What Is Own Up? A Look at the Mortgage Marketplace

Own Up is a mortgage technology company that streamlines the process of securing home financing for consumers. It functions as a digital marketplace, connecting individuals with a network of lenders. The company aims to provide clarity and efficiency in the mortgage shopping experience.

Understanding Own Up’s Core Offering

Own Up operates as a mortgage marketplace, connecting consumers with a network of lenders. It offers personalized mortgage rate comparisons and efficient lender matching. It also provides advice to help users navigate financing options, fostering transparency.

The platform facilitates various mortgage products, including home purchase and refinancing mortgages. Consumers can explore options for fixed-rate or adjustable-rate mortgages, as well as government-backed programs such as FHA and VA loans. Financing is available for diverse property types, including single-family homes, condominiums, townhouses, and multi-unit investment properties. Own Up helps consumers secure competitive terms, with customers reportedly saving an average of $27,000 to $28,000 over the loan’s lifetime.

Navigating the Own Up Platform

Consumers begin by creating a free personal profile, which takes about five minutes. This step is secure and does not require a Social Security Number or a hard credit inquiry, as the platform only performs a soft credit check.

After setting up a profile and providing basic financial and property details, users compare personalized mortgage offers from Own Up’s partner lenders. The platform also connects users with a dedicated home advisor, who provides guidance throughout the mortgage process. Own Up offers tools like an automated pre-approval letter generator. Once an offer is selected, users apply directly with the chosen lender, as Own Up does not originate loans.

Own Up’s Operational Approach

Own Up maintains its service to consumers by operating on a unique business model that involves its network of lenders. The company partners with an exclusive group of retail lenders, which undergo a rigorous screening process to meet specific service standards. This approach ensures that consumers are matched with reputable and financially secure mortgage companies.

The company generates revenue through referral fees paid by these participating lenders. Specifically, Own Up charges lenders a flat fee of 0.40% of the loan amount, which is only paid after the loan successfully closes. This fee structure means that the service is entirely free for consumers, as they are not charged directly for using the platform. This fee is notably lower than the typical commission lenders pay their own salespeople, which can be around 1.0% to 1.04% of the loan amount, allowing lenders to pass on savings to borrowers through better rates and closing costs.

Own Up leverages technology, including AI-driven algorithms and data analytics, to efficiently match users with suitable mortgage offers. This technological backbone enhances the platform’s ability to pre-qualify customers and accurately connect them with optimal lenders. The company emphasizes its commitment to data security and privacy, implementing technical and organizational measures to protect user information. These measures include encrypting personally identifiable information and undergoing annual SOC 2 Type II attestation reports to ensure secure systems and processes.