RE/MAX Holdings and its mortgage franchise Motto Mortgage introduced Tuesday the acquisition of wemlo, a mortgage processing startup, for an undisclosed quantity.
Dustin Morton, vice chairman of product and technique at Motto Mortgage, acknowledged wemlo’s potential straight away.
“Our network has grown so fast, and we’re always kind of hungry for more solutions when it comes to processing,” Morton informed HousingWire. “I thought I was just shopping for a good partner to provide the service. When I found wemlo, I literally immediately ran down the hall and popped my head into Ward [Morrison’s] office and said, ‘I found a processing company that we need to buy.’”
Ward Morrison, Motto Mortgage’s franchising president, mentioned that wemlo is fixing “the No. 1 problem within the mortgage broker channel today, which is the quality, efficient, third-party processing of loans.”
wemlo’s platform connects mortgage brokers and loan originators to the biggest processing community within the nation, which mitigates the issue of hiring skilled processors, Morton mentioned.
“Part of the reason that we have such a challenge finding mortgage processing talent is it’s not an easy job. And that’s really because the processor is such an undefined role. What he or she needs to do for the log file changes depending on the loan product and depending on the market. So, we think that with wemlo we’re going to build highly dynamic, sort of education-based software that’s really going to help the processor understand those next steps to do them efficiently in a way that’s never been done before.”
Motto wished to companion with an organization that may profit from the ability of a publicly traded firm, growing the pace and effectivity of mortgage loan processing, which might in the end gasoline the expansion of each firms.
The founders of wemlo perceive the advantages of the acquisition, particularly in opening up new channels for his or her enterprise.
“The whole goal here is obviously to provide amazing service to our customers, but being able to have a backing like RE/MAX, as close to the top of the funnel as you could possibly get, to really understand the ins and outs of the whole entire mortgage cycle, is just really phenomenal,” Cofounder of wemlo Steven Gelley mentioned.
For David Rogove, wemlo’s different cofounder, one other bonus was the chance to unravel the problem of quite a few non-standardized mortgage programs constructed on outdated expertise platforms, and a restricted pool of educated loan processors.
“What’s next is the massive impact that we will have on the mortgage broker channel as a whole,” Rogove mentioned. “It’s phenomenal and it’s solving a massive pain point for Motto [Mortgage], and at the same time, we’re solving a massive pain point for the entire mortgage brokers channel, as a whole, providing them that solution that just really doesn’t exist in the market today.”
Gelley and Rogove will proceed to guide the wemlo group’s operations, based mostly close to Fort Lauderdale, Florida, and can work carefully with the Motto Mortgage expertise group in Denver.
The 2 firms will plan and execute integrations throughout the Motto Mortgage product ecosystem whereas additionally utilizing their business data to advance the wemlo roadmap for impartial mortgage brokerages, an organization launch mentioned.