Dan Snyder, CEO of Lower, emphasized the significance of acquiring Neat Labs, stating, "It's very hard to build this technology from scratch," showcasing how Neat’s advanced solutions provide Lower with a competitive edge in the mortgage market.
Snyder noted that integrating Neat's platform allows Lower to reduce loan origination costs and processes, stating, "The integration is expected to lower the cost of originating a loan by at least 20%" and demonstrates the company's commitment to enhancing efficiency.
By the end of 2025, Lower aims to process 90% of loans through the new platform, aligning with its goal to streamline operations: "The new platform enables multiple users to collaborate on the same loan simultaneously," said Snyder.
Snyder elaborated on the broader industry trend, explaining, "The move reflects a broader trend among mortgage lenders seeking innovative tech solutions to reduce reliance on third-party vendors and lower loan origination costs."
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