Mortgage Specialist Lower Acquires U.S. Portal Operator OJO Labs

The U.S. mortgage lender Lower has acquired OJO Labs, including its consumer-facing portal Movoto.The acquisition aims to integrate property search and mortgage services, creating a seamless homeownership experience.

Movoto, which according to a press release is ranked among the top five real estate portals in the U.S., earns lead referral fees, subscription fees from agents using its technology platforms and acts as a full-service brokerage in its own right. OJO Labs, its parent company, has been recognized for leveraging artificial intelligence to enhance the home buying process.

John Berkowitz, CEO of OJO Labs, emphasized the strategic alignment, stating, "By focusing on how technology empowers local connections, we can deliver better service to the consumer and build a business that generates far more profit per visitor."

Commenting on the deal, Dan Snyder, CEO and Co-Founder of Lower said:

"The future of our industry lies in blending the best technology with the irreplaceable expertise of local agents and loan officers. Movoto is the perfect platform to accelerate this vision, allowing us to create a simpler, smarter path to homeownership.  Acquiring Movoto strengthens our position as the challenger platform, enhancing our ability to deliver the best localized and personalized service and capture significant market share."

The acquisition reflects a broader trend in the U.S. real estate marketplace industry, where companies aim to offer comprehensive services under one brand umbrella.

While Zillow has championed its 'super app' approach for several years now, the push to offer more services ramped up with the mortgage lender Rocket's recent announcement of its acquisition of Redfin, a major real estate brokerage, for $1.75 billion. The deal is expected to integrate Redfin's property listings with Rocket's mortgage offerings, streamlining the homebuying process.

Lower now joins the ranks of full-stack real estate players, with this acquisition positioning it as both lead generator and loan originator.