Two of the largest leaders in the real estate market are joining forces to form a new mortgage origination company.
Compass Inc. and Guaranteed Rate announced Tuesday that they entered an agreement to form OriginPoint, utilizing each company’s breadth of knowledge and expertise. OriginPoint will combine Compass’ end-to-end technology platform with Guaranteed Rate’s digital mortgage capabilities to quickly drive growth.
Guaranteed Rate’s digital mortgage platform will be fully integrated into Compass’ suite of AI-driven, cloud-based software to allow OriginPoint to “drive efficiencies throughout every step of the mortgage process to bring a faster, more seamless and completely transparent homebuying and selling experience to loan officers, agents and clients,” according to a joint company release.
OriginPoint will originate mortgages for clients of Compass’ real estate brokerage, and those of any other brokerage and help agents and loan officers work together to lessen the uncertainty clients face in the homebuying process. The new company also seeks to modernize the real estate transaction process by increasing speed and efficiency for loan originators, agents and their clients.
“Partnering with Compass and Robert Reffkin to rapidly build a best-in-class, tech-focused mortgage company is really exciting,” said Guaranteed Rate Founder and Chief Executive Officer Victor Ciardelli in a release. “With interest rates creeping up, limited housing supply and refis slowing down, right now couldn’t be a more perfect time to hire the best of the best of the top loan officers and sales leaders throughout the country.”