CMFG Ventures LLC announced Tuesday that it has invested in a Chicago startup company that provides online mortgage origination systems to lenders.
The venture capital entity of CUNA Mutual Group led the extension for MortgageHippo Inc.'s seed round of approximately $2.25 million. MortgageHippo provides a digital mortgage platform designed to guide consumers through the mortgage origination process.
Brian Kaas, president and managing director, CMFG Ventures, based in Madison, Wis., said MortgageHippo will be valuable tool to allow credit unions to both cut costs and provide better service to members.
"A superior digital mortgage experience is essential in today's marketplace" for borrowers, Kaas said. "It is critically important that their mortgage experience is simple, convenient, and seamless."
SwiftDLP, MortgageHippo's customizable digital lending platform, allows lenders to attract borrowers, and deliver help online, in person or by other channels. At the same time, it allows a lender to manage customer data seamlessly so the lender can maintain a single customer view.
The platform also educates borrowers about the mortgage process and provides tools and information they need to make important mortgage decisions.
"Not all financial institutions are properly equipped to deliver a modern borrowing process." said Valentin Saportas, MortgageHippo's co-founder and CEO.
MortgageHippo sells SwiftDLP as a "white-label" product, which allows a lender to customize the system's appearance to borrowers to include the lender's own logo, and reflect its brand, Saportas said.
CMFG Ventures, the venture capital entity within CUNA Mutual Group, typically makes initial investments of $1 million to $5 million in technology companies that can support credit unions.
Other investments this year have included Rippleshot Inc., a Chicago-based financial anti-fraud technology startup, and CUneXus Solutions, based in Santa Rosa, Calif., which provides a means for borrowers to compare and apply for loans online on their mobile devices.
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
