Opendoor Returns To Mortgages With Beta Launch

iBuyer Opendoor is rolling out a new mortgage product to a limited group of users, marking a return to home financing.

CEO Kaz Nejatian told analysts during the company’s earnings call on Thursday that the product was developed internally in less than 10 weeks.

“Early in January, we took four engineers aside, and we asked them to work on our mortgage product,” Nejatian said. “We built a mortgage product in less than 10 weeks. People told me it would take at least a year.” 

The launch represents a renewed push into financial services after the company announced Opendoor Home Loans in 2019 as part of a broader expansion strategy. Opendoor later shut down the division in 2022 as rising interest rates pressured the housing market and the firm’s balance sheet.

In January 2023, Columbus, Ohio-based lender Lower rolled out a mortgage-as-a-service platform that enables consumer finance, banking and real estate companies to offer its mortgage products. Opendoor was the first mortgage platform customer. 

The beta rollout comes as Opendoor reported a $1.3 billion net loss in 2025. 

Nejatian said he is “very bullish” on the new mortgage offering but cautioned that refinement will take time. “It’s gonna take us a second to get all the right things, because that’s how products work,” he said. 

On adoption rates, he acknowledged uncertainty, saying he has a “hypothesis, but not a good answer” on how many Opendoor buyers or sellers will use the in-house mortgage product.

“I’ve done this a couple of times, but we’re going to underpromise and overdeliver here,” Nejatian said. 

Nejatian also indicated the company’s rebuilt mortgage technology stack could be extended to partners, particularly homebuilders. “We’re building a new stack with the help of some partners, and it will be more finely tuned to people who own assets they’re selling than a typical mortgage stack,” he said.

The mortgage relaunch is part of a strategic plan Nejatian outlined, which includes expanding into financial services and driving the company to break even on adjusted net income over a 12-month forward basis. He has pledged that Opendoor will reach that breakeven target by the end of 2026.

Operationally, the company’s volumes declined in 2025. Homes sold fell by 1,802 year over year to 11,791, while purchases dropped by 6,443 homes to 8,241 for the full year.