Cloud-based real estate brokerage eXp Realty has announced that it is forming a majority-owned mortgage company. Mortgage veterans Timothy Mulvehill and Victor Butschek are lined up to be president and vice-president of the new subsidiary. The cloud-based brokerage business operates in 31 states in the US and parts of Canada including Calgary and Toronto.

The firm is now seeking to secure up to U$500,000 as working capital for its mortgage company via a convertible debenture. Timothy Mulvehill told CNN: "There is complete alignment in the belief that the mortgage company EXPI intends to build can redefine the opportunities available to reputable, credible, service-oriented and compliance-minded mortgage professionals to build their businesses and demonstrate their commitment to the highest standards of practice."

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