Startup mortgage lender Eave launching jumbo operation in Colorado
Technology startup Eave is making a foray into Colorado's fast-moving, high-end mortgage lending market by offering software designed to quickly analyze jumbo borrowers' more complex incomes and assets.
Eave's technology is designed to automate 60% of the origination process, making borrowers more competitive with cash buyers by allowing them to complete applications in less than an hour and get a "yes," "no" or "here's what you need to do" lending decision back within two business days.
The company aims to provide a closed loan within what has been the ideal industry standard of 21 days, but closing times tend to be closer to two weeks, according to a company press release.
Saro Vasudevan, one of the company's co-founders, previously was the chief credit, product and operations officer at Privlo, a mortgage lender specializing in loans made outside the parameter of the qualified mortgage safe harbor from ability to repay liability. He left Privlo in 2015 to help form Eave.
Jack McCambridge, a former vice president in global operations at British mobile taxi-hailing technology company Hailo, and Anoop Ranganath, a software engineer that worked for local search app company Foursquare, are the company's two other co-founders.
The company donates $500-$750 from each loan closing to help crowdfund homes in India for people in need.
Investors in Eave include venture capital firms Bessemer Venture Partners, which also has invested in digital title insurance startup Spruce, and Two Sigma Ventures. Some unnamed banks also have invested in the company, according to the press release.