Quo partners with Synapse, our third-party bank software provider and agent of Evolve Bank & Trust, Member FDIC, to offer banking services. Lending services are offered via Synapse Credit LLC. Lending services are currently only available in Arizona, Arkansas, District of Columbia, Georgia, Hawaii, Idaho, Iowa, Kansas, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Tennessee, Utah, Virginia, West Virginia. Please see here for more details on the states that Quo loans are available in.
QuoHome is currently licensed in Tennessee, Alabama, Colorado, Arizona, Kentucky, Mississippi, Florida, Iowa, Nebraska, Maine, Michigan, Georgia, Delaware, Connecticut, District of Columbia, and Texas. Customers who do not close a home with QuoHome are not eligible to receive any compensation in connection with the Quo rewards program.
†Based on average mortgage calculators and mobile apps only being able to identify LTV, credit score, and basic DTI denials, which only account for approximately 30% of all mortgage application denials. Quo catches these issues as well as in-depth credit problems based on a soft credit check (such as late payments, bankruptcies, and foreclosures), income and work history related issues (such as income gaps), and more. Quo does not currently catch the 10% of denials related to property specific issues, such as failed inspections / appraisals.
*90% of mortgage denials caught is based on data from the Home Mortgage Disclosure Act and is current as of 09/08/21. Approximately 36.2% of denials are caused by DTI issues, 34.2% are caused by credit history issues, 13.9% of denials are caused by collateral issues, 8.5% are caused by incomplete applications, 8.9% are caused by unverifiable information, 8.6% are caused by insufficient cash, 3.9% are caused by employment history, 0.2% are caused by mortgage insurance, and 13.2% are caused by other issues. Quo does not guarantee that all mortgage denials will be caught nor does Quo guarantee that not detecting a denial reason means that you will not be denied for that reason. Quo utilizes information from your TransUnion credit report as well as your self-reported information to catch potential denials. This information may be inaccurate or incomplete.