Another mortgage company is trying to become more of a one-stop shop for homebuyers
Mortgage lender Lower is acquiring real estate portal Movoto and its parent company, OJO Labs, Inman reported. Financial terms of the merger were not disclosed.
The merger will help to create “an end-to-end homeownership platform,” according to a statement put out by the companies on Tuesday.
Movoto users will be able to communicate with local Lower loan officers. Loan originators will be able to connect with homebuyers and local real estate agents.
John Berkowitz, Movoto’s chief executive officer, will make the transition to Lower, becoming its president of real estate as part of Movoto’s integration into the Lower brand. The combined company is expected to employ more than 1,000 people and have offices in Austin and Columbus, Ohio.
Movoto was acquired by the AI company OJO in 2020. Last year, the company rebranded and made Movoto its outward-facing brand while trying to position it as a player in the residential portal wars.
Movoto was one of the five biggest real estate portals last year, according to HousingWire, welcoming more than 150 million visits in 2024.
Lower was founded in 2014 and touts itself as one of the “fastest growing mortgage lenders” in the country. Outside of mortgages, the company also has brokerage and home insurance businesses.
More companies appear to be exploring opportunities to shepherd buyers through every step of the search and purchase process, allowing for more control.
Two months ago, Rocket Companies announced a $1.75 billion deal to acquire Redfin in an attempt to boost its sale-to-mortgage pipeline. The deal is expected to close in the second or third quarter; a shareholder vote is scheduled for the beginning of June, though one investor filed a lawsuit against Redfin, alleging it misled investors about the sale.
Read more
OJO Labs, AI startup, raises $62.5M to buy listing portal
Investor sues Redfin over disclosures for $1.75B sale to Rocket
Rocket Companies acquiring Redfin for $1.75B