Home Lending Pal, an AI- and blockchain-powered platform that helps consumers assess their financial ability to take on a mortgage, has raised a pre-Series A investment round led by the TMC Emerging Technology Fund LP. The company reported raising $2.2 million in this effort.
“TMC understands that progressive approaches to addressing fair lending and bridging the homeownership gap are needed, and the unique access the Fund provides to TMC’s network of prominent industry lenders will be vital in helping Home Lending Pal build a process that de-identifies HMDA data until after the underwriting decision is made,” Bryan Young, co-founder and CEO of Home Lending Pal, said. “This revolutionary technology allows underwriting data to be digitally validated while using a single upload of documentation to enable multiple lenders across the country to determine if they will work with the borrower without human biases from the upfront disclosure of age, sex or race.”
Orlando-based Angel Syndicate Bluewave Investment Partners, CMFG Ventures, Dallas Cowboys linebacker Jaylon Smith, and CMFG Ventures Discovery Fund are other notable investors who joined the round.
Home Lending Pal has raised $3.5 million to date for its digital mortgage advising platform.
“Financial inclusion must start with equal access, borrower data empowerment, and personalized education without sales pressure,” said Steven Better, co-founder and COO of Home Lending Pal. “Home Lending Pal reduces origination friction for qualified borrowers and allows personalized roadmaps for unqualified borrowers to become qualified. I am excited to work with TMC to modernize the process by emphasizing fair lending and putting people first.”