Beeline, a digital mortgage lender, has decided to further diversify its offerings, announcing that apart from originations it will also be a business software service provider.The lender’s new division, dubbed Beeline Labs, will offer the mortgage industry business-to-business software. This is part of the company’s push to increase and broaden its revenue sources, Beeline said.
The division’s first product is an automated mortgage quality control solution called BlinkQC, which will be available for licensing at the end of the first quarter.
Beeline’s product, powered by proprietary artificial intelligence, automates the QC process in three minutes, delivering 95% data extraction accuracy, the company claims. It uses doc AI technology to do so, it said.
The tool will be available to all come March and there are currently three lenders that have already committed to licensing BlinkQ prior to official launch.
Before launching the new software division, the digital lender made an unexpected move by merging with Eastside Distilling, a publicly traded Oregon-based producer of craft spirits.
The merger gives the distillery access to Beeline’s proprietary, artificial intelligence-powered sales tools, while the mortgage lender will get a financial cushion, the companies previously said.
A Securities and Exchange Commission filing shows that at least $2 million was advanced to Beeline upon the completion of a private securities offering by the distillery.
In mid-January, Eastside Distilling adopted a new trading symbol “BLNE” and will do business under the Beeline Holdings name, it said.
“We strategically identified and acquired an AI-driven mortgage platform developed by industry experts and adopted a new name and symbol associated with the mortgage brand,” said Geoffrey Gwin, CEO of Eastside Distilling, in a written statement.
Nick Liuzz, CEO of Beeline, added that the new name embodies “the vision and commitment at Beeline to redefining the mortgage industry through AI-driven innovation.”
BLNE stock closed at almost $.80 on Thursday.
