NEW YORK, March 28, 2018 /PRNewswire/ — Laurel Road, an online lender and FDIC-insured bank, today debuts a truly digital mortgage product that uses the company’s secure lending technology to offer home buyers and owners personalized mortgage options at real, competitive rates. Laurel Road’s platform builds mortgages entirely online, simplifying the process with transparent fees and a customized end-to-end digital experience with human support only when customers need it.
Building on the success of Laurel Road’s student loan refinancing platform, which has surpassed $3 billion in loan originations, the mortgage product showcases the same principles of secure technology backed by a federally regulated bank, a simple, digitally-led experience and customized rates and options. Customers are prompted to provide information about their home financing situation, including whether they’re buying a first home, refinancing, or simply exploring preliminary rates, so the product will generate real mortgage options specific to their needs.
“Buying or refinancing a home is a huge milestone for any individual or family, and we want to enable the smoothest path to financing that life-changing goal,” said Gary Lieberman, Chairman and CEO of Laurel Road. “That’s why we don’t advertise teaser rates. Instead, we offer real rates and personalized options within a truly digital user experience so people can start planning this important step with no sensitive information required upfront.”
Laurel Road’s mortgage product is enhanced by a newly redesigned website experience, which guides customers through intuitive scenarios based on where they are in the home-buying process, and brokers human support when needed via phone or online chat. Additional product features include:
- Truly digital experience – Laurel Road’s mortgage product puts customers in the driver’s seat by enabling a digital-first user experience, with human support via phone or online chat as needed but never required outside of closing
- Stated pricing – Customers who have a price range or specific house in mind can input these details upfront to generate customized options and rates
- Maximum affordability – By inputting basic financial information, customers can determine the maximum affordable loan they’re eligible for early in the process with no commitment required
- Added savings – Customers have the ability to earn savings off their closing costs by using the online capabilities throughout the process, such as data verification
- Optimized for efficiency – Digitally-enabled experience and built-in incentives for options that streamline the process allows Laurel Road to invest more in customer experience and deliver mortgages in just a few weeks
- Educational resources – Prompts integrated into the user journey will help customers establish their financial readiness and evaluate how Laurel Road can be a partner in the process
- Expert options and clear terms and fees – Based on a customer’s preferences, 3 unique mortgage options are presented in a transparent way so one doesn’t get caught with misleading teaser rates or hidden fees
- Soft credit pull – Laurel Road will conduct a soft credit pull during preliminary stages to avoid credit penalties when customers are still exploring options
For more information about Laurel Road’s mortgage platform, visit our website.
About Laurel Road
Laurel Road is a national online lending company and FDIC-insured bank, offering online student loan refinancing, personal lending and mortgage products as well as consumer and commercial banking services. Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with graduate and undergraduate degrees to refinance and consolidate more than $3 billion in federal and private school loans, and with our low rates borrowers have reduced their monthly payments and on average saved tens of thousands of dollars. For more information on potential savings, see laurelroad.com/student.
Laurel Road Bank is a Connecticut banking corporation offering lending products in all 50 U.S. states, Washington, D.C.and Puerto Rico. The mortgage product is not offered in Puerto Rico. Laurel Road Bank is an Equal Housing Lender, Member FDIC. NMLS ID # 402942.
© 2018 Laurel Road Bank. All rights reserved.
Laurel Road, 1001 Post Road, Darien, CT, 06820
Media Contacts:
Laurel Road
Kwittken PR for Laurel Road
212-352-4651
laurelroad@kwittken.com