Networking platform for banks CBANC acquires fintech Lendwell

Monday 6 May 2019 13:59 CET | News

Networking platform for banks CBANC has announced acquiring US-based fintech Lendwell.

Terms of the transaction were not disclosed. According to CBANC, the Lendwell platform will help network members reduce the cost of lending operations while improving their ability to serve their customers. This is CBANC’s first acquisition.

Lendwell, a mortgage settlement services company, helps credit unions and community banks with the mortgage settlement process, primarily with refinances, second mortgages, home equity loans, and home equity lines of credit. The company offers a range of products including property condition reports, appraisals, title insurance, closing services, and more to serve as a one-stop shop for loan settlement products.

Lendwell’s SaaS loan aggregation offering gives banks access to mortgage settlement services at cost savings that add up to 20%. As a result of the acquisition, CBANC’s 8,000 financial institution members will have access to the Lendwell platform at no cost.

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Keywords: CBANC, Lendwell, merger and acquisition, M&A, acquisition, US, North America, networking platform, banking platform, financial technology, fintech
Countries: World