After four consecutive quarters of decline, Motto Mortgage had 225 open offices at the end of 2024, down 8% from last year’s peak of 246.
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At real estate franchise giant RE/MAX’s Motto Mortgage business, the number of open offices has fallen to levels last seen in 2022, after four consecutive quarters of decline, the company said Wednesday.
Parent company RE/MAX Holdings reported that Motto Mortgage had 225 offices open at the end of the year, an 8% decrease from 246 offices in the same period last year, when the number of open offices peaked. Regulatory filing.
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Source: RE/MAX Holdings regulatory filings.
Rather than making loans ourselves, Motto Mortgage provides technology, training and marketing tools to franchisors. Each Motto Mortgage franchise is independently owned, operated and licensed by mortgage brokers affiliated with wholesale lenders such as UWM, the nation’s largest mortgage lender.
Franchisees enter into a seven-year contract directly with Motto Franchising. 2024 was the first full year the company updated its offices.
eric carlson
RE/MAX CEO Eric Carlson said on a Nov. 1 earnings call that franchise sales have been weak and that some existing franchises are experiencing “low financial health, lack of transaction activity, or real estate transactions.” It was terminated on the grounds that it was unrelated to the matter.
“While Motto has seen an increase in some layoffs over the past year due to macroeconomic changes, we are confident that we will soon be able to begin increasing the number of open offices again,” Carlson said.
Carlson said September was the best sales month for the Motto franchise since March 2023, and the best month of the year for RE/MAX subsidiary wemlo, which provides third-party loan processing services to mortgage brokers. said.
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