After 4 consecutive quarters of decline, Motto Mortgage had 225 open places of work on the finish of 2024, down 8% from final yr’s peak of 246.
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At actual property franchise large RE/MAX’s Motto Mortgage enterprise, the variety of open places of work has fallen to ranges final seen in 2022, after 4 consecutive quarters of decline, the corporate mentioned Wednesday.
Mother or father firm RE/MAX Holdings reported that Motto Mortgage had 225 places of work open on the finish of the yr, an 8% lower from 246 places of work in the identical interval final yr, when the variety of open places of work peaked. Regulatory filing.
Extra dwelling mortgage shops
Supply: RE/MAX Holdings regulatory filings.
Fairly than making loans ourselves, Motto Mortgage offers expertise, coaching and advertising and marketing instruments to franchisors. Every Motto Mortgage franchise is independently owned, operated and licensed by mortgage brokers affiliated with wholesale lenders corresponding to UWM, the nation’s largest mortgage lender.
Franchisees enter right into a seven-year contract immediately with Motto Franchising. 2024 was the primary full yr the corporate up to date its places of work.
eric carlson
RE/MAX CEO Eric Carlson mentioned on a Nov. 1 earnings name that franchise gross sales have been weak and that some current franchises are experiencing “low monetary well being, lack of transaction exercise, or actual property transactions.” It was terminated on the grounds that it was unrelated to the matter.
“Whereas Motto has seen a rise in some layoffs over the previous yr because of macroeconomic modifications, we’re assured that we are going to quickly be capable to start rising the variety of open places of work once more,” Carlson mentioned.
Carlson mentioned September was one of the best gross sales month for the Motto franchise since March 2023, and one of the best month of the yr for RE/MAX’s subsidiary wemlo, which offers third-party mortgage processing companies to mortgage brokers. mentioned.
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