies nickel-and-dime you with the $25 fee to request your credit or a tacked-on $1,000 origination fee. Most mortgage lenders scrape by on fees that cover for their inefficiencies.”
Eave has eliminated excess fees and hidden costs, including credit and origination fees. Home buyers save on fees, while getting rates only the best customers at banks get.
Eave focuses on jumbo loans, a surprisingly underserved area of the market, and plans to serve people buying homes of any value soon.
EAVE’S LAUNCH IN COLORADO
Eave has been helping home buyers in Colorado for five months. The company has established a Colorado Business Center in Denver, where McCambridge is based, and is hiring in the Denver market. Eave also has offices in California and New York.
“We zeroed in on Denver because it is one of the most competitive markets in the country. We’re working with local real estate agents to make home lending painless — and maybe even pleasant,” said McCambridge. Home buyers who need jumbo loans have more complex financials, so they need tailored service. And, the Denver area has a large tech community, which means there are many people who demand an ease of transaction that only Eave can deliver.
Along with its white-glove mortgage service, Eave enables more families in India to live in safe and secure homes. Each time Eave closes a loan, it donates $500-$750 through Milaap, one of India’s most efficient and successful development funding companies. With Vahid’s loan, Eave provided $634 to a mother in a village near Trichy in the state of Tamil Nadu, so that she could build a better roof and fix the walls of her home. So far, Eave has helped 156 people through its program.
Eave’s precise and personalized approach to evaluating borrowers means it takes into account sources of income and financial circumstances that other lenders struggle to understand.
Some people have complex financial profiles and variable income, such as entrepreneurs, property owners or people that have gaps or career changes in their work history, sometimes due to illness. Eave offers them the same fast and thorough underwriting decision in less than two business days.
This is mortgage lending that takes real life into account.
Eave recently worked with a couple moving from Chicago, advising them that they do not need to sell their Chicago property, but can use rental income to qualify for the $800,000 loan they hope to receive in the next few months.
Home buyers working with Eave have the convenience of an online mortgage and the service of a loan officer.
“We know buyers face a lot of uncertainty about how large a loan they’ll be approved for and how much frustration they’ll have to endure,” said Ranganath. “We made the experience so clear and concise that home seekers can start their journey with the right dollar figure in mind, before looking at homes.”
Eave’s rates, updated on its web site, www.helloeave.com, are competitive. Coloradans who want to buy their home with the confidence and certainty of an Eave Approval, can use the code GX7–4AP to complete an application in less than an hour and receive our underwriting decision within two business days.