HomeLight, a real estate technology platform, has acquired Eave, a digital mortgage startup with a proprietary software platform that automates 70 percent of the mortgage process. No financial details were released.
In conjunction with the acquisition, HomeLight's Home Loans division launches with operations in California, Colorado, Washington, Oregon, Pennsylvania and Texas. Eave says it offers a full underwrite in just 24 hours, a 30-minute application, guaranteed 21-day close, low interest rates and experts to guide clients through the process.
In the announcement of the deal, the two companies said HomeLight has helped list over $10 billion in homes by connecting hundreds of thousands of buyers and sellers with real estate agents and pre-approved cash buyers. HomeLight is a Google-backed startup. The company has over 150 team members across offices in San Francisco, Scottsdale, Brooklyn and Seattle.
Eave says its home loans enable all creditworthy home buyers to be treated like cash buyers.
To learn more about the merger, click on the image above.