By Nancy Dahlberg
Wemlo, a fintech startup with the mission of reshaping mortgage loan processing, has been acquired. The buyer: Denver-based RE/MAX Holdings, o the parent company of franchisors RE/MAX and Motto Mortgage.
Terms of the deal were not disclosed.
Wemlo, founded in 2018 and headquartered in Davie, provides third-party mortgage loan processing services. It developed the first "Service Cloud" for mortgage brokers, combining third-party loan processing with an all-in-one digital platform, the company said. Wemlo employs about 30 people and earns revenue through the fees it charges for processing mortgage loans on a per-file basis.
The acquisition by one of the nation’s leading real estate franchisors will help Wemlo scale its operations across the mortgage broker channel. "Our platform is a streamlined solution that offers a better way to manage mortgage loan process ing, and we're excited that its impact will expand across the country," said Wemlo co-founder David Rogove, in its announcement.
Adds 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 and Rogove will continue to lead the wemlo team, with operations staying in South Florida, the companies said. They'll work closely with the Motto Mortgage technology team in Denver to plan and execute integrations within the Motto Mortgage product ecosystem while also advancing the wemlo roadmap for independent mortgage brokerages.
Adam Contos, CEO of RE/MAX Holdings, said the acquisition is an investment in its high-growth Motto Mortgage business, as it helps address one of the mortgage brokerage channel's biggest pain points – ineffective mortgage loan processing. "Adding the product line of this like-minded startup innovator adds firepower to the Motto Mortgage value proposition and unlocks tremendous overall growth potential for RE/MAX Holdings in the mortgage broker channel," he said.
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