Compass Inc. Breaks Into The Billion Dollar Mortgage Industry With Guaranteed Rate, Inc.
On Tuesday, July 13, the two companies announced that they were teaming up to create a mortgage technology company called OriginPoint. The business is committed to providing a faster, smoother and more transparent buying and selling process for loan officers, agents and clients, according to executives at Compass and Guaranteed Rate.
“With rising interest rates, limited housing supply and a slowdown in refinancing, now is the perfect time to hire the best of the best of leading loan officers and sales executives across the country,” Guaranteed Rate founder and CEO Victor Chiardelli said in a statement.
The Chicago-based company is one of the five largest retail mortgage lenders in the country. The guaranteed rate goes in a record year after funding more than $ 73 billion of total loans in 2020.
The Guaranteed Rate will combine its digital platform with the Compass AI-powered cloud software suite to drive efficiencies across all stages of the mortgage process.
Compass indicated that the venture will combine agents with loan officers to reduce consumer uncertainty in the home buying process.
“Buying a home is the most emotionally and financially significant decision in most people’s lives, and the agent’s role is to make the process as stress-free as possible,” Compass founder and CEO Robert Reffkin said in a statement. “OriginPoint brings together two digital-focused companies to provide a mortgage product that provides a seamless and transparent experience for agents and their clients, ultimately leading to a simplified real estate transaction for all involved.”
Compass employs over 22,000 agents in hundreds of cities across the country. The collaboration began a few months after a brokerage firm from New York entered the New York stock exchange…
Compass reportedly raised $ 1.1 billion since IPO launch May first quarter report– revenue growth by 80% compared to the same period last year.
OriginPoint will provide mortgage loans to Compass clients and clients of other brokerage firms. The services will be available to consumers in all markets in which Compass operates.
Loan organizers joining OriginPoint will benefit from Guaranteed Rate’s growth-driving innovations.
This is an evolving story. Keep for updates.
Jordan Grice is an Assistant Online Editor for RISMedia. Send him your real estate news ideas to firstname.lastname@example.org…