Real estate franchisor Re/Max Holdings Inc. is getting into the mortgage brokering business. It is launching Motto Mortgage, which will also be a franchise operation.
The company noted the decline in the market share of originations done by mortgage brokers since 2006 when the subprime market started to implode. But that is why Re/Max said it was entering the business.
"We obsess about ways to improve the real estate experience for the consumer. Mortgage brokers bring choice and service to the consumer and Motto Mortgage will work to expand the market share of mortgage brokers and bring better mortgage choice and service to consumers as a result," Re/Max CEO and Chairman Dave Liniger said
Ward Morrison is the president of Motto Mortgage. He has been with Re/Max for 11 years, most recently as vice president, region operations and business opportunities.
"Our priorities will be educating, training and supporting our franchisees so that they can provide exemplary customer service to their clients. It's the one-stop shop homebuyers want and the experience they will soon come to expect," Morrison said.
Motto Franchising is based in Denver, and will now begin actively selling franchises in certain markets.