BeSmartee, a digital mortgage platform for financial institutions is entering the commercial real estate market.
The southern California-based proptech revealed Tuesday its acquisition of FlashSpread, a financial-as-a-service company specializing in instant tax spreading for commercial lenders and fintechs, for an undisclosed sum.
The company will integrate FlashSpread’s technology to hasten data aggregation and convert legacy docs to a modern data format. BeSmartee lenders in all stages of the commercial loan process will be able to convert scanned tax returns into financial reports, gain access to credit monitoring tools and manage regulatory risks among its other services.
“Joining forces with BeSmartee will allow FlashSpread to better serve the digital lending community that it has built over the last 5 years,” said FlashSpread founder and General Manager Ariel Trybuch. “Our unified vision is to create a transparent, efficient, lending process that makes lenders’ lives easier.”
Founded in 2006 by mortgage industry veterans at the onset of the housing crisis, BeSmartee’s partnership lineup is fairly impressive. It has worked with some of the largest names in mortgage and real estate. Its vendor list includes EllieMae, Black Knight, OptimalBlue, Snapdocs, Rocket Mortgage and Equifax, to name a few.
Exactly one week prior to its latest acquisition, BeSmartee revealed it partnered with GSE Freddie Mac to integrate its automated underwriting system, Loan Product Advisor, in a bid to improve automated risk assessments an income data reviews.
“Providing consumers and lenders more options up-front improves the chances for lower costs, faster closings and repeat business,” said Christina Randolph, Director, Business Partner Strategy & Integration at Freddie Mac.
As for FlashSpread, the San-Diego based fintech has helped over 100 financial institutions automate their manual processes.
FlashSpread will continue to operate independently as a product under the BeSmartee umbrella,
with the company’s founder and CEO Ariel Trybuch serving as general manager. The operating
entity will be renamed, “FlashSpread, a BeSmartee Company,” and will be led by BeSmartee CEO
and Co-founder Tim Nguyen.
According to BeSmartee, more acquisitions are on the horizon.
“This is an acquisition that not only brings new clients, technologies and talents to BeSmartee, but one that also sparks further innovation into all lending verticals, including mortgages, consumer and commercial,” Nguyen said.