DS News

DS News Jan 2023

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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Page 33 of 83

32 Industry Updates From mergers and acquisitions to cutting-edge tech tools and solutions, here's the company news the industry is talking about this month. TMC EMERGING TECHNOLOGY FUND LP INVESTS IN WILLOW SERVICING e Mortgage Collaborative (TMC), a cooperative network serving the mortgage in- dustry, has announced that the TMC Emerging Technology Fund LP participated in a $6 million seed round for Willow Servicing. e round was led by omvest Ventures, with participation from Global Asset Capital, Webb Investment Network, and Zigg Capital. Willow Servicing was founded in 2021 with the vision of modernizing the core technology that orchestrates the collection of $18 trillion of U.S. mortgage debt. Willow's cloud-based mortgage servicing platform automates routine servicing tasks and compliance, allowing small and large servicers to efficiently service loans in-house. "Partnering with TMC gives us direct access to a broad network of lenders who can provide guidance on the changing dynamics within the mortgage industry and invaluable feedback on our product roadmap and offering," said Laura Cain, CEO of Willow Servicing. "We are eager to continue building out our platform and automate the most error-prone and difficult tasks facing mortgage lenders and servicers. e addi- tional funding will allow us to continue investing in our customers and solving their pain points." Since launching its platform in Q1 2022, Willow has serviced more than $750 million in loans. While initially designed to manage interim servicing, Willow has quickly expanded to support additional loan types and processes, from HELOCs and construction loans to appraisal fees and payoffs. Feliks Viner, VP of Secondary Markets at First World Mortgage and Tech Fund Council Member, said, "Willow Servicing's platform has been a perfect solution for our interim servicing needs. e entire process, from initial onboarding to managing daily workflow, has been seam- less with real-time support and a user-friendly website. Willow has allowed us to effortlessly automate our interim servicing process and pro- vide our customers with timely notifications and simple payment options. We are thrilled for our continued partnership with Willow Servicing." Based in San Diego, TMC was founded in 2013 and serves as one of the nation's largest independent mortgage cooperative networks. TMC is focused on creating an environment of collaboration and innovation for small- to mid-sized mortgage lenders nationwide to reduce cost, increase profitability, and better serve the consumer base.

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