Leading Marketplace Lender SoFi Announces First-of-its-Kind Mobile Mortgage Experience

Expands Low-Down Payment Jumbo Mortgages to 20 States + Washington, DC

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Mar 11, 2015, 09:00 ET

SAN FRANCISCO, March 11, 2015 /PRNewswire/ -- SoFi, a leading market place lender, today announced the launch of a first-of-its-kind mobile mortgage experience. Now, both homebuyers and those looking to refinance their mortgage can secure personalized loan rates and get prequalified via their smartphone, tablet or online. The launch marks a significant step in SoFi's 2015 plans to bring the entire mortgage experience online for the modern home buyer – from prequalification to closing. It also compliments the mortgage product innovations SoFi brought to market late last year, including 10% down payment jumbo loans and unconditional property pre-approvals to compete with all-cash offers.

"The mortgage experience leaves much to be desired. You enter a lot of information, and instead of seeing rates you get phone calls. Lots of phone calls. Usually during dinner. That's not the way modern homebuyers, particularly Millennials, want to shop for a loan," said Mike Cagney, CEO of SoFi. "We've created a fast, simple and flexible online way to get personalized quotes in real time, along with access to a SoFi mortgage specialist if you need more help. This is the start of a fundamental shift in how people will shop for loans."

SoFi is building on its success with student loan refinancing to offer innovative mortgage solutions for high quality borrowers seeking both high and low down payment purchase and refinancing options. Highlights include:

Competitive rates for purchasing and refinancing your home.
More for your money – as little as 10% down on loans up to $5M.
Greater flexibility – rates for up to 50% down on loans up to $5M.
Painless prequalification – find your rates online right now.
Property pre-approvals – compete with all cash bids without loan contingencies.
Fast financing – loans generally close within 21 days.

"Traditionally, mortgage lending was a draconian process where banks treat you like a money launderer until you prove otherwise. I'm proud that we've turned this experience on its head," continued Cagney. "We believe that borrowers who have good jobs, strong credit and cash flow shouldn't be denied a home because they don't have a twenty percent down payment."

According to research from the National Association of Realtors, Millennials make up 31% of home buyers, the largest segment in the marketplace. A whopping 94% of Millennial home buyers begin their journey by looking online, and more than half of Millennials and Gen X'ers start their home buying search on their mobile device.

Since launching mortgages in October 2014, SoFi has more than tripled its mortgage presence to 20 states and the District of Columbia. Current states include Alabama, California, Delaware, Florida, Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, North Dakota, New Hampshire, New Jersey, Pennsylvania, Rhode Island, Texas, Virginia, Washington, Wisconsin and Wyoming;¹ more states will be added soon.

Unique in marketplace lending, SoFi has invested heavily in delivering a lending experience that meets the needs of today's prime borrowers. After becoming the largest provider of student loan refinancing, the company recently launched personal loans to help members tackle high interest credit card debt. Unlike traditional lenders, the company offers a suite of benefits to help members continue to succeed, such as career coaching, job placement assistance, entrepreneurship support, and the SoFi Members Network.

For more information on SoFi mortgages, visit sofi.com/mortgage. All loans funded by SoFi Lending Corp. NMLS # 1121636.

About SoFi:

SoFi is a leader in marketplace lending and the largest provider of student loan refinancing, with over $1.75 billion dollars in loans issued. We're transforming financial services for ambitious early-stage professionals with student loan refinancing, mortgages, mortgage refinancing, and personal loans. Unlike traditional lenders, our proprietary underwriting approach takes into account merit and employment history to offer unique credit products our members won't find elsewhere. For more information, visit SoFi.com

For media inquiries:
Debra Jack, SoFi
415.706.5012
[email protected]

[1] sofi.com/eligibility-criteria

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SOURCE SoFi