Fintech focused on purchase mortgages planning to add more markets and new mortgage products later this year.

Tomo, the mortgage fintech launched last year with a focus on homebuyers, is now doing business in more than a third of U.S. markets with the addition of Georgia and North Carolina, it says.

Greg Schwartz of Zillow

Greg Schwartz

Founded in October 2020 by former Zillow executives Greg Schwartz and Carey Armstrong, Tomo is now financing home purchases in nine states, with more markets in the works.

Tomo, which announced a $40 million Series A funding round in March that more than doubled its valuation to $640 million, currently offers loans in Colorado, Connecticut, Florida, Georgia, North Carolina, Michigan, Ohio, Texas and Washington.

Carey Armstrong

But Tomo Mortgage is also licensed in Illinois, Maryland, Oregon, Tennessee and Washington, D.C., according to the Nationwide Multistate Licensing System.

In announcing its expansion into Georgia and North Carolina, Stamford, Connecticut-based Tomo said it now covers 37 percent of the U.S. purchase mortgage market and plans to add more markets and more mortgage products later this year.

In January, Tomo announced its expansion into Florida, Connecticut and Colorado, and the addition of jumbo mortgages of up to $3 million to its product lineup.

By focusing on purchase loans and pairing its technology with local experts, Tomo claims it can deliver homebuyers a “simpler, faster, less expensive mortgage experience.”

Tomo Mortgage matches homebuyers with partner real estate agents through its sister company, Tomo Brokerage. Tomo Mortgage LLC and Tomo Brokerage Inc. are owned by parent company Tomo Networks Inc.

The company is looking to fill openings in mortgage sales, engineering, design, business development and product.

Morty, an online mortgage marketplace that’s also focused on homebuyers, is now providing jumbo mortgages up to $3 million in 44 states, having doubled its headcount over the last year to 70, it announced last week.

Get Inman’s Extra Credit Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×