Guaranteed rate and compass create a new mortgage company


Guaranteed rate retail mortgage lender and national housing broker Compass announced on Tuesday that they had entered into an agreement to create a new mortgage company.

The new firm, called OriginPoint, is integrating Guaranteed Rate digital mortgage capabilities with Compass’s cloud-based software, allowing Compass customers, as well as other brokerages, to connect with loan officers. The combined venture aims to optimize home purchases and mortgage issuance process… Entering the lending market is a new endeavor for New York-based Compass, which started as a public company earlier this year.

“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,” said Robert Reffkin, CEO , chairman of the board of directors of Compass and founder.

The Guaranteed Rate Company and the Chicago-based Compass Company operate in giant house market, whose lending volume has increased in recent months.

“With rising interest rates, limited housing supply and a slowing pace of refurbishment, now is the perfect time to hire the best of the best of the leading loan officers and sales executives across the country,” said Victor Ciardelli, Guaranteed Rate Founder and CEO. Interest rate guaranteed companies funded more than $ 73 billion in loans last year and has already closed over $ 60 billion in 2021.

OriginPoint will be available in over 50 metropolitan areas across the country with both Compass and Guaranteed Rate. Serving in selected markets is slated to begin later this year with a dedicated lending team. Borrowers can use OriginPoint independently of the brokerage that sells their home. Loan organizers joining OriginPoint will be able to leverage the tools, products and pricing structure developed by Rate Guarantee.

The agreement marks the last major guaranteed rate deal this year. In January, the lender acquired Stearns Holdingsopening the door for a Guaranteed Rate to go into a brokerage / wholesale business.

It’s also been a busy year for Compass (COMP), co-founded by Reffkin in 2012. The company reported $ 1.1 billion in revenue in the first quarter, up 80% from a year earlier, but also recorded a net loss of $ 212.4 million, including a $ 149 million one-time fee associated with her IPO. Compass began trading on the New York Stock Exchange on April 1, opening above the $ 21.25 bid price. But in the following months, the share price fell more than 30%, reaching $ 13.65 on July 12.

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