Redfin to fund mortgages for buyer customers

High-tech brokerage's latest bid to streamline the homebuying process
  • Redfin will launch a lending arm in Texas later this year.
  • The brokerage hopes to integrate this mortgage shop into its existing brokerage and title businesses to a level that's unmatched in the industry.
  • Redfin will try to do this by employing a shared technology platform for the businesses, compensation based partly on customer satisfaction, and an exclusive focus on Redfin customers.

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No matter how talented a real estate agent might be, she sometimes may watch helplessly as a loan officer screws the pooch. After years of research and development, Redfin will soon try to change that. In a major step for the hybrid brokerage, Redfin is launching a mortgage-banking arm to lend directly to homebuyers who work with Redfin agents -- a move that highlights a strategy some brokerages are using to streamline the real estate transaction. Redfin Mortgage Redfin wants to stitch the new lending unit into its existing brokerage and title businesses to a level unmatched by other multi-service real estate companies. The goal is to provide a digital process with better service, faster closings and lower fees by employing a shared technology platform, compensation based partly on customer satisfaction and an exclusive focus on Redfin buyer clients. “The reasoning behind it is we’ve really struggled to digitize the entire closing and deliver the service we’re proud o...