The deal "adds firepower to the Motto Mortgage value proposition"
RE/MAX Holdings has announced the acquisition of Florida-based fintech start-up wemlo.
The firm said that the addition of wemlo's third-party mortgage loan processing services to its product line bolsters the growth of its mortgage franchise business, Motto Mortgage.
"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, wemlo co-founder, said the acquisition would also help wemlo expand 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 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," said wemlo co-founder Steven Gelley.
Gelley and Rogove will continue to lead the wemlo team and work closely with the Motto Mortgage technology team to plan and execute integrations within the Motto Mortgage product ecosystem. They will also focus on advancing the wemlo roadmap for independent mortgage brokerages.
