Lower Acquires Neat Labs, Launches LowerOS to Transform Digital Mortgage Experience

COLUMBUS, Ohio, Jan. 7, 2025 /PRNewswire/ -- Lower, a leading digital mortgage lender, today announced its acquisition of Neat Labs, a company renowned for its end-to-end mortgage origination software. Lower will integrate Neat Labs' proprietary software into LowerOS, a comprehensive, cloud-based mortgage platform designed to deliver a world-class borrower experience and reduce the time and cost to produce a loan.

Founded in 2015, Neat Labs developed a cutting-edge platform that streamlines the mortgage process from pricing to loan approval and closing. Neat Labs originated over $1 billion in loans, taking borrowers from application to funding in as little as 10 days.

The introduction of LowerOS marks the beginning of a new era in mortgage technology, letting borrowers and loan officers collaborate like never before. Through LowerOS borrowers will have self-serve access to Neat Labs' advanced underwriting engine letting consumers select the best loan product and payment plan they qualify for. LowerOS also automates many of the time-consuming tasks in the mortgage process, reducing the time and cost for borrowers to get a loan and giving Lower's nationwide network of loan officers more time to spend guiding each client.

"We're thrilled to bring Neat Labs into the Lower family. Their technology is the foundation of our next chapter," said Dan Snyder, CEO and Co-Founder of Lower. "Since our inception, we've combined cutting-edge technology with an elite level of customer service. With LowerOS, we are once again revolutionizing the mortgage industry, offering unmatched operational efficiency and an intuitive, frictionless experience for both borrowers and loan officers."

Steve Herschleb, Co-Founder and Chief Technology Officer (CTO) of Neat Labs, will join Lower as the company's new CTO. Herschleb, who has extensive experience in developing scalable mortgage technology systems and previously served as Chief Product Officer at Maxwell, will play a critical role in the development of LowerOS.

"LowerOS will change the way consumers think about getting a mortgage whether they are buying a new home, refinancing to reduce their monthly payments or tapping the equity in their home to consolidate debts or pay for a major life event like that overdue home remodel," said Herschleb. "With LowerOS, borrowers can get approved significantly faster than they can today. It'll make getting a mortgage feel more like a car loan or a credit card."

With this acquisition and the introduction of LowerOS, Lower continues to redefine the mortgage experience by combining advanced technology with a focus on delivering exceptional value and efficiency.

About Lower
Founded in 2014, Lower is the 28^th largest home lender in the country, and backed by Accel Partners, SoFi, and Veritex Bank. Lower operates a digital platform that meets customers both online through its website, and offline though its distributed retail branches. Committed to being the best lender for both originators, and consumers, Lower is redefining home finance one home at a time.

SOURCE Lower, LLC