SoFi, a modern finance company taking an unprecedented approach to lending and wealth management, announced today that its wholly owned subsidiary SoFi Lending Corp. has been approved as a seller and servicer with Federal National Mortgage Association (Fannie Mae).
SoFi and Fannie Mae are both highly committed to promoting homeownership, and this new designation will help the company in its mission to help financially responsible consumers buy the home they want.
"While we launched our mortgage business focused on larger 'jumbo' loans, the certainty and efficiency offered by Fannie Mae will enable us to serve more members by expanding geographically and into smaller loan amounts," said Michael Tannenbaum, VP of Mortgage at SoFi. "Sixty-five percent of SoFi's purchase customers are first-time homeowners who have what we call a 'millennial mindset.' We've designed our mortgage products for them – they value convenience and speed, and they want a range of purchase-focused products that help them to be competitive in the attractive real estate markets in which they live. We're excited do this through Fannie Mae."
SoFi admires Fannie Mae's commitment to technological innovation in mortgages; it complements the strong technology investment SoFi has made to improve transparency and efficiency in the mortgage process by marrying the convenience of an online application process with exceptional live, personal support.
SoFi has been lending in the mortgage space since Fall of 2014 and is now available in 26 states and Washington, D.C. See sofi.com/eligibility for state licensing information.