According to the company website, it is licensed to do business in Arizona, California, Colorado, Nevada and Tennessee. While it’s unclear from the regulatory filing, it appears the 51 layoffs constitute the bulk of the remaining workforce at Interactive Mortgage. A LinkedIn-generated growth analysis shows the employee count had dropped 9% in the past six months from a high of around 80.
Extrapolating from its website, the company appears to be part of the “push button, get mortgage” revolution. “We understand home ownership is a journey,” the website reads. “The financing shouldn’t be,” the text continues under the company slogan “Faster, Smarter, Simply Better” illustrated with an image of a person using a cell phone in securing financing. “Start your refinance online and move at your own pace through the process,” the site reads. “If you want help, it’s only a click away.”
The company boasts further of its interactive model: “And while the rest of the mortgage industry is still chasing after the question of how to give today’s modern borrower what they want, Interactive Mortgage has already provided the answer with our online do-it-yourself homeowner-controlled loan process.”
Two years after its 2014 founding, the company ran afoul of Washington regulations related to its product promotion. In an Oct. 13, 2016, proceeding, the Washington Department of Financial Institutions of Consumer Services accused the company of unfair or deceptive practices centered on statements or representations related to “…rates, points or other financing terms for a residential mortgage loan,” regulators wrote.
At the time of the order, Winnpointe was licensed by the Washington State Department of Financial Institutions to conduct business as a consumer loan company. The state’s complaint directive centered around the use of direct mail solicitation and internet advertising.