Launched two years ago by four 30-something mortgage and tech entrepreneurs, Morty is an online broker that aims to put control in the hands of the consumer by bringing them rates from a marketplace of lenders in a transaction that is completely digital.
The company says its goal is to “demystify and simplify” the mortgage experience for consumers by walking them through every step of the process.
Now, Morty is launching a new platform designed for first-time homebuyers that will help them complete much of the transaction online, cutting closing times down to as little two weeks, which is about one-third of the norm, the company said.
“With real-time verification of a consumer’s financial information, a mortgage contingent offer powered by Morty can rival the speed and certainty of an all-cash offer,” Morty CTO and Co-Founder Adam Rothblatt said. “Everything is completely transparent to the buyer, the seller, and their real estate agents.”
Morty is also expanding its reach.
The 2017 and 2018 Tech100 winner is growing its footprint by nearly 200%, bringing its services in 34 states plus Washington, D.C., thanks to the $11 million in venture capital is has collected since its launch.
Morty CEO and Co-Founder Brian Faux is a mortgage industry veteran who helped form and implement the Obama administration’s response to the housing crisis. He stressed the fact that Morty’s offerings bring transparency to a process that can be difficult for consumers to navigate.
“We started Morty to build transparency in a process that continues to make it difficult for first-time homebuyers to enter into the marketplace,” Faux said. “I couldn’t be more excited about the next phase of our online platform and our expansion into markets where the first-time homebuyer segment has been growing.”