“We’re on the cusp of a mortgage foreclosure crisis comparable to 2008, and the majority of homeowners struggling to make their loan payments are unaware of their options,” said Valon Co-Founder and CEO, Andrew Wang. “Currently, the largest mortgage servicing software controls more than half of all U.S. residential loans, effectively creating a monopoly in the market. This stranglehold has driven servicing costs up nearly 250% in the past decade, and the fees are passed on directly to the borrower. We created Valon as a challenger brand to address the extreme need for an updated, technology-enabled alternative to keep the borrower better informed.”

https://www.businesswire.com/news/home/20210202005142/en/Valon-Raises-50-Million-Series-A-Funding-Led-by-Andreessen-Horowitz-and-Uses-Technology-to-Challenge-the-Traditional-Residential-Mortgage-Servicing-Industry%E2%80%99s-Status-Quo