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- Building on the company’s excellence in serving buyers with conventional purchase loans, Morty has added support for jumbo loans and investment properties
- Morty has added 9 new states to its service area in the past year alone, including high growth states like Texas, and is now live in 44 states and the District of Columbia with plans to expand coverage nationwide
NEW YORK, May 11, 2022 /PRNewswire/ — Morty, the online mortgage marketplace, today announced major product expansions and new state licenses, covering 90% of loan volume in the U.S. and moving towards serving all 50 states. In pursuit of Morty’s vision to be the single point of access to the mortgage market for homebuyers, the company now offers both jumbo loans and loans for buyers purchasing investment properties, adding to the wide range of mortgage options currently available through the lenders in its marketplace.
The competitive housing market and volatility of the past year have shown how powerful online tools can be for buyers when it comes to understanding their mortgage options and successfully purchasing a home. Rising prices have meant an increasing number of jumbo loans, which doubled in volume from 2020 to 2021. Morty’s expansion into jumbo loans and investment properties is a critical step forward in the company’s mission to provide buyers with a single point of access to home financing.
“Increasing access to home financing has been our mission since day one, and empowering buyers with a marketplace that helps them find personalized, competitive loan options has never been more important than in the current market environment,” said Nora Apsel, co-founder and CEO of Morty. “Expanding our product capabilities is a step toward realizing our mission and changing the way buyers navigate the mortgage process.”
This announcement comes less than a year after Morty raised $25 million in Series B financing, which has enabled the company to invest in its team and technology. Despite the well-documented headwinds facing the mortgage industry, Morty has set itself apart with its exclusive focus on the purchase market and its ability to combine marketplace access with an empowering, tech-driven experience. The company locked more loans in March 2022 than any month to-date, and continues to grow intentionally, increasing the size of its team to nearly 70, more than double its size at the same time last year.
Beginning with a focus on conventional purchase loans, Morty has gradually expanded its offerings.”We expand only when we’re equipped to capitalize on the benefits of our marketplace model and offer buyers an exceptional product experience,” explains Adam Rothblatt, co-founder and CTO of Morty.
Founded in 2016, Morty’s approach combines a marketplace model and streamlined online platform with end-to-end guidance from mortgage experts. With Morty, buyers can search personalized loan options and quickly get pre-approved online, and then work towards locking a loan and closing on a home with full transparency into the process. Led by the founding team of CEO Nora Apsel and CTO Adam Rothblatt, both software engineers, Morty is transforming the outdated mortgage process into a tech-first experience that is more accessible, transparent, and easier to navigate.
About Morty
Morty (NMLS# 1429243) is an online mortgage marketplace empowering homebuyers to make smart, informed decisions about their home purchase. Its mission is to revolutionize the outdated mortgage industry with a streamlined digital experience that provides access to loans from a wide range of lenders, with built-in expertise that makes it easy to find the right loan and purchase a home. Morty believes that getting a mortgage should be just as simple, modern, and transparent as buying anything else online. Headquartered in New York City, Morty’s team members are spread throughout the country and support homebuyers with achieving their homeownership goals in 44 states and Washington, D.C. To learn more, visit www.morty.com.
Contact:
Chris Farrell
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