Tomo, a financial technology (fintech) startup headquartered in Austin, Texas, has doubled its mortgage footprint since it was founded in October 2020. The fintech, originally serving only Washington and Texas, now serves almost a quarter of the U.S. market after expanding into Florida, Connecticut, and Colorado.
“The mortgage [process] is the catastrophe of the real estate transaction,” the company’s founder and CEO Greg Schwartz said in a release. “For too long, homebuyers have been forced to accept an outdated process that's painful, cumbersome and expensive.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 tremendous appetite for what we've built – a digital experience, designed from the ground up to meet the needs of homebuyers today.”
Tomo pairs its proprietary technology with local experts to deliver a simpler, faster, less expensive mortgage experience, the company stated. As a result, the company is able to eliminate complexity, reduce costs, and ensure on-time closings. As an example, the fintech closed 100 percent of its loans on time.
“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,” Ruben Orozco, a real estate agent at RE/MAX Legacy in Sanford, Fla., said. “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.”
Tomo also launched a jumbo loan product to allow customers to borrow more to purchase higher-priced properties. They are available to both 15- and 30- year cycles and qualifying buyers can acquire loans amounts up to $3 million.