RetroRate funding round will fuel assumable mortgage tool set

“There is enough of this (assumable loan) volume out there, and we really proved that to ourselves by pulling this data together,” he said. “What we’re trying to do is basically build an assumable loan tool set and process automation around this old, archaic process that no one seems to know how to do anymore.

“The goal is, ‘Can we make assumable just like other financing types?’”

The funding round was led by Swiss Ventures, with participation from Eniac, Cooley Ventures, Keshif Ventures, Interlock Capital, Launch Factory and ArkusNexus.

Bringing back a ‘lost art’

Assumable mortgages — where a buyer can take over the seller’s existing mortgage, often at a lower interest rate — were more common decades ago but have since fallen out of the mainstream….