CBANC, an Austin, Texas-based professional networking platform for banks and credit unions, as per recent reports last week, has announced acquiring Lendwell, an Austin, Texas-based mortgage lending platform. Terms of the transaction were not disclosed.
“Our acquisition of Lendwell is the next step in our strategy of unlocking the power of cooperation and the collective purchasing power of thousands of financial institutions within the CBANC Network,” states Bryan Koontz, CBANC CEO. “The Lendwell platform will help our network members reduce the cost of lending operations while improving their ability to serve their customers.”
With this Lendwell acquisition, which by the way is its first, CBANC has etched ahead, adding value to its platform and giving members more the reason to log on. This marks the firm’s first lender acquisition with more expected to come in the near future.
Lendwell, with its mortgage settlement process, caters to credit unions and community banks, offering them a settlement with regards to refinances, second mortgages, home equity loans, and home equity lines of credit. Moreover, the company with its eastablished presence in multiple product offerings ranging from property condition reports, appraisals, title insurance, closing services, and more, serves as a one-stop shop for all loan settlement products.
As part of this acquisition deal, Lendwell founders Gabe Flores and Mike DeBonis will be joining CBANC as the GM of Lendwell and as SVP of engineering, respectively. Also, earlier last month, the company appointed Mike Snavely as its new chief commercial officer.