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Who is Morty and why might he or she put the traditional mortgage originator out of business?
First, Morty is not a he or she, it is an online mortgage resource system meant to match consumers with the best products and rates available, while walking them through the loan process.
Morty is the brainchild of mortgage professional, Brian Faux. He, with two programmers, developed an online mortgage tool meant to replicate those online travel sites that let you see all the deals available from all the sources so you can choose and book the best deal. Will it work for mortgages? Faux and his team think it will.
Their belief is that consumers should have access to more products than those offered by a particular mortgage banker or broker. Further, they should know what the loan will cost. Even with new regulations, consumers are still confused about what a loan actually costs. Morty intends to simplify the process. But, will it?
The lure is in the ease and simplicity of obtaining a loan through Morty. The system walks a borrower through the process to shop, apply, learn, and close on the loan products available. It’s all done online at the ease and convenience of the user, with the option to speak with a representative when the consumer may feel the need to do so.
Lenders offering their products through Marty are charged a flat 1.5% fee, based on the loan amount. Morty will handle the origination, approval, and closing of the loan.
Further, in attempts to reach all consumers, not just those who are technology savvy, Morty’s founders want to work with housing counselors across the country to reach and assist first time and other “marginalized” home buyers.
This will help to open new doors to these homebuyers who have traditionally depended upon the Mortgage Broker, or the Loan Originator, to help them through the home financing process. It will also increase the potential for new loans for the lenders who offer their products on Morty.
The game is changing and lenders need to keep up to date with all the new rules and all the new players. Morty is one that goes a little beyond just being another online application tool. It’s not just another technology tool, it’s a new competitor for loan originations. Morty is a competitor that is going directly to the consumer and bypassing the traditional loan originator.
You can get more info on Morty and a little Background.
This may be Faux product but it’s no fake. Are you prepared to compete?
