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Real estate franchising giant RE/MAX’s mortgage subsidiary, Motto Franchising LLC, has added a head of product to its executive team as it continues to open new offices around the country.
Chris Erickson, who joins Motto Mortgage as vice president of product and strategy, has been tasked with streamlining the products the company provides to its franchisees, and introducing new technology to the mortgage broker network that will allow franchisees to build and scale their businesses more effectively.
Before serving as vice president of product management at Guaranteed Rate, Erickson held similar positions at CoreLogic, Nationstar Mortgage, and Citi. Guaranteed Rate is a preferred lender of the Motto network.
“His extensive industry experience has allowed him to learn the challenges originators and consumers face in the home buying experience and he will work to develop solutions that improve and streamline the process for our franchisees and customers,” said Motto Franchising CEO Ward Morrison, in a statement.
Motto Mortgage is not a lender, but a technology, compliance, training and marketing solution for mortgage brokers. The company provides its “mortgage brokerage-in-a-box” not only to RE/MAX affiliates, but to any real estate broker or entrepreneur. RE/MAX also provides mortgage loan processing services to mortgage brokers through another subsidiary, wemlo, where Erickson will also lead product and strategy.
“I’ve always prided myself on being a leader who turns ideas into action, leveraging my refined skill set to take a concept from ideation to go-to-market in the most effective way,” Erickson said in a statement. “I am excited to join the Motto and wemlo teams during this time of rapid growth and am honored to be leading the charge in the development of an origination platform that is poised to disrupt the mortgage industry.”
From the consumer’s standpoint, Motto Mortgage stands out from the lending arms of many other real estate brokerages by providing access to a network of about dozen wholesale lenders, who offer competing rates and products.
But thanks to their ties to homebuyers and real estate agents in their local markets, mortgage brokers often have an edge over direct lenders in originating purchase loans, which aren’t as sensitive to rising rates as refinancing.
Motto Franchising helped its franchisees open 60 new offices in 2021, surpassing a goal of 50 new offices set by Morrison last spring. So far this year, Motto Franchising has announced the opening of five new franchise offices in as many states:
- Motto Mortgage Sunrise, Fair Lawn, New Jersey
- Motto Mortgage Coastal Pros, North Myrtle Beach, South Carolina
- Motto Mortgage Optimum, Parachute, Colorado
- Motto Mortgage Ascent, Strongsville, Ohio
- Motto Mortgage Expert Solutions, Philadelphia
Growth of Motto Mortgage network
According to RE/MAX’s most recent quarterly report to investors, there were 191 independently-owned offices operating under the Motto Mortgage brand as of March 31, up 27 percent from a year ago.
Motto has a presence in 38 states and Washington, D.C. — everywhere but Alaska, Connecticut, Maine, Minnesota, North Dakota, Nebraska, New Hampshire, New York, Rhode Island, South Dakota, Utah and Vermont.
Editor’s note: This story has been updated to reflect that Chris Erickson had already left Guaranteed Rate before exploring and accepting his new position at Motto, and was not “lured away.” Also, Guaranteed Rate is a preferred lender of the Motto network, not a rival.