DeepGreen Bank is an internet only home equity lender. In August of 2000 the (virtual) doors of the lender opened in Seven Hills, Ohio. DeepGreen Financial is owned by Lightyear Capital, a private equity investment firm based in New York City that invests in financial services businesses and other selected industries. DeepGreen has revolutionized the mortgage industry by providing low rate, no hassle home equity products that are easy to apply for and obtain over the internet. They even offer to close the loan in the comfort of the borrower’s home. Their innovative, efficient technology has lowered the cost of loan production which they can pass on to the consumer. Today, DeepGreen originates home equity products at five times the industry average (measured in dollars per employee).
DeepGreen makes available direct to consumer financial services through its website and by way of partners such as LendingTree, Priceline and Costco. Mortgage brokers can access DeepGreen’s services through its Green Source outlet. In 2003, DeepGreen launched GreenMax, a home equity lending outsourcing and technology service for use by large mortgage originators. GreenMax delivers the benefits of DeepGreen’s low-cost, highly efficient lending platform to banks, credit unions and other financial services companies.
DeepGreen is licensed in 47 states. So, if a customer in one of those states wants a Home Equity Line of Credit or Loan, he simply submits a fraction of the information that’s required for a mortgage applications. DeepGreen takes it from there and comes back with a decision — usually within minutes, 24/7. Each application should take the borrower less than 10 minutes and it’s all done through a fully automated online system. DeepGreen’s Home Equity Lines of Credit were named “Best of the Web” by Online Banking Report. They do require a minimum FICO of 680, however. Their two products are:
Loans Funded by DeepGreen Bank
- Home Equity Loans 10 and 15 year terms with convenient fixed payments and a lump sum disbursement
- Home Equity Line of Credit a revolving credit line with variable interest rate 5 year draw with a 20 year repayment period
Recent DeepGreen Bank News
In 2004, DeepGreen received the prestigious Inman Innovator Award in the Mortgage Technology category, recognizing the company for its leading technology platform. “Recognition as an Inman Innovator Award winner serves as further validation of our technology and our business model,” said Jerry Selitto, chief executive officer of DeepGreen. “Consumers, mortgage brokers and, more recently, our outsourcing clients, have all benefited from our intuitive technology, paperless process and superior product. We are proud to join the ranks of previous Innovator Award winners.”
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