WNY Impact Investment Fund invests $500,000 in LenderLogix

BUFFALO, N.Y. – The Western New York Impact Investment Fund is proud to announce its fourth investment this year, a $500,000 injection of growth capital into LenderLogix.

Based in Buffalo’s Larkinville neighborhood, LenderLogix is a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks and brokers.

The investment will support LenderLogix as it builds an innovative new platform, CRA Analytics, which leverages demographic information and home-buying incentives in each census tract across the nation. CRA Analytics is designed to drive investment in low-income communities. The WNY Impact Investment Fund is stepping in to support that goal.

“LenderLogix has become an expert in using deep demographic data to give mortgage bankers a leg up on their competition,” said Tom Quinn, WNY Impact Investment Fund CEO. “Now the company is raising its hand and saying it can use its expertise to solve a deep societal issue. This is exactly the kind of mission-oriented project our fund is seeking to support.”

The WNY Impact Investment Fund considers deals both through their business potential and the promise of societal impact in the eight counties of Western New York. Despite a broad national slowdown in startup investments, the fund has remained active in backing entrepreneurial, mission-oriented projects in Western New York. Other investments this year have included Arbol, CAHill Tech and CleanFiber, with several more deals expected to close by year’s end.

An initial version of CRA Analytics is already in the hands of several LenderLogix customers, joining the company’s suite of tools designed to support the homebuying process. LenderLogix serves more than 100 lending institutions across the nation and has been named a top 100 mortgage tech company by housing finance trade publication HousingWire.

“Not only are banks required to demonstrate their efforts to lend in underserved communities under the Community Reinvestment Act, but mortgage lenders of all stripes – banks included – are under intense public and regulatory pressure to write mortgages in majority-minority communities and document their progress toward that goal in real-time,” said Patrick O’Brien, CEO of LenderLogix. “CRA Analytics could have a profound impact on how and where mortgages are written by helping banks identify strategic opportunities in underserved communities and measure the effectiveness of their strategies to achieve this end. We’re so proud to continue refining CRA Analytics with the support of a local investor that also believes in the transformative potential of this technology both across the nation and in our own backyard.”

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ABOUT THE WESTERN NEW YORK IMPACT INVESTMENT FUND: The Western New York Impact Investment Fund is a for-profit, place-based impact investment fund. Its innovative model has been featured recently in publications ranging from Forbes to The Foundation Review. Since late 2017, the Fund has invested more than $9 million in 12 regional organizations. Each of its deals is considered through an impact investing framework, meaning the commercial upside is weighed equally alongside the potential social impact in Western New York. The Fund has raised more than $20 million since its inception to deploy in support of companies in the community, including the recent closure of $12.45 million from new and existing investors. For more information, visit www.wnyimpact.com.

ABOUT LENDERLOGIX: LenderLogix leverages the four decades of firsthand mortgage origination and real estate experience of its executive team to design customized software and APIs to meet the needs of today’s mortgage lenders. The company’s suite of products addresses the speed at which today’s real estate market moves by delivering technology solutions that create agile and informed borrowers, build strong referral partners and ultimately save lenders time and money. For more information, visit https://www.lenderlogix.com/.