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Digital Mortgage Marketplace Morty Expands Affordable Loan Options
NEW YORK, Nov. 8, 2022 /PRNewswire/ -- Morty, the online mortgage marketplace, today announced the latest expansion of its marketplace as it continues to meet the affordability needs of today's homebuyers. Morty's marketplace now offers FHA loans, providing customers with access to more flexible down payment and credit score requirements. This expansion reflects the evolving needs of homebuyers and advances Morty's mission to be a single point of access to home financing.
To date, Morty has focused on offering conventional purchase loans, which historically comprise the vast majority of mortgages. Since January 2022, the number of customers coming to Morty with needs beyond these conventional loan options has more than tripled pointing to the impact that higher mortgage rates have had on affordability. This reflects overall market trends, with FHA loans increasing in mortgage volume by 6.2% year-over-year and 1.3% over the last three months alone, according to the National Association of Realtors. Among customers, Morty has also seen DTI (debt-to-income) ratios increase and average FICO scores decrease over the past three months. This data points directly to the tighter conditions buyers are experiencing, with US housing affordability at its lowest level on record. "At Morty, we've been building a single point of access to home financing since day one," said Nora Apsel, co-founder and CEO of Morty. "We're seeing the current affordability challenges firsthand and our marketplace is well-positioned to help buyers navigate this environment. By expanding into FHA loans, we're responding directly to the changing needs of our customers." Expanding into FHA loans marks the next step in a year of marketplace and state footprint expansion for Morty. 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. Over the coming months, the company will continue to expand its marketplace with a focus on affordability. "Our marketplace model enables us to provide unbiased expert advice and access to affordable options that can help buyers navigate the current market," explains Robert Heck, Morty's VP of Mortgage. "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." About Morty Morty (NMLS# 1429243) is an online mortgage marketplace on a mission to increase access to home financing for millions of home buyers. It offers a one-stop online destination for a wide range of products, services and guidance that make it easy for consumers to find a home financing solution that's right for them. Headquartered in New York City, Morty's team of experts are spread throughout the country and support homebuyers with achieving their homeownership goals in 46 states and Washington, D.C. To learn more, visit www.morty.com. Contact:
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