SoFi Blog

Recognized for Innovation in Mortgage, Including First-of-its-Kind Mobile Mortgage Experience

SAN FRANCISCO – April 15, 2015 – Mike Cagney, CEO and Co-Founder of SoFi, a leading marketplace lender, today was named Innovator of the Year by LendIt, the largest conference series dedicated to connecting the global online lending community. Cagney was recognized for his innovative work redefining the mortgage experience including a first-of-its-kind mobile experience that provides real rate quotes to qualified applicants in under one minute.

The Innovator of the Year award recognizes a company that has helped advance peer-to-peer and online lending through the launch of a new product, service or program.  Presented to SoFi at the LendIt USA conference in New York, more than 2,400 institutional investors, private wealth managers, family offices, individual investors and industry participants were in attendance.

In recognizing SoFi, Peter Renton, co-founder of LendIt and Founder of Lend Academy said, “The LendIt Innovator of the Year Award honors the company that has done the most in the past year to move our industry forward. The LendIt team unanimously chose SoFi for providing real innovation in the home mortgage market.”  He continued, “SoFi has by far broken the most ground by introducing mortgage products that have never been seen before in our industry. Just as importantly, they are making a meaningful and lasting impact on consumers.”

Building on its success with student loan refinancing, SoFi offers innovative mortgage options for high quality borrowers seeking both high and low down payment purchase and refinancing options.  Highlights include:

• Competitive rates for purchasing or refinancing your home.
• More for your money – as little as 10% down on loans up to $5M.
• Greater flexibility – rates for up to 50% down on loans up to $5M.
• Painless prequalification – find your rate online instantly at SoFi.com
• Fast financing – loans generally close within 21 days.
• No application or origination fees.

“We thank LendIt for the honor,” said Mike Cagney, SoFi CEO. “It’s no secret that the mortgage industry is long overdue for improvement. It’s time that borrowers, particularly Millennials and Gen Xer’s, have access to a mortgage experience that includes great rates, flexible options and simple online tools. We’re excited to be at the forefront of this disruption – it’s just the beginning.”

Since launching mortgages in October 2014, SoFi has more than tripled its presence to 22 states and the District of Columbia.  Current states include Alabama, California, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Maryland, Minnesota, New Hampshire, New Jersey, North Carolina, North Dakota, Pennsylvania, Rhode Island, Texas, Vermont, Washington, Wisconsin and Wyoming.[1]

Also today, SoFi was announced as one of Forbes magazine “Next Billion Dollar Startups.” The recognition comes on the heels of the Wall Street Journal ranking SoFi in its “Billion Dollar Start Up Club” earlier this quarter.

About SoFi

SoFi is a leader in marketplace lending and the largest provider of student loan refinancing, with over $73 billion+ billion dollars in loans funded. We’re transforming financial services for early stage professionals with student loan refinancing, mortgages, personal loans, and MBA loans.  Unlike traditional lenders, our proprietary underwriting approach takes into account merit and employment history to offer unique credit products our members won’t find elsewhere.  We offer 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.

[1]For more information on SoFi mortgages, visit sofi.com/mortgage.  All loans funded by SoFi Lending Corp. NMLS # 1121636.

We recently announced the newest members SoFi Entrepreneur Program, a group of promising SoFi members who are starting businesses while also paying off student loans. As they progress through the program, we’ve asked each member to share important lessons they’ve learned on their road to startup success.

San Francisco, CA  April 2, 2015 – SoFi, a leading marketplace lender, today announced it has surpassed $2 billion in loans since its launch in the Fall of 2011.  SoFi was the first lender to refinance both Federal and private student loans, and today is the largest provider of student loan refinancing.  To celebrate this milestone, SoFi is launching #2BillionTogether to pay off one member’s SoFi refinanced student loan this quarter, with similar events slated for upcoming quarters.

To participate in #2BillionTogether, SoFi members who have refinanced their student loans are asked to share how refinancing with SoFi has impacted their life and how a student loan payoff would impact their plans moving forward.  Applications will be accepted starting on April 2, 2015 at sofi.com.  The deadline for entries is June 1, 2015.  Finalists will be announced by SoFi in mid-June and the SoFi community and public will vote on the winner, which will be announced on July 1, 2015.

“We’re thankful to our members for making SoFi the leader in student loan refinancing and for helping pave our way in new products such as mortgages and personal loans,” said Mike Cagney, SoFi CEO.  “We’re excited to give back to the SoFi community through this loan payoff program and get the word out to the millions of student loan borrowers who deserve a better loan than the one they have today.”

