After four consecutive quarters of decline, Motto Mortgage had 225 open offices by the end of 2024, down 8 percent from last year’s peak of 246.
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RE/MAX’s Motto Mortgage business saw its number of open offices drop to levels last seen in 2022 following four consecutive quarters of declines, the company revealed Wednesday.
There were 225 Motto Mortgage offices doing business at the end of the year, down 8 percent from a year ago when the number of open offices reached 246, parent company RE/MAX Holdings Inc. said. reported in a Jan. 1 regulatory filing. 8.
Motto Mortgage office count
Source: RE/MAX Holdings regulatory filing.
Motto Mortgage does not make loans itself but provides expertise, training and marketing tools to franchisors. Each Motto Mortgage franchise is independently owned, operated and licensed by mortgage brokers working with major lenders such as UWM, the nation’s largest lender.
Franchisees sign seven-year agreements directly with Motto Franchising; 2024 was the first full year the company had offices to renew.
Erik Carlson
Franchise sales have declined and several existing franchises have ended “due to their financial condition, lack of purchasing activity or lack of connection to real estate transactions,” RE/MAX CEO Erik Carlson said in the company’s Nov. 1 earnings call.
“Although the motto of Motto saw that some of these programs were increased last year as the macro economy changed, we believe that we will be able to increase this number again soon,” said Carlson.
Carlson said September was the best month for Motto franchise sales since March 2023 and that RE/MAX subsidiary Wemlo, which provides loan processing services to real estate agents, also had its best month of the year.
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