Morty, an online mortgage marketplace focused on serving homebuyers, has added jumbo loans of up to $3 million and financing for investment properties to its offerings as it continues to pursue a goal of serving homebuyers nationwide.
When Morty closed a $25 million Series B financing round last July, it was licensed as a mortgage broker in 36 states and Washington, D.C.
Today, Morty is licensed in 44 states — everywhere but Arizona, Hawaii, Nevada, Massachusetts, Missouri and Utah. Recent additions include Texas, Louisiana, Vermont and New Hampshire.
Morty’s growing footprint
“We expand only when we’re equipped to capitalize on the benefits of our marketplace model and offer buyers an exceptional product experience” said Morty co-founder and CTO Adam Rothblatt, in a statement.
Having more than doubled its headcount over the last year to 70, it had its best month ever in March, the company says. Current job openings at Morty include positions in business development, engineering, growth, marketing and sales and operations.
Founded in 2016 by Rothblatt and CEO Nora Apsel, Morty launched in 10 markets in 2017 with 10 lending partners and $3 million in funding. In 2019, the company rolled out a new platform aimed at streamlining the borrowing process for first-time homebuyers, providing real-time verification of financial information to compete with all-cash offers.
Rising home prices mean homebuyers at the upper end of the market, often need jumbo mortgages that exceed the limits of mortgage giants Fannie Mae and Freddie Mac. After increasing their 2022 baseline conforming loan limit by 18 percent, to $647,200, the mortgage giants can back loans of close to $1 million in costlier markets. But fees Fannie and Freddie charge for high-balance, “conforming jumbo” loans that exceed $647,200, could make jumbo loans a better option for some borrowers.
In January, Morty rival Tomo Mortgage LLC — which is also focused on purchase loans — announced its expansion into Florida, Connecticut and Colorado and the addition of jumbo loans of up to $3 million.
And last month, Power Buyer Knock added jumbo mortgages to its offerings and expanded into the greater Seattle area, bringing the total number of markets served to 75.