He extolled the work of joint venture partner VA Claims Insider, an Austin-based upstart that helps between 1,000 and 1,500 military veterans a month increase their disability rating on which their income from the US Department of Veterans Affairs (VA) is derived.
“By the time they are done, they would think ‘how can we help them more?’ ‘How can we extend this client relationship?’ Mortgage was kind of a natural,” Bernstein said. “They interviewed a couple of different banks and lenders and decided to partner with us because of our past experiences and my past being an expert with VA loans. What we try to do is assist their current clients to get preapproved and understand what it would take to buy a home in the current market conditions.”
To make the joint venture work, LendHero will combine LendFriend’s reputation for customer service and deep lending expertise with VA Claims Insider’s years of experience working with veterans to establish and improve their disability ratings, Bernstein explained. LendHero will work directly with the veteran and military community to provide guidance, support and exceptional customer service to help find and finance their dream homes, he added.
Read more: Industry gives back to veterans
Due to special qualifying and appraisal rules for VA loans, Bernstein noted, veterans are likely losing bidding wars to offers using conventional or all-cash financing options in today’s real estate market. Those veterans that are able to buy their home with a VA are, unfortunately, paying high origination fees and receiving lackluster service, he added.
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