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Stamford-based financial technology company Tomo has doubled its mortgage footprint and launched its product in Connecticut.
The fintech startup said in a statement today that its home-buying technology platform is now available in nearly a quarter of the U.S. market after expanding into Florida, Connecticut and Colorado. The company said it has also added jumbo loans to its product portfolio.
Tomo was founded in October 2020 by former Zillow executives Greg Schwartz and Carey Armstrong. Its platform launched in June in Washington and Texas after the company raised $70 million in a seed round. The company said it plans to add more markets later this year.
“The mortgage is the catastrophe of the real estate transaction,” Schwartz, who is also Tomo’s CEO, said in the statement. “For too long, homebuyers have been forced to accept an outdated process that’s painful, cumbersome and expensive. Tomo’s rapid expansion is proof that there’s tremendous appetite for what we’ve built – a digital experience, designed from the ground up to meet the needs of homebuyers today.”
Tomo said it pairs the company’s proprietary technology with local experts for “a simpler, faster, less expensive mortgage experience.” The result eliminates complexity, reduces cost, and ensures on-time closings, all without the traditional headaches characteristic of the industry today. In 2021, Tomo closed 100% of its loans on time.
The company said it focuses exclusively on the purchase mortgage experience. The platform creates pre-approvals for customers within hours, the statement said, and does not charge lender fees. Tomo said it ensure on-time closings, adding that it closed all of its loans on time in 2021.
The company has also partnered with real estate agents in every market where the platform is available.
“Having a cutting-edge mortgage company available to help homebuyers purchase their dream home is one of the most important factors when they are ready to make offers,” Ruben Orozco, a real estate agent at RE/MAX Legacy in Sanford, Florida, said in the statement. “Tomo is fast becoming the premier lender when buyers need quick responses with super fast decision making. Homebuyers want a lender that is in their corner building relationships and available when they need answers.”
Tomo’s new jumbo loan product is available in the markets where the company operates. The jumbo loans are available for both 15- and 30-year mortgages, and qualifying buyers can receive loan amounts up to $3 million.
