Morty offering FHA loans amid challenging market

The CEO hinted at the possibility of further product launches as lenders seek to accommodate the needs of buyers amid challenging times. “We’re actively working to expand our marketplace in order to meet the affordability needs of today’s homebuyers and provide them with the right tools for navigating the current market,” Apsel said. “Just this year we’ve launched a range of new loan options and affordability tools, including HomeReady, jumbo loans, ARMs, float down options, and a 14-day closing program, Quick Close Advantage. The focus is on addressing the affordability challenges buyers are experiencing, and that will be the driving force of our continued marketplace expansion in the coming months.”

Morty noted its expansion into FHA loans marks an additional step in a year of marketplace and state footprint expansion. This includes the launch of HomeReady, jumbo loans, ARMs, and float down options, a 14-day closing program, Quick Close Advantage, and more earlier this year. Morty is now licensed in 46 states plus Washington, DC.

In a prepared statement, Morty’s VP of Mortgage, Robert Heck, buttressed Apsel’s suggestions that further products aimed at affordability could be launched in the coming days: “Our marketplace model enables us to provide unbiased expert advice and access to affordable options that can help buyers navigate the current market,” he said. “We’re actively pursuing new lender relationships and affordability partnerships that will allow us to continue being a one-stop shop for anyone looking to explore homebuying.”

The platform has experienced brisk growth since its recent founding. At its inception, the firm was licensed in five states. Now, the company is licensed in 44 states, with plans to do business in all 50 by year’s end, Heck told MPA in a previous interview. Moreover, the company has grown from its original five-employee operation to now hiring some 70 people.