How Lower uses technology and humans to simplify mortgage lending ft. Dan Snyder

Tearsheet Podcast: Exploring Financial Services Together

I recently sat down with Dan Snyder, CEO and co-founder of Lower, to discuss the evolving landscape of mortgage lending. Lower was founded in 2014 and has grown into one of the largest venture-backed home lenders in the United States. Dan is driven by a commitment to simplifying the home financing process through technology. “We’re not just building a mortgage company,” says Snyder. “We’re creating a comprehensive platform. It will make homeownership more accessible, especially for younger buyers.” Fresh off its acquisition of NeatLabs, Lower’s new proprietary platform, LowerOS, promises to reduce the cost and complexity of mortgage origination. Snyder bootstrapped his startup and went on to raise Ohio’s largest Series A, showcasing resilience and vision. His journey offers valuable lessons in leadership and innovation. It also highlights how to navigate the challenges of a volatile housing market. The conversation explores key topics like the role of venture capital in professionalizing a business, the strategic importance of owning a full tech stack, and the opportunities presented by serving next-generation home buyers. The Big Ideas Venture Capital as a Catalyst for Growth. “Raising money allowed us to professionalize the business and access top talent,” says Snyder. He highlights the impact of Accel’s investment. The Strategic Importance of Owning Technology. “We didn’t want to rely on third-party software that didn’t align with our goals,” Snyder notes. LowerOS is the result of this strategic decision. Challenges in Serving Next-Gen Buyers. “The average income for first-time buyers is over $200,000. We’re working to bring that down by improving affordability,” Snyder explains. Adapting to Market Volatility. Snyder highlights that inventory and interest rates are major challenges. But, technology can help reduce costs and improve efficiency. Combining Tech with Human Expertise. “Even with digital tools, a 15-minute conversation can save hours of back-and-forth,” says Snyder. He emphasizes the value of human interaction.