Offerpad is now a licensed mortgage broker in 3 states

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Offerpad closed its 2017 joint venture with CreditDepot and now operates as a licensed mortgage broker in Alabama, Arizona and Colorado.

Offerpad, the pioneering iBuyer that expanded its services last year to include Listing service “Flex” provided by its own real estate agents, is now in the mortgage brokerage business.

Offerpad has closed joint venture established in 2017 with CreditDepot, and currently works as a licensed mortgage broker in Alabama, Arizona and Colorado. According to the consumer access portal of the National Multi-State Licensing System (NMLS), the new mortgage brokerage business Offerpad. Offerpad Mortgage LLC, was formed in December 2020 and has four mortgage loan sponsors.

Joint venture of the company with CreditDepot, Offerpad Home Loans, had branches in Chandler, Arizona, and Dallas, and was licensed in six states: Arizona, Florida, Georgia, North Carolina, South Carolina, and Texas. These licenses were surrendered voluntarily in October 2020, according to NMLS Consumer Access.

In its latest annual investor report, CreditDepot reported that net income from joint ventures fell 19 percent in 2020 to $ 10.4 million after the sale and closure of the two joint ventures in 2019. three new joint ventures with homebuilders from December and the other from Farmers Bureau Bank This Month

Offerpad did not immediately respond to a request for comment. But the company’s mortgage site, OfferpadHomeLoans.com, says Offerpad Mortgage, is “rapidly spreading across the country” and will soon be available in other states.

IN May 28 prospect For investors in the upcoming public offering, Offerpad said it intends to provide “additional value-added services in the future, including in-house mortgage solutions that we have historically offered through Offerpad Home Loans, our online mortgage lender, which is currently moving to more traditional brokerage model ”.

The company said its “main goal” is to be able to offer multiple services related to real estate transactions “which in the future may include standalone renovation services, energy efficiency solutions, smart home technologies, insurance, relocation services and a guarantee. housing services, all with the aim of becoming a unique solution for real estate transactions. “

Offerpad announced in March its plans to go public through a merger with a Special Acquisition Company (SPAC) created by the former CEO of Zillow and co-founder Spencer Ruskoff

The company announced plans last week enter four new markets by the end of the year: Columbus, Ohio; Kansas City and St. Louis, Missouri; and Columbia, South Carolina, which the company said will enable it to provide services in nearly 1,500 cities across the country.

As Offerpad’s mortgage-based business model matures, it will face competition from other companies seeking to provide “end-to-end” services.

Lower, a home finance platform launched in 2018 as an AI-powered smart mortgage provider, now provides comprehensive brokerage and real estate insurance through a group of companies. The Columbus, Ohio-based company began hiring employees following the announcement of Series A funding of US $ 100 million raise last week.

Also this month, Seattle-based Flyhomes, a pioneer in the end-to-end home buying model, announced $ 150 Million Series C which it will use to expand its current markets in Seattle, the San Francisco Bay Area, Los Angeles, San Diego, Portland and Boston.

Email Matt Carter



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