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- Morty Inc. Review
ConsumersAdvocate.org Rating: 9 / 10 (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.
How Do We Rate Morty Inc.?
Breakdown
4.5/5
Lender Types
4.5/5
Available Mortgage Types
4.9/5
Customer Experience
4.0/5
Reputation & Transparency
Our 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 |
| Trustpilot Rating | 4.5 out of 5 |
| 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 | |
| Headquarters | 180 Varick St. #816, New York, NY, 10014 |
- Get pre-approved in minutes with a seamless online experience
- Loan quotes updated daily
- Extremely competitive rates
- Minimum loan size is $100,000