RE/Max Acquires Fintech Company Wemlo
Wemlo is a 20-month-old startup that’s reshaping mortgage loan processing in the mortgage broker channel. The company developed the first “Service Cloud” for mortgage brokers, combining third-party loan processing with an all-in-one digital platform. Its product offers the only enterprise-grade solution of its kind in the mortgage brokerage space.
“The acquisition of wemlo is an investment in our high-growth Motto Mortgage business, as it helps address one of the mortgage brokerage channel’s biggest pain points – ineffective mortgage loan processing,” said Adam Contos, CEO of RE/MAX Holdings. “This tuck-in acquisition also diversifies our revenue and growth opportunities, reinforcing our M&A strategy of adding innovative companies that deliver value and improve the customer experience.”
David Rogove, a wemlo co-founder, said the acquisition will help wemlo scale and grow its operations across the mortgage broker channel.
“Our platform is a streamlined solution that offers a better way to manage mortgage loan processing, and we’re excited that its impact will expand across the country,” Rogove said.
The product’s underlying technology makes it easy to use, added wemlo co-founder Steven Gelley. “The platform has automated tasks and an intuitive framework, enabling loan processors of any experience level to manage the workflow and provide a high level of service to the loan originators they support,” Gelley said.
Motto Mortgage connects real estate brokerages to a separate, franchised mortgage brokerage, streamlining barriers of entry to the mortgage lending industry. Ward Morrison, president of Motto Franchising, LLC, noted that by increasing the speed and efficiency of mortgage loan processing, the acquisition will elevate the customer experience for borrowers served by Motto Mortgage offices, which in turn can help Motto Mortgage franchises expand their business.
“Motto Franchising and wemlo are trailblazers that share a passion for the mortgage brokerage channel. Combining forces was an opportunity we didn’t want to miss,” Morrison said. “The acquisition will create more competitive advantages for Motto Mortgage franchises. Moreover, due to the demand for quality processing support in the mortgage broker channel, wemlo will keep serving its clients and continue to market its end-to-end solution throughout the mortgage brokerage industry.”
Gelley and Rogove will continue to lead the wemlo team, with operations staying based near Fort Lauderdale. They’ll work closely with the Motto Mortgage technology team in Denver to plan and execute integrations within the Motto Mortgage product ecosystem while also using their industry knowledge to advance the wemlo roadmap for independent mortgage brokerages.
Photo courtesy of Motto Mortgage