Fintech LenderClose Rebrands To Coviance

Fintech LenderClose announced it is rebranding as Coviance, the company announced in a press release.

The rebrand “reflects the company’s next phase of growth” as a transformative technology partner that allows lenders to efficiently scale home equity volume and close in a matter of hours.

“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.”

Coviance was founded in 2015 by Omar Jordan with the goal of offering community lenders a user-friendly tech solution to lend more efficiently, faster, and at scale.

Global home equity lending is predicted to increase by $35.5 million between 2022 and 2027, with North America accounting for 37% of that growth.

As price appreciation has skyrocketed, equity has reached an all-time high, giving homeowners unprecedented access to home equity lines of credit. Home equity packages comprised one of every five mortgage deals completed in Q3 2022.

It works with more than 425 credit unions and community banks across the country. In 2022, the company’s tech processed nearly $8 billion in home equity lending transaction volume.

Its platform, Home Equity Express (Hex), provides process and communication automation through real-time data and vendors with pre-built integrations.

“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. We’re putting valuable time back in the hands of the lender and borrower,” Jordan said.