Compass and Guaranteed Rate team up to announce the launch of OriginPoint
Real Estate Technology Leaders Create New Mortgage Company To Maximize Top Talent By Leveraging Unique Strengths Of Their Platform
NEW YORK and CHICAGO, July 13, 2021 / PRNewswire / – Compass, Inc. (NYSE: COMP), the nation’s largest independent brokerage firm and a leading real estate technology company, and Guaranteed Rate, Inc., the one of the country’s five largest retail mortgage companies, today announced that it has reached a definitive agreement to form OriginPoint, a new mortgage origination company.
Compass and Guaranteed Rate are natural partners – Guaranteed Rate is the premier non-bank lender for Compass agents, and both companies have extensive expertise in the field of jumbo. Once Guaranteed Rate’s digital mortgage platform is fully integrated with Compass’s AI-based software suite, OriginPoint will drive efficiencies at every step of the mortgage process to deliver a real estate experience. faster, smoother and completely transparent home buying and selling. agents, agents and clients.
OriginPoint will create mortgages for clients of the Compass real estate brokerage firm, as well as any other brokerage firm, making the loans available to a wide audience of consumers. The new company will combine the power of Compass’ end-to-end technology platform with the superior digital mortgage capabilities of Guaranteed Rate to rapidly drive growth. OriginPoint will bring together agents directly with loan officers to create a cohesive team that will reduce consumer uncertainty in the home buying process and ultimately lead to much greater customer success and satisfaction.
“Partnership with Compass and Robert reffkin quickly building a top-notch, technology-driven mortgage company is really exciting, ”said Founder and CEO of Guaranteed Rate, Victor Ciardelli, whose companies collectively have the best year in their history, closing more than 60 billion dollars loan volume since early 2021. “With rising interest rates, limited housing supply and slowing refis, now couldn’t be more ideal to hire the best of the best loan officers and sales leaders all across the country. “
The mortgage origination industry presents a multibillion-dollar opportunity for Compass to bring its agent-centric approach and end-to-end technology platform to this critical part of the real estate transaction.
“For the past eight years, Compass has focused on building a business that empowers the best agents across the country, and with OriginPoint, we are creating a direct link between those agents and the best loan officers in the industry. “, said Robert reffkin, founder, CEO of Compass. “Buying a home is the most important emotional and financial decision in most people’s lives and the agent’s role is to make the process as easy as possible. OriginPoint brings together two digitally-driven companies to deliver a mortgage product that provides a seamless and seamless experience for agents and their clients, which ultimately leads to a simpler real estate transaction for everyone involved. “
OriginPoint will be available to all consumers in all markets where Compass operates and OriginPoint is licensed regardless of which brokerage they choose to work with. The new company intends to modernize the real estate transaction process with increased speed and efficiency for loan originators, agents and their clients. Loan originators who join OriginPoint will be able to take advantage of the growth-driving innovations developed by Guaranteed Rate, including its exclusive operational flow, unique products and pricing structure, a true digital mindset that incorporates advances in AI and a cutting-edge MarTech program designed to drive success.
OriginPoint’s creation comes in the midst of another record year for the guaranteed rate, which companies have funded more than $ 73 billion of total loan volume in 2020, and is on track to hit a record high in 2021. Compass is currently home to more than 22,000 agents, serving hundreds of major cities across the country. Over the past year, these officers have conducted approximately 152 billion dollars in residential real estate and made 66% more transactions than the previous year, making Compass the largest independent real estate broker in the country.
For more information, visit: originpoint.com.
Caution regarding forward-looking statements
Statements in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Compass’ current outlook on trends and information existing as of the date of this release. Statements containing words such as “might”, “believe”, “expect”, “intend”, “will” or similar expressions constitute forward-looking statements. These forward-looking statements are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from Compass’s current expectations depending on a number of factors affecting Compass’s business, including, but not limited to, expansion into new markets, existing market conditions, the impact of economic, industrial or general political conditions in United States or internationally, and the risks associated with the impact of the COVID-19 pandemic. The above list of risks and uncertainties is illustrative, but not exhaustive. For more information on other potential factors that could affect Compass’ business and financial results, please see the “Risk Factors” described in Compass Form 10-Q for the quarter ended. March 31, 2021 filed with the Securities and Exchange Commission (the “SEC”) on May 13, 2021, and other documents filed by Compass with the SEC. Except as required by law, Compass assumes no obligation and does not intend to update these forward-looking statements after the date of this release.
About the compass
Founded in 2012, Compass is a leading real estate technology company, providing an end-to-end platform that enables its residential real estate agents to deliver exceptional service to both selling and buying clients. The platform includes an integrated suite of cloud-based software for customer relationship management, marketing, customer service, brokerage services and other critical features, all tailor-made for the real estate industry. Compass agents use the platform to grow their business, save time, and run their business more efficiently. For more information on how Compass empowers Realtors, one of the nation’s largest groups of small business owners, please visit www.compass.com.
About guaranteed rate companies
The Guaranteed Rate is one of the largest retail mortgage lenders in the United States. Based at Chicago, guaranteed rate companies have more than 10,000 employees in more than 850 branches in the United States, serving all 50 states and Washington DC Since its inception in 2000, Guaranteed Rate Companies have helped hundreds of thousands of homeowners obtain home purchase loans and refinances and have funded over $ 73 billion in loans in 2020 alone. The company has established itself as an industry leader by introducing innovative technology, offering low rates and providing unmatched customer service. Honors and awards include: Top Lender for Online Service for 2018 by American News and World Report; Best Mortgage Lender for Online Loans and Best Mortgage Lender for NerdWallet Refinancing for 2021; Wire Housing‘Tech100 2020 Award for the Industry Leading FlashClose SM Technology; No. 3 in the ranking Scots Guide 2021 list of the best retail mortgage lenders; Chicago Agents Magazinethe lender of the year for five consecutive years; and Chicago TribuneList of the best places to work for seven consecutive years. Visit rate.com for more information.
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