The industry dodged a meltdown, but skyrocketing mortgage rates fueled a rush to 'right size' and helped crown a new leader in mortgage lending
Soaring mortgage rates, slagging sales, thousands and thousands of layoffs: The past 12 months have offered a jarring reminder that what goes up must come down
After laying off workers in May, Tomo is in expansion mode again with launches in Maryland, New Jersey, Oregon, Pennsylvania, Virginia and Washington D.C.
Opinion
Billions of dollars have been invested to disrupt the mortgage process — which is the path to profitability for many real estate tech companies
Eligible borrowers will be able to close on a winning bid with the same cash to close, monthly payment and interest rate — even if the appraisal comes in low
Tomo's Lock and Shop service fee is $750, which homebuyers can recoup when they work with Tomo Brokerage partner agents. Homebuyers can choose either a 90- or 120-day rate lock
The problems that proptechs are trying to solve — inefficiencies in real estate transactions — remain, said Parker89 Managing Director Paul Hurst, while speaking at Connect Now Thursday
The housing industry has shed thousands of jobs recently, and more cuts may be in store. But some companies are handling the situation better than others
While real estate industry layoffs largely began with companies that provide mortgages and mortgage-related services, everyone from Adwerx to Zumper has been impacted by the downturn
Cuts were from the impact of the recent shift in the mortgage and venture capital markets due to the rapid increase in interest rates, according to Tomo CEO and Co-Founder Greg Schwartz
Fintech focused on purchase mortgages planning to add more markets and more mortgage products later this year, now doing business in more than 1/3 of U.S. markets
Online mortgage marketplace focused on homebuyers has doubled its headcount over the last year to 70, as it continues to pursue a goal of serving homebuyers nationwide
With the addition of Michigan and Ohio, the purchase mortgage fintech is now in 7 states
After launching in Washington and Texas, Tomo has expanded into Florida, Connecticut and Colorado
Mitch Robinson also previously worked at Expedia and Tomo. At T3 Sixty, he'll lead a new to-be-announced business unit