Redfin Will be in the Mortgage Business Soon
There will be a new kid on the block when it comes to the mortgage space. This one promises to be a digital “one-stop shop for the homebuyers, which will take them all the way from the point of finding a real estate agent to finding a home and then, getting a mortgage.
There’s about to be a new player in the mortgage space, one that boasts it can be a true digital “one-stop shop” for homebuyers, taking them all the way from finding a real estate agent to finding a house and getting a mortgage.
And while others claim they can do the same thing, this one brings a well-known name and built-in digital experience. Meet Redfin Mortgage.
That’s right; Redfin is getting into the mortgage lending business.
The company announced this week that it is launching Redfin Mortgage, adding a mortgage-lending operation into Redfin’s existing digital-focused real estate brokerage and title businesses.
The company says its “ultimate goal” is to have is an “entirely digital process, with better service, a faster closing and lower fees.”
According to Redfin, the company will start originating loans in the first half of 2017 in a select number of markets.
Initially, Redfin Mortgage will operate only in Texas, in the Austin, Dallas, Houston and San Antonio markets.
“Redfin Mortgage will put the customer first through a combination of technology and personal service,” said Redfin CEO Glenn Kelman. “This approach to mortgage is the same that has made us successful serving more than 75,000 customers buying and selling homes.”
Kelman also provided some details on how the company’s new mortgage business will work.
“We’ll meet customers through digital channels to lower customer acquisition costs,” Kelman said.
In its announcement, Redfin said that it is hiring Jason Bateman, formerly the executive vice president of mortgage operations at BBVA Compass, to lead its mortgage operation.
Bateman, who brings more than 15 years of experience to the position, will run Redfin’s new mortgage business out of a new office in Dallas. Redfin’s software engineers in Seattle will also assist in the building and running of the digital portion of the mortgage business.