Tomo Networks, a fintech startup aiming to overhaul the “lousy” mortgage process, adds jumbo loans to product portfolio, offering financial flexibility and more choice for homebuyers and ease for real estate agents.
Additionally, the fintech mortgage startup run by former Zillow executives is expanding. The company announced that from January 2022 onwards, it will now serve borrowers in Florida, Connecticut and Colorado. And they’re looking to capitalize on higher home prices and the market for jumbo mortgages.
Tomo Networks was founded by CEO Greg Schwartz and CRO Carey Armstrong, former executives at online real estate firm Zillow. Their digital mortgage platform aims to sit neatly between consumers and real estate agents to streamline the often-byzantine financial processes at the heart of buying a home.
The company says it will remain human-driven but technology-enabled. It aims to deliver a system that preempts and smooths out friction during the mortgage process-based, it says, on omotenashi, the Japanese philosophy of meeting guests’ needs before they arise.
Mortgage origination platform now services nearly a quarter of the U.S. market
The startup has doubled its mortgage footprint and now serves nearly a quarter of the U.S. market after expanding into Florida, Connecticut and Colorado.
The company’s rapid expansion comes less than a year after Tomo first launched its home-buying technology platform in Washington and Texas. In the wake of its $70 million seed round, one of the largest ever raised in the U.S.
“The mortgage is the catastrophe of the real estate transaction,” said Greg Schwartz, Tomo’s chief executive officer and co-founder.
“For too long, homebuyers have been forced to accept an outdated process that’s painful, cumbersome and expensive. Tomo’s rapid expansion is proof that there’s a tremendous appetite for what we’ve built – a digital experience, designed from the ground up to meet the needs of homebuyers today,” said Schwartz.
Aimed at disrupting the multi-trillion-dollar mortgage market, Tomo pairs its proprietary technology with local experts to deliver a simpler, faster, less expensive mortgage experience.
The result eliminates complexity, reduces cost, and ensures on-time closings, all without the traditional headaches characteristic of the industry today. In 2021, Tomo closed 100 percent of its loans on time.
The platform provides financial flexibility and better choice for homebuyers
According to the company, jumbo loans will be available for both 15-and-30-year cycles. For qualifying buyers, loans can be distributed in amounts up to $3 million. The fintech’s product portfolio currently includes conventional 15- and- 30-year fixed rate loans, but the lender does not offer FHA or VA loans. Refinancing is also not an option.
Creating pre-approvals for customers within hours, not days, Tomo delivers the best rate for every homebuyer they serve, charges no lender fees, and ensures an on-time closing.
The company has also partnered with the very best real estate agents in every market they serve to provide a complete home purchase experience with ease, simplicity and confidence.
“Having a cutting-edge mortgage company available to help homebuyers purchase their dream home is one of the most important factors when they are ready to make offers,” said Ruben Orozco, a real estate agent at RE/MAX Legacy in Sanford, Florida.
“Tomo is fast becoming the premier lender when buyers need quick responses with super-fast decision making. Homebuyers want a lender that is in their corner building relationships and available when they need answers,” added Orozco.