Late last year, RE/MAX, one of the biggest names in real estate, announced that it was getting into the mortgage business by launching Motto Mortgage, a mortgage brokerage franchise that the company planned to take nationwide.
Now, just over one year later, the company is providing an update on the progress of that nationwide expansion plan.
According to details provided by the company, Motto Mortgage sold 50 franchises in its first year. Of those 50 franchises sold, half of them are already operating in 16 different states.
“The Motto Mortgage team is extremely proud to have 50 franchises sold in the brand's first 12 months,” Motto Franchising President Ward Morrison said.
“When we developed the new concept, our goal was always to create a value proposition that worked for franchisees and provided an upgraded experience for consumers,” Morrison said. “Now having more than 25 franchises already open and operating validates the tremendous vision and dedication of the Motto Mortgage team – and confirms the need for the disruption in the marketplace.”
According to the company, Motto Mortgage franchises are now operating in California, Colorado, Florida, Georgia, Illinois, Iowa, Maryland, Michigan, Missouri, Montana, Nevada, New Jersey, Ohio, Oregon, Pennsylvania, and Texas.
When the company first announced its plans to expand into mortgages, RE/MAX said that Motto Mortgage brokerages will be located within RE/MAX offices.
“Pairing a Motto Mortgage franchise with a real estate brokerage means homebuyers can work with a real estate agent to find a home and with a Motto Mortgage loan originator to secure financing in offices at one location,” the company said last year.
According to the company, Motto Mortgage’s loan originators work “closely” with real estate agents to “deliver a one-stop solution” for buyers. The company also said that each Motto Mortgage office is independently owned, operated, and licensed.