Home-buying fintech startup Tomo has extended both its geographic reach and product lineup, expanding into Florida, Connecticut and Colorado and adding jumbo loans to its portfolio.
Less than a year after launching its home-buying tech platform in Washington and Texas, the company has doubled its footprint and now serves nearly a quarter of the U.S. market. Tomo was founded in October 2020 by former Zillow executives Greg Schwartz and Carey Armstrong.
“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 “For too long, homebuyers have been forced to accept an outdated process that’s painful, cumbersome and expensive.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 tremendous appetite for what we’ve built — a digital experience, designed from the ground up to meet the needs of homebuyers today.”
Aimed at disrupting the multi-trillion-dollar mortgage market, Tomo pairs its proprietary technology with local experts to deliver what it calls 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% of its loans on time.
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 said. The company has also partnered with top real estate agents in every market they serve.
Tomo’s launched its jumbo loan product to allow customers to borrow more to purchase higher-priced properties, and is available everywhere the company operates. Tomo’s 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.
