Cogent Bancorp Inc. recently announced it invested in Home Lending Pal Inc which provides consumers with an alternative banking solution. Utilizing an AI-powered mortgage advisor and a blockchain-based marketplace, the company seeks to reduce lending inefficiencies and human and racial bias in support of CRA Fair Lending legislation.
“Cogent Bancorp continues to invest in the future of banking,” said Chirag Bhavsar, president of Cogent Bancorp Inc. “Home Lending Pal is providing much-needed innovation to address inefficiencies and inequities in the mortgage industry. We are passionate about investing in innovative companies in Florida and proud to support this team and their mission. Home Lending Pal is one of many investments Cogent Bancorp has made this year alone focused on innovative technologies for future-forward banking options.”
Home Lending Pal’s AI technology matched with machine learning simulates the homebuying process so consumers can understand the true cost of owning a home and the end-to-end process involved. By advocating for homebuyers, the company increases lender transparency and builds trust with its consumers to advance fair lending practices.
“Home Lending Pal is working to make an active difference in people’s lives,” said Bryan Young, CEO and co-founder of Home Lending Pal. “We are excited to partner with Cogent Bancorp. This will help improve our financial positioning and accelerate our transition from an open public beta to a fully commercial product heading into our Series A.”
Home Lending Pal is a graduate of both IBM’s Hyper Protect Accelerator and Flagstar Bank’s Mortgage Accelerator. The company’s partners include IBM, Experian, ListHub, AnnieMac and Flagstar Bancorp. The company has also received strategic investments from The Mortgage Collaborative and CUNA Mutual Group’s CMFG Ventures.
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This post was written by Elevate, Inc.