Morty, an online mortgage startup, has made it easier and more transparent to get a mortgage, Forbes reports.
Morty does what fintech startups have done for small business, personal and student loans: bring mortgages online and make them more transparent. With its latest redesign, Morty customers can receive a Home Financing Score and real-time loan pricing, making it even easier to calculate how much they are eligible for and if the offer will be accepted, choose from a variety of lenders and close on a mortgage. It’s now offering services in 34 states plus Washington, D.C., an expansion backed by an $8.5 million Series A funding round led by Prudence Holdings, with investment from Thrive Capital and Lerer Hippeau, bringing the company’s total investment to over $11 million.
Morty is completely free for the homebuyers. Its platform is able to automate steps of the mortgage process, like instant verifications for pre-approvals, to bring the closing process time to as little as two weeks — less than a third of the industry average. Morty acts as a mortgage broker, and charges a fee off the principle of the loan that’s paid for by the lender, Apsel says.
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