RE/MAX Holdings, Inc.– parent company of RE/MAX and Motto
Mortgage – has acquired wemloSM, a fintech company that provides third-party
mortgage loan processing services.
The 20-month-old, Florida-based startup 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.
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.
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.
