Morty — Local services in New York

I will preface this with the fact the rates and terms they have access to make it worth the shortcomings.

That said, there is absolutely a reason their pool of prospective borrowers is so small.

Our deal involved a purchase first and a closed sale a few weeks later. Despite meeting all of the criteria with plenty of room to spare (as our combined DTI was well within standard guidelines accounting for both properties), the deal was initially structured in such a way to minimize the effort required by the Morty side. As such, despite repeated requests to address potential pitfalls (i.e. a delay in the sale of the original property), we had to do an 11th hour rush to structure the deal in the way it realistically should have been done in the first place.

The deal did get done and I'll reiterate that, while a hassle, it was a hassle that lasted for roughly 30 days on a mortgage that could theoretically last 30 years.

Regardless of rate and term, the one bright spot with the actual process itself was the closing coordinator Noah Cosentino who brought everything to the finish line with the level of respect and care that could have/should have been shown throughout. This easily saved a star on this review.

If you are prepared to essentially assist in the underwriting of your own loan, there's a lot to like here. In an environment where rates are rising rapidly, the terms were phenomenal. Essentially, it's the story of a FinTech in a nutshell-- the race to the bottom in terms of pricing is a major boon to the consumer. The service level to get there is where corners are cut.

Editing to add based on the response below: wholeheartedly disagree with the characterization that it was out of Morty's control. Text exchanges with the mortgage rep say completely otherwise and shifting responsibility to the lender is disingenuous at best. Not every transaction is going to be perfect. You can hold yourselves accountable and still make for a worthwhile experience. Your future borrowers deserve better than that kind...

Worst mortgage experience I ever had. My mortgage office was Paige and she was horrible at communication and really hard to get hold of. Problems started when the condo we were buying needed flood insurance, as a mortgage broker I was expecting Morty to guide the condo association through the process and tell them what was needed to satisfy the lender requirement. Instead of all this, she made the process more difficult by miscommunication and me and my agent had to call the lender directly and the condo insurance company to get this resolved. Towards the end, we got a copy of the final disclosure along with the NY rate lock agreement with lock ending on 11/18 whereas according to the initial NY rate lock our lock was till 11/26. when I inquired Paige told me it was because of some title document and Lender lawyers were in touch with our attorney to resolve this. I emailed all the parties involved to ask what was this document missing and it turned out the title company had already sent the document to the lender's lawyer and Paige was not aware of it. This is another example of how incompetent they are. On the final day of closing as well, their lawyers delayed the money transfer and almost derailed the closing. I will never use them again and will never advise...

I competed FOUR different mortgage companies against each other and nobody was budging on the rates or the "Origination fees" or all the other hidden fees. Then Rebekah from Morty contacted me after I had filed a pre-approval with them and she explained how Morty is different as a mortgage broker (I had been dealing with 4 different Lenders) because they shop for the best deal for you! Boy did they deliver. I competed them against all 4 lenders (I have excellent credit) and suddenly all these companies started changing their rates to match Morty (but nobody could actually beat them). I'm SOLD on Morty. They followed me all the way to closing and their online stage-by-stage guide was very easy to understand and I could do 100% by online signature....