The mortgage leader

The mortgage leader

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Work with us to recruit these active searchers through Premium Recruitment Advertising.

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Tim Murphy
Publisher
The Mortgage Leader

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Hometap Closes $12M Round

Hometap provides near-immediate access to funds for homeowners to address important financial needs or to pursue future opportunities. Today’s homeowners have large portions of their net worth locked up in the equity they hold in their homes, however, the ability to tap into this equity in times of need has historically been very limited. In addition, the company provides its investors access to the U.S. residential real estate market where homeowners hold roughly $14 trillion in equity. Hometap offers accredited investors the ability to participate in an asset class with low correlation to the U.S. stock market and a strong hedge against inflation, while also allowing homeowners to retain control and responsibility for their homes.

With this capital, Hometap will continue to build out its home investment platform and data science capabilities, and further extend its initiatives to educate homeowners.

“Many American homeowners are house rich and cash poor. Our mission is to help make homeownership less stressful and more accessible. For many, the ability to tap into a portion of the home value that has accumulated will be a welcome alternative to further borrowing or a complete sale of the home,” said Jeffrey Glass, CEO of Hometap. “Having the financial support of this group of investors will help us execute on our vision of creating a world where homeowners have more choice, more opportunity, and more control over the equity in their home.”

Mike Troiano

“Jeff  and his fantastic team at Hometap really have their hands on the levers of what we believe will be a whole new capital class,” said Mike Troiano, partner of G20 Ventures.

“The median American household has 69% of its total assets tied up in home equity,” said Drew Aldrich, principal at American Family Ventures. “Hometap has created a scalable model to provide equity liquidity for homeowners allowing them to buy, own, control, maintain, and sell their property as they have historically done.”

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Alpha-MIAC Enter into Partnership

Alpha Modus will be working with Mortgage Industry Advisory Corp. to reduce loan procurement costs. MIAC is a leading provider of pricing, risk management and accounting solutions for the mortgage and financial services industries. This new relationship signifies the beginning efforts towards creating a complete Artificial Intelligence Image Character Recognition solution for financial institutions. This solution will bring next-generation intelligent indexing and data extraction to the marketplace.

“The average cost to procure a loan has increased 96 percent since 2009 as a result of added regulation and complexity in the mortgage industry,” said William Alessi, CEO at Alpha Modus. “It’s time for the mortgage industry to get creative and operate leaner. We are looking forward to working with MIAC to reduce procurement costs and bring value to their clients and ultimately the borrowers.”

MIAC will offer the Alpha Modus-developed applications via its VeriFi™ platform, which has an automated data quality process which streamlines data entry validation. The platform has robust loan exception management with embedded residential compliance. Exceptions contain automated loan-specific commentary, which increases the overall efficiency and standardizes reporting. All exceptions, along with all associated data entries, are available in a central portal, allowing easy access for mitigation based on trailing documents.

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