pilots mortgage, title options

The home buying and selling company is piloting mortgage options in Phoenix pilots mortgage, title options has started piloting mortgage and title features for customers of its online home buying and selling product, according to a report from the Phoenix Business Journal.

According to Eric Wu, co-founder and CEO of the company, Opendoor has been working on its online mortgage feature since the start of year. The San Francisco-based company first launched in Phoenix early in 2015.

Although the company already allows customers to search for and purchase a home through its mobile offering, Wu said customers still find it difficult to finance their purchases. With the mortgage feature, the company is offering customers a simpler process by tying in the financing with the closing and buying process, according to the report.

The company started piloting these new features to Phoenix customers in July. More than 3,500 customers in Phoenix have bought and sold homes through the company.

Through Opendoor Mortgage, customers can close in as little as 15 days, less than the usual 30 to 60 days. The mortgage feature also offers a 1% discount off a purchase through the Opendoor product by crediting the amount toward closing costs.

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