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One year after officially launching a suite of power buyer tools for mortgage lenders, real estate technology provider zavvie says more than 7,500 loan officers in all 50 states and Washington, D.C., have access to cash offers that can be approved in as little as an hour.
In the past 12 months, Luminate Home Loans and its NEO Home Loans division have used zavvie’s white-labeled, out-of-the-box Power Buyer program to “turn hundreds of home buyers, including first-time buyers, into cash buyers,” zavvie said Wednesday.
Lane Hornung
“Luminate Home Loans and NEO Home Loans rapidly have become one of the top cash offers lenders in our newest AI-powered platform by helping solve one of the biggest challenges qualified first-time and other traditional buyers face everywhere with their new cash offer program,” zavvie co-founder and CEO Lane Hornung said in a statement.
NEO Home Loans is a “doing business as” name of Minneapolis-based Luminate Home Loans, which employs 424 mortgage loan originators working out of 64 branch locations serving 49 states, according to records maintained by the Nationwide Multistate Licensing System
Jerry Kaplan
“By leveraging zavvie AI-powered technology, more home buyers — including first-time buyers — who work with us have been making a cash offer and winning the deal,” Luminate Home Loans executive Jerry Kaplan said in a statement.
Cash buyers accounted for 28 percent of home sales in May, up from 25 percent a year ago, according to monthly agent surveys conducted by the National Association of Realtors (NAR).
Under a partnership announced in April, about 1,150 American Financial Network (AFN) loan originators working out of more than 240 offices nationwide are able to offer clients access to zavvie’s Cash Offer programs.
Zavvie debuted its power buyer program for real estate brokerages in February 2023 and says more than 700,000 real estate professionals can now access zavvie through partnership integrations.
The Boulder-based software technology company also licenses its HomeFAI Operating System to real estate companies that have their own power buyer programs, helping them connect loan officers, agents and clients.
Last year zavvie announced a $3.65 million funding round led by existing investors including Second Century Ventures, the National Association of Realtors’ venture capital fund. Second Century Ventures Managing Partner Tyler Thompson joined zavvie’s board of directors in conjunction with the funding round.
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