Morty Launches New Types of Loans and Expands State Coverage

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Mortyan online mortgage marketplace, today announced nine new state licenses and new types of loans for buyers to purchase investment properties, according to a press release shared with FinLedger.

New loan types include jumbo loans and investment real estate loans, and new states include Texas, Louisiana, New Hampshire, North Dakota, South Dakota, Rhode Island, Vermont, Wyoming and Alaska (plus Washington DC).

Founded in 2016, Morty combines a marketplace model with its online platform and end-to-end advice from mortgage experts to empower homebuyers with personalized loan options and pre-approvals.

It says its expansion into jumbo loans, the volume of which has doubled from 2020 to 2021, and investment properties is a crucial step in its mission to provide a single point of access for real estate finance.

“Increasing access to real estate finance has been our mission since day one, and providing buyers with a marketplace that helps them find personalized and competitive lending options has never been more important than in the current market environment” , said Nora Apsel, co-founder and CEO of Morty, in the press release.

“Expanding our product capabilities is a step toward achieving our mission and changing the way buyers navigate the mortgage process,” Apsel said.

The company has raised $36.5 million in funding to date, including a $25 million Series B led by March Capital in July 2021. It says despite the headwinds facing the mortgage industry, it stands out focusing exclusively on the shopping market and its “ability to combine market access with an engaging, technology-driven experience.”

Instead of those headwinds, Morty got more loans in March 2022 than any other in its history, and says he’s also doubled the size of the squad to 70 since this time last year.

“We only grow when we’re equipped to capitalize on the advantages of our marketplace model and provide buyers with an exceptional product experience,” said Adam Rothblatt, co-founder and CTO of Morty.

FinLedger recently sat down with Morty CEO Apsel, who discussed the online mortgage market and its journey to “open access for everyone.” This discussion can be found here.

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