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Morty launches new loan types, expands state coverage

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

The new loan types include jumbo loans and investment property loans, and new states include Texas, Louisiana, New Hampshire, North Dakota, South Dakota, Rhode Island, Vermont, Wyoming and Alaska (plus Washington D.C.).

Founded in 2016, Morty combines a marketplace model with its online platform and end-to-end guidance from mortgage experts to enable home buyers personalized loan options and pre-approvals.

It says that its expansion into jumbo loans, which doubled in volume from 2020 to 2021, and investment properties is a crucial step in its mission to provide a single point of access for home financing.

“Increasing access to home financing has been our mission since day one, and empowering buyers with a marketplace that helps them find personalized, competitive loan options has never been more important than in the current market environment,” stated Nora Apsel, co-founder and CEO of Morty, in the release.

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

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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 that despite headwinds facing the mortgage industry, it sets itself apart with an exclusive focus on the purchase market and its “ability to combine marketplace access with an empowering, tech-driven experience.”

In lieu of those headwinds, Morty locked in more loans in March 2022 than any in its history, and says it has also doubled team size to 70 since this time last year.

“We expand only when we’re equipped to capitalize on the benefits of our marketplace model and offer buyers an exceptional product experience,” stated Adam Rothblatt, co-founder and CTO of Morty.

FinLedger recently spoke with Morty CEO Apsel, who discussed the online mortgage marketplace and its journey to “open access to all.” That discussion can be found here.

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