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Morty Inc. Review


ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
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Founded in 2016, Morty is an online mortgage marketplace and residential broker that works with 20+ lenders to find customers the best conventional mortgages for their needs. The company is located in New York, New York.
 
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How is Morty Inc. rated?

Breakdown

4.5/5
Lender Types
4.5/5
Available Mortgage Types
4.9/5
Customer Experience
4.0/5
Reputation & Transparency

Overall Rating: 4.5 / 5 (Excellent)

Morty is an online mortgage marketplace and residential broker that works with 20+ lenders to place homebuyers with the best mortgages for their needs. The company has developed technology that simplifies and speeds up the process of comparing loans from different lenders. They have access to wholesale mortgage rates. Often Morty is able to offer borrowers a lower rate than they would otherwise get by approaching one of their lenders directly.

The company focuses on conventional loans and does not offer VA, USDA, or FHA loans. Their credit, employment history, and debt-to-income requirements may therefore be stricter than other companies.

Morty provides you with loan options after you submit your personal information and answer a few questions about the home you are buying and your credit score. Morty will work with homebuyers from loan origination through closing to ensure the smooth processing of their mortgages.

Morty Inc. Loan Specifics

Available Mortgage Types - 4.5 / 5

Morty is a mortgage broker that works with multiple lenders to find customers fixed- and variable-rate loans. The company is focused on conventional mortgages. They do not offer VA, USDA, or FHA loans through their lending partners.

Types of Mortgage Loans Offered

  • Fixed Rate 15 Year
  • Fixed Rate 20 Year
  • Fixed Rate 30 Year
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM

Minimum Loan Amount

$100,000

Morty Inc. Customer Experience

Customer Experience - 4.9 / 5

Morty does an excellent job of explaining the process of getting a mortgage on its website, which is compact and easy-to-navigate. Their FAQ section is one of the best ones we've seen. They offer an online quote tool known as "Interactive Loan Options" that displays real loan options that a customer can proceed to lock after providing some additional information.

To receive a quote from Morty, a customer must provide some personal information, some details about the property he or she is looking to buy, and an estimated credit score.

Online Features

Online Application
Yes
Online Quote
Yes
SSN Required for Quote
No

Morty Inc. Qualification Requirements

Qualification Requirements - 5 / 5

Morty states outright that the company serves only a section of the market. They have relatively strict qualification requirements. Customers who have less-than-favorable credit histories or unusual employment histories are probably better off with another company. In addition, Morty does not offer government-backed VA, USDA, or FHA mortgages, which sometimes have more lenient requirements.

Key Requirements at a Glance

Minimum FICO Score
620
Minimum Down Payment
3% for first time buyers of single-unit residences. 5% for repeat buyers of single-unit residences. 15% on 2-unit residences. 20% on 3- and 4-unit residences.
Debt-to-Income Ratio
43.0 out of 100
Non-Traditional Credit History Considered?
No

Additional Qualification Requirements

Borrowers with variable income must provide income documentation going back two years. Borrowers must demonstrate a consistent work history with no gaps longer than 60 days. Morty also requires borrowers to have held work in the same field for two years.

Morty Inc. Lender Reputation

Reputation & Transparency - 4 / 5

Morty is not yet rated by the BBB. The mortgage broker earns 4.6 out of 5 stars on Trustpilot. Low rates, speedy processing and closings, and a friendly, informative staff are among the benefits customers call out in their reviews of Morty.

Key Facts

Year Founded
2016
Collection Date
2020-06-13

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
NMLS ID # 1429243
Consumer Financial Protection Bureau Complaints
0

Company Profile

Full Name
Morty Inc.
Company Website
https://www.morty.com/
Headquarters
180 Varick St. #816, New York, NY, 10014

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