SOURCE: Social Finance, Inc. (SoFi)

Social Finance, Inc. (SoFi)

October 07, 2014 00:00 ET

SoFi Surpasses a Billion Dollars in Loans Funded; Leading Marketplace Lender Extends Product Line to Offer Mortgages

Mortgages Available for Homebuyers in California, New Jersey, North Carolina, Pennsylvania, Texas, Washington, DC and Washington State

SAN FRANCISCO, CA--(Marketwired - Oct 7, 2014) - Social Finance, Inc. (SoFi.com), a leader in marketplace lending, today announced it surpassed $1 billion in funded loans, making it the fastest marketplace lender to reach this milestone. As the largest provider of student loan refinancing, SoFi has extended its product line to help early-stage professionals tackle their next important financial need: purchasing a home. With as little as 10 percent down on loans up to $3 million, SoFi intends to help home buyers purchase sooner, as well as qualify for more financing than other lenders provide.

Recent reports indicate first time home buying has slowed as early-stage professionals grapple with student debt and the rising cost of home ownership. SoFi has applied its unique approach to lending -- considering factors such as work experience and degree program -- to offer low down payment mortgages on loan sizes often available to early-stage professionals. They redesigned the mortgage process to fit the needs of busy professionals by expediting the application and funding process, allowing borrowers to compete in cash-only housing markets. SoFi mortgages are now available for qualified borrowers in California, New Jersey, North Carolina, Pennsylvania, Texas, Washington D.C. and Washington state with plans to expand to additional states soon.

"Many millennials have great career trajectories, but have postponed home ownership because they haven't been able to save a large down payment," said Mike Cagney, CEO of SoFi. "Student debt is certainly one factor, as is the rising cost to own in urban areas like San Francisco, New York, and Boston. Our marketplace model allows us to provide new alternatives to help people buy a home they love, now."

SoFi's mortgages make home buying easier for qualified borrowers in a number of ways:

  • Low down payment options - SoFi offers mortgages with as little as 10% down on loans up to $3 million.
  • Accessibility for first time homebuyers - SoFi does not require private mortgage insurance on jumbo mortgages or for first-time buyers, saving buyers thousands over the life of their mortgage.
  • Painless pre-qualification - Applicants can find out their rates and eligible loan amounts, in less than 24 hours, without completing a full application.
  • Exceptionally fast financing - SoFi accelerates the lending process by using a unique Automated Valuation Model for property appraisal that does not require an in-person appraisal to approve a loan. Typical applications close in under 21 days, vs. the industry average of 30-45 days. 

SoFi is unique in marketplace lending as the company provides financial products and services to accomplished early stage professionals -- helping reduce the debt they don't want, and invest in the milestones they care about. It was the first to offer refinancing of federal student loans, and has invested in delivering a lending experience that meets the needs of this busy, digital generation. SoFi borrowers, called members, also enjoy benefits such as entrepreneurship support, career coaching, and unemployment protection.

For more information on SoFi mortgages, visit sofi.com/mortgage.

About SoFi
SoFi is a leader in marketplace lending and the largest provider of student loan refinancing, with over $1 billion loans issued to more than 13,500 members with savings of $11,783 expected on average over the lifetime of their loans. SoFi helps ambitious professionals accelerate their success with student loan refinancing, MBA loans, mortgages, and personal loans. Its nontraditional underwriting approach takes into account merit and employment history among other factors to provide unique financial and investment products. SoFi offers individual and institutional investors the ability to create positive social impact on the communities they care about while earning compelling rates of return. For more information, visit SoFi.com.

Contact Information