Category: unsecured installment loans

RE/MAX acquires startup that is fintech help home loan brokerage biz

RE/MAX acquires startup that is fintech help home loan brokerage biz

RE/MAX and wemlo

The purchase of wemlo, a startup that delivers third-party home loan processing services, is a good investment within the company’s rapidly growing Motto Mortgage franchise company.

RE/MAX Holdings, the moms and dad business of this RE/MAX and Motto Mortgage franchise brands, established Tuesday the purchase of wemlo, a 20-month-old, installment loans Oklahoma Florida-based fintech startup providing you with third-party home loan processing services.

Ward Morrison | Picture credit: Motto Mortgage

The purchase is a good investment into the company’s rapidly growing Motto Mortgage franchise business, which had its second-best quarter in business history during Q2 of 2020, growing t0 127 workplaces.

“The number 1 problem within the home loan brokerage channel today is finding quality that is good,” Ward Morrison, the president of Motto Mortgage told Inman. Wemlo is Motto Mortgage’s means to fix that issue.

Wemlo’s key technology is a “service cloud” for home loans, which combines third-party loan processing by having an all-in-one digital platform, so that they can eradicate the discomfort points of loan processing and technology fragmentation in the market. The purpose of the purchase is boost the efficiency and speed of which Motto Mortgage franchise workplaces can process loans, making the brand name more appealing for potential franchise owners.

Home loans usually don’t have actually the administrative centre to employ a loan processor because they’re perhaps not loans that are processing a scale that home financing banker is.

“Our owners had been coming to us and saying, ‘who can you suggest for processing?’ and then we did have tips nonetheless they were disparate,” Morrison stated. “They simply didn’t have this enterprise, fully-automated platform that wemlo will likely be in a position to offer, both as a pc software as a site to individuals, in addition to processing the deal.”

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