MortgageHippo, a digital mortgage proptech that offers a no code/low code digital mortgage platform to lenders, on Monday announced that it was rebranding to Revvin.
The new name is based on the sound an engine makes when the running speed is increased by pressing the accelerator, signifying efficiency.
According to a statement from Revvin, the new brand is reflective of the company’s focus on its lending platform and is a better fit for its mission to democratize technology, which allows all financial institutions to act as cutting-edge fintech, no code required.
“In today’s mortgage lending business, lenders who can design creative and intuitive borrower experiences will win more business,” Revvin CEO Valentin Saportas said in a statement.
Per the press release, Revvin “accelerates time-to-delivery through either pre-defined templates or customized journeys,” which allows lenders to originate digital mortgages or other types of loans right out of the box.
The platform offers two portals: a borrower and lender portal. The borrower portal allows a user to sequence a borrower loan application steps in their own way, while the lender portal allows integrations with CRMs and LOs with data verification tools.
Revvin’s platform can be used by lenders to originate via any marketing or origination channel and helps lenders of varying types and sizes to meet demands of borrowers through digital lending, said Marvin Chang, chief commercial officer for Revvin.
Revvin users can also change visuals to fit their brands and modify data, event triggers, notifications, etc.
Revvin is currently used by banks, IMBs and credit unions, according to the press release.
The shift toward mortgage tech for lenders has been “seismic,” said Saportas in a recent op-ed for HousingWire.
The adoption of this type of technology allowed underwriters and loan processors to address historic loan volumes during the pandemic. Black Knight reported a record of $4.3 trillion in mortgage originations, $2.8 trillion in refinances and $1.5 trillion in purchase loans in 2020.
Saportas also noted in the op-ed a change in client expectations regarding platforms-as-a-service and digital advances in their businesses. However, there was an initial hesitation in the change toward mortgage technology, exacerbated by the expenses.