Company Research Report: Tomo Mortgage
Company Overview
- Name: Tomo Mortgage, LLC
- Mission: Tomo Mortgage aims to transform the home-buying experience by creating a customer-centric, streamlined process. Their mission is to ensure that the joys of a new home are never overshadowed by the hassle of buying one.
- Founded: 2021
- Founders: Greg Schwartz
- Key People:
- Greg Schwartz, CEO & Co-Founder
- Audrey Troutt, CTO
- Headquarters: 2200 Atlantic Street, 5th Floor, Stamford, CT 06902, with an additional presence in Seattle, WA.
- Number of Employees: No information is available.
- Revenue: No information is available.
- Known For: Tomo Mortgage is recognized for re-engineering the mortgage process to make it more customer-friendly and efficient. They are noted for offering competitive rates, transparency, and a focus on on-time closing.
Products
- Mortgage Services:
- High-Level Description: Tomo Mortgage offers digital mortgage solutions designed to streamline and simplify the home-buying process. They provide services that emphasize ease of use, transparency, and personalized customer support.
- Key Features:
- Underwritten Pre-Approval: Allows potential homebuyers to get pre-approval with minimal paperwork by securely syncing their accounts.
- Price Match: Offers a price match guarantee, ensuring customers receive competitive rates without lender fees.
- On-Time Closing: Prioritizes closing on time, maintaining a strong track record of 98% on-time closings compared to the industry average of 40%.
- Adjustable Application Process: Enables users to adjust their applications anytime, offering control and flexibility in the home-buying process.
Recent Developments
- New Features and Services:
- Tomo Mortgage introduced guaranteed digital mortgages, aimed at providing regular customers the ability to compete with all-cash investors in the housing market.
- Launched an appraisal coverage guarantee to address appraisal gaps, supporting buyers in ensuring their transactions proceed smoothly.
- Expansion:
- As of January 2022, Tomo doubled its operational footprint, reaching a quarter of the U.S.
- Expanded services to include Georgia and North Carolina as of May 2022, incrementing their states of operation.
- Financial Milestones:
- Secured $40 million in funding at a $640 million valuation by March 2022.
- In June 2021, completed a $70 million seed round of funding to digitize the mortgage process.
- Partnerships:
- Tomo Mortgage is supported by significant backing from investors such as Ribbit Capital, DST Global, NFX, SVB Capital, and Zigg Capital.
For further information, press inquiries can be directed to news@tomonetworks.com. Customer support can be reached at (737) 510-2523 or mortgageteam@hellotomo.com.
