Digital mortgages

Lending startup Tomo Networks will eschew refinances to focus exclusively on purchases.

The financial services company will use its new capital to invest in artificial intelligence and machine learning to cut transaction times, as well as build its own servicing platform.

The company plans on trading on the New York Stock Exchange under the ticker symbol BLND

While usage of this process in mortgage closings picked up steam last year, only 34 states have permanent laws in place and two do not permit it at all.

Consumer-permissioned access to bank or payroll information could be used to evaluate borrowers who still need relief after payment suspensions for pandemic-related hardships end.

There are plans to incorporate the code into the Encompass eClose product, which will allow for secure storage of digital mortgages and notes.

The digital title insurance, closing, escrow, and recording services provider has now raised a total of $110 million in funding.

This is the multi-hyphenate company’s sixth deal since the start of 2020 — a series of acquisitions in a variety of sectors within the industry, ranging from analytics to artificial intelligence.

Rather than completing another equity raise, the five-year-old mortgage technology company went looking for a partner.

The cloud-based mortgage closing platform’s Series D round earned $150 million for the company.