NEW YORK, NY, Mortgage tech startup has raised a Series A funding of $8.5 million led by Prudence Holdings.
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Morty, a mortgage tech startup, announced the launch of its new online platform designed to work with first-time homebuyers to help them successfully bid for a home, secure a loan, and close the deal. Since publicly launching in 2017, Morty has grown its geographic footprint by nearly 200% with an expansion into 34 states and DC, helped thousands of homebuyers, and raised over $11 million of venture capital to support its mission: to make mortgages as simple, fast, and transparent as any other online transaction.
Morty's announcement comes as first-time homebuyers are identified as the largest segment of buyers across the U.S, according to a 2019 report in the Urban Institute. This growing population of homebuyers also faces unique challenges associated with the opacity of mortgage financing and a propensity to be digitally native when it comes to researching, shopping, and transacting on both homes and mortgages.
Morty's new platform addresses the complicated mortgage process by helping to answer the questions homebuyers have early in the process: "how much house can I afford?" and "will I be able to get a mortgage?" Their tech-driven platform also allows homebuyers to securely transact online, cutting closing times to as little as two weeks, less than one third the industry average. "With real-time verification of a consumer's financial information, a mortgage contingent offer powered by Morty can rival the speed and certainty of an all-cash offer," says Adam Rothblatt, CTO and co-founder at Morty. "Everything is completely transparent to the buyer, the seller, and their real estate agents."
Brian Faux (CEO and co-founder of Morty), a veteran of the mortgage industry who helped form and implement the Obama Administration's response to the housing crisis says, "We started Morty to build transparency in a process that continues to make it difficult for first-time homebuyers to enter into the marketplace. I couldn't be more excited about the next phase of our online platform and our expansion into markets where the first-time homebuyer segment has been growing."
Backing this expansion is a Series A funding of $8.5 million led by Prudence Holdings, with significant investments from Thrive Capital and Lerer Hippeau. "The mortgage industry has yet to evolve to benefit homebuyers," says Gavin Myers, General Partner at Prudence Holdings. "Morty's platform lets homebuyers know upfront what they're eligible for with actual pricing and terms, then close their mortgage all in one place. As larger purchases move online, home purchasers need a platform like Morty in the same way that air travelers need a platform like Kayak."
Morty reimagines the mortgage process through technology and industry expertise. Founded in 2015 and headquartered in New York City, Morty's team of licensed experts work with first-time homebuyers across 34 states and Washington, DC to finance and secure their dream homes. Stay in touch with Morty on the web at www.morty.com, Twitter at @HiMorty, and Facebook at facebook.com/HiMorty.