Coviance provides a cloud-based lending platform that utilizes intelligent automation and drag-and-drop workflows to streamline loan origination, processing, and underwriting for credit unions and banks. This technology reduces the time to close loans from weeks to days, enhances productivity by 35.7%, and achieves an average ROI of 5.21x for its users.
Funding
$12.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Financial institutions face challenges in efficiently processing and underwriting loans due to manual processes and disparate systems. This results in longer closing times, reduced productivity, and increased operational costs. Maintaining compliance and managing operational logistics further complicate the lending process.
Solution
Coviance offers a cloud-based lending platform that streamlines loan origination, processing, and underwriting through intelligent automation and drag-and-drop workflows. The platform automates data validation, underwriting decisions, and borrower communications, enabling lenders to accelerate the loan lifecycle. By proactively turning real-time data into actionable insights, Coviance helps financial institutions boost productivity, increase loan volume, and improve the borrower experience. The platform's Collateral Decisioning Engine automates manual processes, while its compliance features simplify regulatory navigation and business process management.
Target Audience
Coviance primarily serves banks, credit unions, and mortgage lenders seeking to improve efficiency, increase loan volume, and enhance the borrower experience.
Features
- Intelligent automation of loan production, processing, and underwriting
- Drag-and-drop workflows for customizing and automating lending processes
- Automated borrower communications to keep borrowers informed throughout the loan process
- Proprietary Collateral Decisioning Engine for automated property valuation and risk assessment
- Adaptive workflows that align with unique lending policies
- Integrated tools for managing compliance, training, and audit support
- Secure, cloud-based platform accessible from any internet-connected device
- Home Equity Express solution for faster, friction-free home equity lending