General World News

OpenDoor acquisition can preapprove applicants in 1 minute

Instant homebuyer Opendoor has acquired “tech”-focused mortgage brokerage RedDoor, the companies announced Friday.

The purchase comes amid questions of whether iBuying is a viable business model following Zillow’s announcement Tuesday that the company is winding down its iBuying arm.

Founded in 2018 and headquartered in Sacramento, RedDoor calls itself a “digital first mortgage brokerage” that can preapprove a loan applicant “within 60 seconds,” likely what was appealing to the iBuyer.

The company has funded over $200 million in mortgages and partners with over 70 lenders, according to its website. RedDoor will be rebranded to become part of Opendoor.

An Opendoor details ⇒

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