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$Opendoor Technologies Inc(OPEN)$

Written by Tom Willerer

For decades, buying and selling a home has been a complex, time-consuming and broken experience. And once a homebuyer finds the home of their dreams, financing is one of the most complicated and intimidating parts of the home purchase. The process is opaque, time-consuming and filled with uncertainty. That’s what drove our team at Opendoor to build our own mortgage business from scratch. With the launch of Opendoor Home Loans in 2019, our goal was to make financing as simple and frictionless as we’ve made buying and selling a home.

Since then, we’ve expanded Opendoor Home Loans to 26 markets across eight states and helped buyers unlock savings, convenience and certainty through a simpler, more transparent financing experience. But our goal is to become a once-in-a-generation company, which means we never stop. We are relentless about working to improve our products and services for our customers.

Today, I’m thrilled to welcome RedDoor to the Opendoor family, a digital-first mortgage brokerage that will accelerate our roadmap and ability to provide a best-in-class consumer experience.

We first heard about RedDoor from someone at Opendoor who had a fantastic experience working with them—in fact, she called RedDoor “magical.” We immediately reached out to co-founders Heather Harmon and Ali Mackani. Right from the start, it was clear Heather and Ali share similar values, and we were struck by how aligned Opendoor and RedDoor are in the way we operate: putting the customer first, never settling for the status quo, and always with our mission guiding us.

Heather, Ali and the entire RedDoor team have built an experience that delivers convenience, accuracy and speed by working backwards from the customer’s needs, rather than simply digitizing the paper mortgage application as many others in the space have done. What’s truly remarkable is that they’re able to provide pre-approval to applicants in as little as 60 seconds. And they’ve built a uniquely accurate pre-qualification experience that gives buyers and agents certainty about how much the buyer can afford—which provides tremendous value in this competitive market.

For these reasons and many more, I couldn’t be more excited to welcome RedDoor and their talented team to the Opendoor family. With our acquisition, we’ll begin seamlessly integrating the RedDoor product into our buyer experience, and over time with Opendoor Home Loans, to ultimately deliver an improved experience for homebuyers who start their financing journey with Opendoor.

Opendoor Home Loans brought us one step closer to building a one-stop shop where you can buy and sell a home in just a few clicks, and our acquisition of RedDoor is another big step forward. We’ve always believed buyers deserve a better way to win and finance the home of their dreams, and we can’t wait for more Opendoor customers to experience the magical experience this integration will provide.