Home Equity Lending News

Home Equity CUSO Names Interim Chief Product Officer

A credit union service organization that operates a home-equity lending platform has named an interim chief of product whose background includes media and animation to help it rapidly scale operations.

Mike Sellberg, Chief Product Officer, Coviance

An announcement issued Wednesday indicated that Coviance has hired Mike Sellberg as its interim chief of product and chief of staff.

“As we’re scaling rapidly, the product and operations teams have been operating at a fast pace, and we’re looking forward to Mike’s guidance and expertise to take us to the next level,” Coviance Founder and CEO Omar Jordan said  in the press release.

Coviance, which recently changed its name from LenderClose, said Sellberg’s chief of product role has him leading the product vision and strategy as well as the product management team. He will help scale by hiring additional employees and optimizing processes.

In his dual role as chief of staff, he’ll oversee special projects that are typically operational and cross-group, the Des Moines, Iowa-based business stated.

Sellberg has 30 years’ experience in operations, technology and marketing at a range of companies, including two B2B software firms that he helped found and scale from private startups to public companies, according to the news release.

Among his prior positions were chief of staff at a low-code 3D digital twin visualization platform, chief technology officer at iMed Studios, and general manager of the interactive division at Engineering Animation Inc.

“After 30 years in the software industry, I was planning on retiring until I heard Omar’s incredible vision for the industry and met his talented and collaborative team,” Sellberg said in the statement. “My goals are to help Omar lead Coviance through ‘operational scaling’ – particularly the SaaS transition, support the product and technology teams to meet their three-year product and architecture vision, and assist sales and marketing process optimization.”

Eight-year-old Coviance, which reported in April 2022 a staff of 72 people, said in today’s announcement that it has more than 425 credit unions and community banks across the country on its platform. Last year, nearly $8 billion in home-equity lending transactions were reportedly processed utilizing its technology.