Orchard, a New York-based power buyer, formally unveiled its lender partnership program, confirming the participation of Lower and Wyndham Capital Mortgage.
Since onboarding those two lenders in the second quarter, over two dozen other originators have signed on, said Brett Robbins, head of business development.
Subsequent to the start of the partnership, Lower now offers a white-labeled version of Orchard’s services called Lower HomePass. It also expanded the Orchard relationship to leverage its Guaranteed Offer API. The interface enables users to instantly tell homeowners how much equity they can unlock in their current home through the Move First/Home Pass program.
Now that the pilot period with Lower for the API has been completed, Orchard is offering it to all of its lender partnership participants.
“We give our partners the confidence of getting more customers over the finish line in a home buying process that is designed to be the most stress-free, fair and simple solution in the industry,” Robbins said. “These partnerships have already helped many buyers close on their homes, and we look forward to expanding the program.”
With this program, homebuyers work with their lender to get pre-qualified for a loan. Once approved, customers that choose Orchard as their real estate brokerage get access to the full suite of benefits from the partnership, including the ability to eliminate contingencies and make an all-cash offer.
Customers referred by their lender qualify for a rebate of up to $5,000 on the purchase price of their new home.
Besides nonbank lenders, Orchard is also partnering with credit unions, including Gulf Coast Educators FCU, which exclusively serves educators and school employees in Texas.
“Our educators lead busy lives, so we are always searching for ways to save them money, time, and bring them peace of mind,” said Matt Connell, GCEFCU’s vice president of lending. “Orchard’s services provide all of those benefits and more, and will prove to be a valuable asset to our members.”