SoFi has pioneered transformative lending solutions for early stage professionals, including:

• The most comprehensive student loan refinancing program today, open to all accredited four-year schools. A wide range of fixed and variable rates, rate caps and no pre-payment penalties.
• Innovative mortgages that provide real rate quotes to qualified applicants in under one minute online and on mobile devices via SoFi.com.[1]
• A flexible personal loan program for balances up to $100,000 that includes an online application, great rates and no origination fees.[2]
• Extensive member benefits, including unemployment protection for student and personal loan borrowers, career support, the SoFi Members Network, and the SoFi Entrepreneur Program. To date, SoFi has helped nearly 70 members secure new jobs and admitted more than 30 into its Entrepreneur Program.

About SoFi

SoFi is a leader in marketplace lending and the largest provider of student loan refinancing, with over $2 billion dollars in loans funded. We’re transforming financial services for early stage professionals with student loan refinancing, mortgages, personal loans, and MBA loans.  Unlike traditional lenders, our proprietary underwriting approach takes into account merit and employment history to offer unique credit products our members won’t find elsewhere.  We offer 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.

[1] For more information on SoFi mortgages, visit sofi.com/mortgage.  All loans funded by SoFi Lending Corp. NMLS # 1121636.

2 For more information on personal loan eligibility, visit sofi.com/personal loan

For press inquiries: Debra Jack [email protected] [email protected] 415-706-5012

Expands Low-Down Payment Jumbo Mortgages to 20 States + Washington, DC

San Francisco, Calif. — March 11, 2015 SoFi, a leading market place lender, today announced the launch of a first-of-its-kind mobile mortgage experience.  Now, both homebuyers and those looking to refinance their mortgage can secure personalized loan rates and get prequalified via their smartphone, tablet or online. The launch marks a significant step in SoFi’s 2015 plans to bring the entire mortgage experience online for the modern home buyer – from prequalification to closing.  It also compliments the mortgage product innovations SoFi brought to market late last year, including 10% down payment jumbo loans and unconditional property pre-approvals to compete with all-cash offers.

“The mortgage experience leaves much to be desired.  You enter a lot of information, and instead of seeing rates you get phone calls.  Lots of phone calls.  Usually during dinner.  That’s not the way modern homebuyers, particularly Millennials, want to shop for a loan,” said Mike Cagney, CEO of SoFi.  “We’ve created a fast, simple and flexible online way to get personalized quotes in real time, along with access to a SoFi mortgage specialist if you need more help.  This is the start of a fundamental shift in how people will shop for loans.”

SoFi is building on its success with student loan refinancing to offer innovative mortgage solutions for high quality borrowers seeking both high and low down payment purchase and refinancing options.  Highlights include:

• Competitive rates for purchasing and refinancing your home.
• More for your money – as little as 10% down on loans up to $5M.
• Greater flexibility – rates for up to 50% down on loans up to $5M.
• Painless prequalification – find your rates online right now.
• Property pre-approvals – compete with all cash bids without loan contingencies.
• Fast financing – loans generally close within 21 days.

“Traditionally, mortgage lending was a draconian process where banks treat you like a money launderer until you prove otherwise. I’m proud that we’ve turned this experience on its head,” continued Cagney. “We believe that borrowers who have good jobs, strong credit and cash flow shouldn’t be denied a home because they don’t have a twenty percent down payment.”

According to research from the National Association of Realtors, Millennials make up 31% of home buyers, the largest segment in the marketplace. A whopping 94% of Millennial home buyers begin their journey by looking online, and more than half of Millennials and Gen X’ers start their home buying search on their mobile device.

Since launching mortgages in October 2014, SoFi has more than tripled its mortgage presence to 20 states and the District of Columbia.  Current states include Alabama, California, Delaware, Florida, Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, North Dakota, New Hampshire, New Jersey, Pennsylvania, Rhode Island, Texas, Washington, Wisconsin and Wyoming;[1] more states will be added soon.

Unique in marketplace lending, SoFi has invested heavily in delivering a lending experience that meets the needs of today’s prime borrowers.  After becoming the largest provider of student loan refinancing, the company recently launched personal loans to help members tackle high interest credit card debt.  Unlike traditional lenders, the company offers a suite of benefits to help members continue to succeed, such as career coaching, job placement assistance, entrepreneurship support, and the SoFi Members Network.

For more information on SoFi mortgages, visit sofi.com/mortgage.  All loans funded by SoFi Lending Corp. NMLS # 1121636.

About SoFi:

SoFi is a leader in marketplace lending and the largest provider of student loan refinancing, with over $1.75 billion dollars in loans issued.  We’re transforming financial services for ambitious early-stage professionals with student loan refinancing, mortgages, mortgage refinancing, and personal loans.  Unlike traditional lenders, our proprietary underwriting approach takes into account merit and employment history to offer unique credit products our members won’t find elsewhere.  For more information, visit SoFi.com

[1] sofi.com/eligibility-criteria

In today’s digital world, it’s easier than ever to find and cultivate the contacts you need to bolster your job search and career growth – and networking-focused apps can help. Check out these three great tools — Charlie, Conspire and Contactually — that the SoFi Career Coaching team regularly shares with members.