Opendoor expands mortgage offerings as home loans arm exits beta

In February, Opendoor announced a new mortgage product to a limited group of users, marking a return to home financing. (Opendoor Home Loans, launched in 2019 as part of a broader expansion strategy, was later shut down in 2022 due to higher rates.) Opendoor's leadership said on social media in March that the company locked a mortgage at 4.99%, with promises of below-market interest rates after the company removed its markup. It has sparked debate across the industry about who absorbs the cost and whether the model is sustainable. The company said it lets buyers obtain prequalification in minutes without a hard credit pull, complete a digital application with online income and asset verification, and upload and verify documents online with fewer handoffs through closing. 'Buying a home is two things: the home and the money,' Opendoor CEO Kaz Nejatian said in a statement. 'They're handled by separate systems, with separate incentives and too much avoidable cost. We built Opendoor Home Loans for the way most people buy a home. We can't control the market rate, but we can control the cost and friction around it.' Opendoor is part of a broader push by real estate platforms and large brokerages into mortgage through joint ventures, in-house lenders and technology partnerships. The goal is to keep more economics inside the ecosystem and deliver a more predictable transaction for buyers and sellers. In the second quarter of 2026, Opendoor generated $883 million in revenue, down from the $1.567 billion it reported during Q2 2025. Despite this drop, the company said investors could expect to see at least a 20% annual increase in revenue for the year. In addition, Opendoor reported a net loss of $162 million, up from the $29 million net loss it recorded a year ago.