NEW YORK, May 2, 2017 /PRNewswire/ -- Focused on empowering homeowners to make smarter decisions about their mortgages, today Morty (www.himorty.com) launches its fully-automated mortgage marketplace, where homebuyers can shop, compare — and close — any loan option from among its network of lenders. Morty is initially rolling out with 10 major lenders across 10 markets in the United States, with plans to expand nationally by the end of 2017.
Although purchasing a home is one of the biggest investments most Americans will make in their entire lives, the majority of homebuyers are unable to properly evaluate their mortgage options—and choosing the wrong mortgage can be costly. Leveraging the founding team's diverse experience and learning first-hand from homebuyers during its initial pilot, Morty was able to identify pain points from start to finish and prove the benefits of a marketplace model. In the over one thousand real-life loan scenarios it has run for homebuyers, Morty has observed rate and fee variances across lenders that can add up to tens of thousands of dollars in fees and monthly payments.
"Consumers today can effortlessly shop, compare and purchase nearly everything online – not their mortgage," says Brian Faux, CEO and co-founder of Morty, a 17-year veteran of the mortgage industry who helped form and implement the Obama Administration's response to the housing crisis. "Even with today's technology, the mortgage industry still has it all wrong. The last thing anyone wants to do is talk to a salesperson or pay inflated fees. Morty strives to do for mortgages what Kayak and Expedia did for the travel industry – one simple, transparent process giving you access to the best options and empowering you to make smart decisions."
In addition to its launch, Morty also announces that it has raised $3 million in funding led by Thrive Capital with participation from SV Angel, FJ Labs, Corigin Ventures, MetaProp, Techstars and several angel investors.
"Despite the proliferation of new marketplace businesses, the mortgage industry has yet to evolve," says Kareem Zaki, Investor at Thrive Capital. "Morty offers a differentiated approach by providing optionality and a modern experience to the consumer while leveraging the balance sheets and capital efficiencies of banks and other lender partners."
Morty is creating an entirely new model: access to any lender or mortgage product within a single, unified mortgage process from first click to closing day.
Here's how it works:
- Homebuyers create a simple financial profile by linking their income, assets, employment, and property information and describing their homeownership goals.
- Morty's pricing engine algorithmically matches the homebuyer's profile with each lender's eligibility and pricing guidelines to show accurate, customized quotes, inclusive of all lender fees and closing costs.
- Borrowers see their loan options in full transparency and compare across lenders and products.
- Never once leaving the Morty platform, the homebuyer chooses a loan and Morty automates the process all the way to the closing table.
Morty is a fully-automated mortgage marketplace. Homebuyers can shop and compare lenders, find the loan products they're best suited for at the best available price, and close their mortgage entirely online. Founded in 2015 and headquartered in New York City, Morty is initially rolling out with 10 major lenders to 10 markets in the U.S. - including Washington DC, Virginia, North Carolina, Florida, Georgia, Tennessee, Oregon and Colorado. Stay in touch with Morty on the web at www.himorty.com,Twitter at @HiMorty and Facebook at facebook.com/HiMorty.
Press contact: Adam Rothblatt, [email protected]