# Tomo Mortgage

> Tomo Mortgage is a New York-based nonbank lender founded by former Zillow executives Greg Schwartz and Carey Armstrong. It combines public rate shopping, fee-free loan origination, digital verification, automated underwriting workflows, and human loan guidance to sell purchase and refinance mortgages to US homebuyers. Its story is unusually instructive: a record-sized seed round bought the company speed, the 2022 mortgage downturn forced an early reset, and a tighter cost structure later became the basis for lower advertised rates and a return to growth.

- **Founded:** 2020
- **Headquarters:** New York, United States
- **Founders:** Greg Schwartz (Co-founder and CEO), Carey Armstrong (Co-founder)
- **Team size:** Approximately 290 employees in the supplied company record; LinkedIn lists 201-500 employees
- **Products:** Purchase mortgages, Digital verification and underwriting, AI home search and Negotiation Insights, TrueRate, Mortgage refinancing
- **Notable:** Raised $130 million in publicly announced equity financing from 2020 through 2025., Reached a reported $640 million valuation in March 2022., Named Bankrate's top online mortgage lender for 2025.

## Products & services

- **Purchase mortgages** — Digital conventional, FHA, VA, and jumbo home loans with online rates, underwritten preapproval, human advisors, and no Tomo lender fees.
- **Digital verification and underwriting** — Account linking through Mastercard Open Banking and Finicity verifies assets, income, and employment while automated workflows reduce manual document chasing.
- **AI home search and Negotiation Insights** — Natural-language property search plus seller-equity and mortgage context intended to help shoppers discover homes and prepare offers.
- **TrueRate** — A free comparison tool using historical data from hundreds of thousands of loans across more than 1,000 lenders to estimate an appropriate rate for a shopper's scenario.
- **Mortgage refinancing** — Rate-and-term and cash-out refinancing with no lender fees, digital verification, and a stated average closing time of 21 days.

## Achievements

- Raised $130 million in publicly announced equity financing from 2020 through 2025.
- Reached a reported $640 million valuation in March 2022.
- Named Bankrate's top online mortgage lender for 2025.
- Reported 98% on-time closings for its first 1,000 customers, compared with a company-cited 40% industry benchmark.
- Reported approximately $2 million saved in lender fees for its first 1,000 homebuyers.
- Reported 3.5x year-over-year mortgage volume growth during 2024.
- Launched TrueRate in 2025 using loan data spanning more than 1,000 lenders.
- Expanded from 31 states including Washington, DC in early 2025 to more than 40 licensed jurisdictions by 2026.

## Latest updates

- **2026-02** — Public disclosures list Tomo Mortgage as a licensed direct lender in more than 40 states and Washington, DC, with its main office in New York City.
- **2026-01** — Tomo publicly markets purchase and refinance products, including conventional, FHA, VA, jumbo, rate-and-term, and cash-out options.
- **2025-05** — Launched TrueRate, a free AI-assisted mortgage rate comparison tool built on historical loan data from more than 1,000 lenders.
- **2025-03** — Raised a $20 million Series B, added Progressive Insurance and Citi Ventures as investors, and announced the headquarters move to New York City.
- **2025-02** — Tomo announced that Bankrate ranked it first among online mortgage lenders for 2025.

## Links

- Website: https://tomo.com
- LinkedIn: https://www.linkedin.com/company/tomonetworks
- Twitter/X: https://twitter.com/tomonetworksinc
- YouTube: https://www.youtube.com/@tomomortgage
- Instagram: https://www.instagram.com/tomo_mortgage
- Facebook: https://www.facebook.com/Tomo-101907108761806

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Profile page: https://yespress.io/tomo-mortgage
Published by YesPress — https://yespress.io
Last updated: 2026-08-21