![](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/05\/founders.jpg?w=738\")
<\/p>\n<\/p>\n
While there are now more options for homebuyers seeking to find a new place to live, the process of getting a mortgage is still mostly\u00a0an archaic, offline process with lots of unruly paperwork. New York-based Morty<\/a>\u00a0is trying to change that, and has raised $3 million\u00a0to make its mortgage marketplace\u00a0available to users.<\/p>\n Morty is seeking\u00a0to provide its borrowers with\u00a0more options and more transparency while\u00a0shopping for a mortgage. It allows users to create a profile with their financial information, see what options might be available to them, and close on a mortgage all from the company\u2019s website.<\/p>\n By aggregating multiple mortgage lenders on its platform, Morty is providing borrowers with a wider range of choices than they\u2019ll see on other platforms. The company is launching with 10 lenders that users can compare the rates of, in 10 markets around the country.<\/p>\n To borrowers, Morty is a free tool that allows them to\u00a0shop and compare, which usually means lower costs associated with the loans they end up choosing.\u00a0It makes its money from lenders, who pay a fee upon the close of a loan.<\/p>\n Morty does the hard work of qualifying borrowers and reduces\u00a0the cost of user acquisition and for new loans.\u00a0By hooking up with borrower\u2019s bank accounts, it surveys two years of transaction-level data to determine the creditworthiness of a borrower and which loans they might qualify for.<\/p>\n The company doesn\u2019t\u00a0fund the loan or\u00a0collect payments, but it does the underwriting, which means less need for loan officers or brick and mortar locations. And since the process is\u00a0all online, Morty is also bringing a demographic of users to its lenders that they probably wouldn\u2019t have had access to, according to founder and CEO Brian Faux.<\/p>\n Ahead of its launch, Morty raised $3 million in funding.\u00a0That round was led by Thrive Capital, with participation from SV Angel, Techstars, FJ Labs, Corigin Ventures, MetaProp and a number of\u00a0angel investors.<\/p>\n At launch, the platform\u00a0is licensed in\u00a0Colorado,\u00a0Florida, Georgia, Maryland, Minnesota, North Carolina, Oregon,\u00a0Tennessee, Virginia and Washington, D.C., but over time it plans\u00a0to add more markets where\u00a0borrowers can search for mortgages.<\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/05\/founders.jpg?w=680\")
While there are now more options for homebuyers seeking to find a new place to live, the process of getting a mortgage is still mostly an archaic, offline process with lots of unruly paperwork. New York-based Morty is trying to change that, and has raised $3 million to make its mortgage marketplace available to users. Read More<\/a><\/p>\n\n<\/img><\/a>
<\/img><\/a>
<\/img><\/a>
<\/img><\/a>
<\/img><\/a>
<\/img><\/a>\n<\/div>\n
<\/p>\n","protected":false},"author":5817,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[25],"tags":[59,66,26],"class_list":["post-339847","post","type-post","status-publish","format-standard","hentry","category-technology","tag-media","tag-techcrunch","tag-technology"],"_links":{"self":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts\/339847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/users\/5817"}],"replies":[{"embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/comments?post=339847"}],"version-history":[{"count":0,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts\/339847\/revisions"}],"wp:attachment":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/media?parent=339847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/categories?post=339847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/tags?post=339847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}