Morty, the New York-based mortgage startup, has raised $3 million in venture funding, which it will use to make its new mortgage marketplace available to the masses.
According to a report in TechCrunch, Morty aims to provide increased transparency and options for borrowers who are looking for a mortgage. The platform lets users create a profile with their financial information, check out the options available and close on a mortgage without leaving the company’s website.
Because Morty aggregates offers from multiple mortgage lenders on its site, borrowers have more choices. Morty, reported TechCrunch, is launching with 10 lenders in 10 markets in the U.S.
The $3 million in funding was led by Thrive Capital, including participation from SV Angel, Techstars, FJ Labs, Corigin Ventures, MetaProp and a number of angel investors, reported TechCrunch. The platform is licensed in Colorado, Florida, Georgia, Maryland, Minnesota, North Carolina, Oregon, Tennessee, Virginia and Washington, D.C. In the future, Morty plans to add more markets.
Morty is a free platform for borrowers. Because it hooks up with the borrowers’ bank accounts, it is able to survey two years of transaction-level data to determine if the borrower is creditworthy and for which loans he or she could qualify. Morty doesn’t fund the loan or collect payments but does conduct all the underwriting. That means less work for loan officers, noted TechCrunch.
Morty isn’t the only one trying to get into the online mortgage market. In April, mortgage technology provider Roostify and JPMorgan Chase announced they are teaming up to build a digital self-service mortgage platform, enabling users to upload and sign mortgage documents electronically. The platform, which will aim to offer a faster, simpler and more transparent home financial experience, will be integrated within the back-end of Chase’s existing Mortgage Express loan origination system and is expected to officially launch later this year, a press release confirmed.