Lower, a digital mortgage lender, is set to acquire Movoto, a real estate search portal, from parent company OJO Labs.
This acquisition is part of Lower’s strategy to build an end-to-end homeownership platform. It will leverage Movoto’s digital reach of over 150 million visits in 2024 to connect consumers with local agents and Lower’s network of 478 sponsored loan officers across 76 branches. The financial terms of the deal have not been disclosed.
Key Leadership Changes:
- John Berkowitz, CEO of Movoto, will join Lower as President of Real Estate.
- Adam Wiener, President of Lower since January 2025 and former President of Real Estate Services at Redfin, will lead technology, marketing, data science, and direct-to-consumer sales.
Read on for the highlights.
The Strategic Vision Behind the Move
Lower aims to create a seamless real estate experience by integrating Movoto’s digital platform with its lending solutions.
Dan Snyder, CEO and co-founder of Lower, explains:
“The future of our industry lies in blending the best technology with the irreplaceable expertise of local agents and loan officers. 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.”
Movoto’s connection to local agents will now be directly paired with Lower’s loan officers, enhancing consumer experience from search to closing.
Berkowitz puts it this way:
“The bigger portals touch almost everyone online but fail to help those customers through the whole process. 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.”
Competitive Landscape
This move mirrors Rocket Companies’ acquisition of Redfin for $1.75 billion earlier this year, signaling a trend towards mortgage lenders expanding into real estate portals to offer full-service homebuying experiences.
According to Chris Heller, President of OJO Labs, Movoto has been “battling giants” for years, and this partnership with Lower provides the platform with a stronger foothold in the market. Heller told HousingWire they’d talked to multiple mortgage lenders, but found Lower’s vision and culture most compatible with their own.
Integration Plans
Movoto will continue to operate as Movoto.com, but, according to Snyder’s statement, “immediately after closing, the teams will integrate Movoto into the Lower brand.”
The combined company will have over 1,000 employees with offices in Columbus, OH and Austin, TX.
Movoto’s significant market share will be leveraged to connect real estate agents with Lower’s lending platform, creating a “simpler, smarter path to homeownership,” according to Adam Wiener.
Stay tuned for updates as the story develops.
