Aug 7, 2019
Please welcome Morty, a seamless digital mortgage brokerage for first-time homebuyers
Meet Morty, the latest addition to Lerer Hippeau’s portfolio.
HQ: New York
Cofounders: Adam Rothblatt, Brian Faux, and Nora Apsel
The problem: Millennials tend to be thought of as a generation of renters, but studies show that buying a home is actually very much on their minds. In fact, 75% of Americans say purchasing a home is a priority, and first-time homebuyers — mostly millennials (ages 23–38) — make up the largest segment of buyers across the U.S. Because buying a home is one of the largest purchases consumers will make during their lifetimes, finding the right mortgage is important. But the mortgage process hasn’t seen significant improvements since their parent’s generation. Instead, it remains fragmented, opaque, complex, and managed largely offline.
Morty’s solution: Morty is an online mortgage platform that helps first-time homebuyers bid for a home, secure a loan, and sign the paperwork in as little as two weeks. Now available in 34 states and D.C., Morty’s mission is to bring speed, transparency, and efficiency to the overly complicated process by allowing users to compare, evaluate, and purchase mortgages from across providers inside its all-in-one hub.
Origin story: Prior to founding Morty in 2015, cofounder Brian Faux worked in both the private and public sectors, holding roles at Wells Fargo and the Federal Housing Administration. Adam Rothblatt and Nora Apsel brought with them expertise in software engineering and a focus on social impact. They joined forces to create Morty, a more clear-cut and effective way to connect homebuyers with the loans they need to get through the door.
Why we’re betting on it: Before Morty, the mortgage brokerage space was noticeably lacking the kind of seamless digital transacting experience customers have come to expect in nearly every other aspect of their lives. Built by mortgage industry veterans, Morty’s infrastructure is the missing piece. And that’s no small feat in a highly complex, regulated industry. With combined deep, nuanced industry knowledge and technical and data-centric capabilities, the founding team at Morty has the winning combination to help bring this market online.
Our take: Throughout our portfolio, we’ve seen successful marketplaces provide users with greater choice, better pricing, and improved experiences. And, given the importance of purchasing the right mortgage for any new homebuyer, we believe that’s a trend that will take root in this $10 trillion industry as well.
Further reading: “Morty, The Mortgage Tech Startup Transforming The Way You Buy Your First Home, Just Raised $8.5 Million” via Forbes
Learn about careers at Morty.
