Independent brokerage and real estate technology company, Compass Inc., and retail mortgage company, Guaranteed Rate, announced their decision to form OriginPoint, a new mortgage origination company.
“Over the past eight years Compass has been laser-focused on building a company that empowers top agents across the country, and with OriginPoint we're creating a direct connection between these agents and the top loan officers in the industry,” said Robert Reffkin, founder, chairman and CEO of Compass.
Compass and Guaranteed Rate seem to integrate quite naturally. As the number one non-bank lender for Compass agents, Guaranteed Rate makes an excellent partner in streamlining their mortgage process. Both companies also happen to have expertise in the jumbo space. The combination of Guaranteed Rate’s digital mortgage platform and Compass' suite of AI-driven cloud-based software, OriginPoint will create efficiencies throughout every step in the mortgage process.
"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 CEO, Victor Ciardelli. He also stated that Guaranteed companies are having their best year ever, closing more than $60 billion in loan volume since the start of 2021.
OriginPoint will originate mortgages for Compass' brokerage clients, as well as any other brokerage. The main goal of the technology is to unite agents with loan officers to create a cohesive team that will reduce consumer uncertainty in the homebuying process.
Ciardelli added, "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."
OriginPoint will be available to all consumers where Compass operates and OriginPoint is licensed, regardless of what brokerage they choose to work with.
Reffkin also stated, “Buying a home is the most emotionally and financially significant decision of most people's lives and the role of the agent is to make the process as stress-free as possible. OriginPoint brings together two digital-first companies to deliver a mortgage product that provides a seamless and transparent experience for agents and their clients, which ultimately leads to a simpler real estate transaction for everyone involved.”
Guaranteed companies funded more than $73 billion of total loan volume in 2020, and are on pace to have a record 2021. Last year, Compass agents transacted approximately $152 billion in residential real estate and completed 66% more transactions than they did the year before.
For more information about OriginPoint, please visit originpoint.com.
