AUSTIN, Texas--(BUSINESS WIRE)--UpEquity, the tech-enabled mortgage platform creating a better way to buy a home, today announced the addition of Andy Pruitt as Chief Technology Officer. Pruitt, the former CTO at OppLoans, will guide the production of UpEquity’s proprietary automated underwriting engine and continue to build out its team of engineers.
UpEquity has grown from 15 people at the end of 2020 to a team of 65 and announced the closing of $25 million in Series A funding in February. UpEquity boasts year-over-year growth of 7x and anticipates originating over $700 million in mortgages for 2021. With its recent capital infusion, UpEquity is also looking to expand its offering to 10 states by the end of 2021 and nationwide by 2022.
Leading the Production of UpEquity’s Proprietary Automated Underwriting Engine
Pruitt brings nearly 20 years of experience as a CTO, beginning as co-founder of Backstop Solutions, the leading provider of cloud-based productivity solutions for institutional investors. While at OppLoans, Pruitt guided the company’s technical efforts as it processed over 500,000 loans per year and grew revenue from $70 million to $323 million. OppLoans (recently rebranded to OppFi) has announced plans to go public this year at a valuation north of $800 million.
“Having spent four years automating and digitizing the personal loan origination process at OppLoans, Andy’s experience is directly relevant to UpEquity’s operational goals as the only mortgage lender focused on automating mortgage origination to remove manual components from the process,” said UpEquity Co-Founder and CEO Tim Herman. “Andy will guide the production of UpEquity’s proprietary automated underwriting engine that will inevitably give UpEquity the ability to offer market-leading interest rates and the fastest timeline available in the industry.”
Free All-Cash Offers to Boost Consumer Purchase Power
UpEquity’s technology enables them to provide buyers with free all-cash offers, significantly boosting purchasing power for all homebuyers, regardless if they have a home to sell. UpEquity’s automated underwriting technology, powered by a proprietary blend of computer vision and algorithms, ensures low mortgage rates and fast closing.
“The homebuying process is incredibly inefficient, and the mortgage industry is ripe for disruption,” Pruitt said. “I’m looking forward to helping UpEquity rewrite the core process that drives mortgage origination forward and keeps UpEquity ahead of the pack.”
To learn more, visit www.upequity.com/.
UpEquity is a tech-enabled mortgage platform that is disrupting the U.S. mortgage lending marketplace by providing cash offers for everyone. Founded in 2019 by Tim Herman and Louis Wilson while they were attending Harvard Business School, UpEquity was created out of a passion to solve the broken homebuying process. UpEquity empowers customers to close offers fast by leveraging its proprietary combination of free cash offers, automated underwriting and low mortgage rates. Even first-time homebuyers receive access to the best houses on the market, in turn democratizing the American Dream. UpEquity is headquartered in Austin and has locations around the country. Visit their website at upequity.com.