- Morty, an NYC-based mortgage marketplace, launched with $3M in funding led by Thrive Capital.
- Morty streamlines the loan comparison process and provides end-to-end service, including qualification and documentation.
The bustling fintech industry continues to spawn new companies that aim to provide the ease of use and speed consumers enjoy in other industries and also seek in the mortgage lending process.
The newest is Morty, a fully-automated mortgage marketplace that provides end-to-end service. In addition to officially launching, Morty announced $3M in funding led by Thrive Capital with participation from SV Angel, FJ Labs, Corigin Ventures, MetaProp, Techstars and several angel investors.
Morty’s founders say the site will help homebuyers make the smartest loan decision by comparing options from 10 lending partners. From there, buyers are able to clearly view and choose the best loan, the company says, a decision that can save them thousands in the long run thanks to rate and fee variances.
“Consumers today can effortlessly shop, compare and purchase nearly everything online — not their mortgage,” said 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, in a press release.
“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.”
Kareem Zaki, investor at Thrive Capital, added in a statement: “Despite the proliferation of new marketplace businesses, the mortgage industry has yet to evolve.
“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.”
Here’s how Morty works:
- Build a financial profile: Homebuyers automatically link their income, assets, employment, personal and property information. They also provide their homeownership goals to complete a comprehensive financial profile.
- Get matched: The Morty pricing engine algorithmically matches the homebuyer’s profile with lender’s eligibility and pricing guidelines to show homebuyers accurate, customized quotes, inclusive of all lender fees and closing costs.
- Compare offers: With a vast lender network and transparent pricing, borrowers can shop and compare different products and lenders. Homebuyers are always guaranteed to get the best price available on the market.
- Choose and close: Once a homebuyer chooses a loan, Morty works with their lender, real estate agent and others to get the mortgage finalized and close on their new home.
This four-step process can take as little as 10 minutes (the record is nine minutes and 18 seconds) from documentation to qualification, and the time it takes to close on the home depends on the buyer, seller and agents.
Faux says the efficiency Morty offers is what separates them from competition and could make them agents’ top choice as they expand from the 10 markets they’re currently available in (Washington, D.C., Virginia, North Carolina, Florida, Georgia, Tennessee, Oregon and Colorado) to nationwide service by the end of the year.