“I started instantly to notice that there were a multitude of inefficiencies in the process, thinking we could do better as an industry for consumers and do better as an industry, for investors,” he said.
His law practice grew to serve the largest financial institutions in the US, including JP Morgan, Chase, Wells Fargo, the Bank of America and Goldman Sachs, while working closely with the GSEs on mortgage-related issues and the distress market.
He built his first eBay-style auction house in real estate in 2006, and when the market crashed in 2008, it became evident he had made the right business decision.
“There was a disconnect between the mortgage servicers and the consumers, and that just became more evident in the crash – I noticed that there were individual consumers who would like to buy these homes and that there were institutions that would like to liquidate them,” he explained.
But even this wasn’t enough for Albertelli. “I needed to support it with real estate brokers and understand what was going on with a specialized title product I developed, so I created an online real estate brokerage company,” he said.