Fintech start-up Tomo doubles its mortgage footprint and reaches a quarter of the United States

STAMFORD, Conn., January 26, 2022 /PRNewswire/ — Tomthe fintech startup that is transforming the home buying experience, today announced that it has doubled its mortgage footprint and now serves nearly a quarter of the US market after expanding into Florida, Connecticut and Colorado. The company has also added jumbo loans to its product portfolio.

The company’s rapid expansion comes less than a year after Tomo first launched its home buying technology platform in Washington and Texasand following his $70 million seed tower, one of the largest ever bred in the United States, Tomo was founded in October 2020 by former Zillow executives Greg Schwartz and Carey Armstrong.

“The mortgage is the disaster of the real estate transaction,” said Greg Schwartz, CEO and co-founder of Tomo. “For too long, homebuyers have been forced to accept an outdated, painful, cumbersome and costly process. Tomo’s rapid expansion is proof that there is a huge appetite for what we have built – an experience digital, designed from the ground up to meet the needs of homebuyers today.”

Aiming to disrupt the multi-trillion dollar mortgage market, Tomo combines its proprietary technology with local experts to deliver a simpler, faster and cheaper mortgage experience. The result eliminates complexity, reduces costs and ensures on-time closings, all without the traditional headaches characteristic of the industry today. In 2021, Tomo closed 100% of its loans on time.

Tomo’s success in closing on time is in part the result of its exclusive focus on fixing the mortgage buying experience. This is in stark contrast to the vast majority of lenders who cyclically chase the refinance market. Today, many of these mortgage originators are scrambling to cope with new economic and operational realities as refinances dry up.

By creating pre-approvals for clients in hours, not days, Tomo delivers the best rate for every homebuyer it serves; does not charge any lender fees; and ensures timely closure. The company has also partnered with top real estate agents in all the markets they serve to deliver a complete home buying experience with ease, simplicity and confidence.

“Having a leading mortgage company available to help buyers buy their dream home is one of the most important factors when they’re ready to make offers,” said Ruben Orozcoreal estate agent at RE/MAX Legacy in Sanford, Florida. “Tomo is quickly becoming the first lender when buyers need quick answers with lightning-fast decision-making. Homebuyers want a lender that’s in their corner to build relationships and available when they need answers.”

In volatile housing markets, such as in Miami, denver Where Stamford, consumers need all the help they can get. New Yorkers have left dense urban areas in favor of large developments and green spaces in Connecticut. In denver, house prices continue to hit historic highs month after month, and a residence in a metropolitan area now costs five times the average family income. On the other side Florida, businesses and professionals are flocking to the state, leaving high-tax areas behind. In Tampa sales alone have jumped nearly 30% over the past year.

To cope with these rising costs, Tomo’s launched its jumbo loan product to allow customers to borrow more to buy higher priced properties, and is available wherever the company operates. Tomo’s jumbo loans will be available for 15 and 30 year cycles. For eligible buyers, loans can be distributed in amounts up to $3 million.

Tomo plans to add more markets later this year. The company is currently recruiting for positions in Stamford, Conn., Seattle, Austin, TX and remotely. Visit hellotomo.com/careers for more information.

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