Quick Read
- HomeSmart and Lower announced a national marketing partnership giving over 25,000 HomeSmart agents access to Lower’s mortgage products, co-branded marketing, training, and technology support.
- Lower has expanded recently through acquisitions of Neat Labs and Movoto, and operates 77 branches with 529 mortgage loan originators nationwide, per NMLS records.
- Partnerships between mortgage lenders and real estate brokerages help lenders do more purchase loan businesss, with mortgage “attach rates” as high as 70 percent
More than 25,000 HomeSmart agents are gaining access to mortgages offered by Lower LLC as part of a strategic national marketing agreement the companies announced Tuesday.
The joint marketing campaign will provide HomeSmart agents with co-branded marketing materials, training, and technology — and their homebuyer clients will benefit from “simplified financing options, faster closings, and a more personalized mortgage experience,” Lower said.
The move follows Lower’s acquisitions of loan originations software provider Neat Labs in January and listing search portal Movoto in May in a market where lenders are looking to real estate brokerages to build business — and vice versa.
One of the nation’s biggest lenders, Rocket Companies, closed its acquisition of national real estate brokerage Redfin on July 1, and has reported “awesome early data” in support of the company’s goal of boosting its market share in purchase lending by 50 percent.
Compass Inc.’s pending plan to acquire Anywhere Real Estate Inc. would create a company with 18 percent market share. Consolidating the mortgage joint ventures both companies currently operate with Rate is expected to boost the “attach rate” of homebuyers who agree to use their real estate broker’s recommended lender.
Last week Fathom Holdings, the parent company of Fathom Real Estate and Encompass Lending Group, announced it was acquiring START Real Estate, citing a business model that focuses on first-time homebuyers. Fathom plans to take that business model — and its 70 percent mortgage attach rate — nationwide.
Columbus, Ohio-based Lower sponsors 529 mortgage loan originators who work out of 77 branch locations around the country, according to records maintained by the Nationwide Multistate Licensing System.
A family of companies under the umbrella of Lower Holding Co., Lower’s origins date to 2014, when CEO Dan Snyder co-founded Maryland-based mortgage lender and servicer Homeside Financial.
Lower also provides real estate brokerage services and homeowners insurance through Lower Realty LLC and Lower Insurance Services LLC, and its “Realtor agnostic” cash-offer service, MortgagePass, is powered by Homelight Home Loans.
Dan Snyder
“By aligning with HomeSmart’s national network, we’re able to support thousands of real estate professionals and expand the reach of our customer-first mortgage experience,” Snyder said in a statement Monday.
HomeSmart, which this month unveiled new branding to mark its 25th year in business, named former Keller Williams, eXp Realty and Realty ONE Group executive Stacey Onnen as president in September.
Lower doubled its footprint last year by acquiring Texas-based Veritex Mortgage LLC, in a deal that gave parent company Veritex Bank a 12.5 percent stake in Lower. Thrive CEO Selene Kellam joined Lower as chief operating officer, and Lower continues to maintain the Thrive Mortgage brand.
In recent weeks, Lower Chief Strategy Officer Craig Montgomery has posted on LinkedIn that the company is looking for recruiters, mortgage loan originators, loan officer assistants and branch support specialists.
Lower is currently advertising 35 job openings on its website, including real estate leads coordinator, visitor lifecycle product manager, and lifecycle marketing lead.
Get Inman’s Mortgage Brief 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.
