Lower Acquires Neat Labs, Launches Mortgage Platform

Digital lender Lower launched a new mortgage origination platform with the help of Neat Labs’ proprietary technology.

The company acquired Neat Labs, an end-to-end mortgage origination software company that has originated more than $1 billion in loans since its founding in 2015.

Steve Herschleb, co-founder and CTO of Neat Labs, will join Lower as its new CTO. He brings extensive experience in scalable mortgage technology systems to the position, having previously served as Chief Product Officer at Maxwell.

The company has integrated Neat’s proprietary software into its own mortgage platform, LowerOS, which will help its clients speed up production time and reduce costs.

“LowerOS will change the way consumers think about getting a mortgage,” Herschleb commented. “It’ll make getting a mortgage feel more like a car loan or a credit card.”

Lower says the introduction of Lower OS “marks the beginning of a new era in mortgage technology.” Borrowers have self-serve access to Neat Labs’ advanced underwriting engine, allowing them to select the loan product and payment plan they qualify for.

It also automates various tasks in the mortgage process, allowing loans to be processed faster and LOs more time to focus on clients.

“Since our inception, we’ve combined cutting-edge technology with an elite level of customer service. With LowerOS, we are once again revolutionizing the mortgage industry, offering unmatched operational efficiency and an intuitive, frictionless experience for both borrowers and loan officers,” said Dan Snyder, CEO and Co-Founder of Lower.

Founded in 2014, Lower is a multi-channel digital lender ranking as the 28th largest home lender in the country. It offers online and brick-and-mortar lending at various locations throughout the U.S.

In 2024, Lower introduced a new Chief Strategy Officer and merged with Thrive Mortgage.