Guaranteed Rate and @properties Enter into Mortgage Origination Joint Venture Agreement
Guaranteed Rate, Inc. ("Guaranteed Rate"), one of the largest independent retail mortgage companies in the United States, and @properties, one of the nation's largest residential brokerage firms, today announced that they have formed a new joint venture, Proper Rate, LLC ("Proper Rate").
The new company, which plans to launch early in 2020, aims to deliver a high-end, customer-focused retail mortgage lending experience. The combined strength of leadership and technology from two of the industry's top companies will drive growth in select markets around the country.
"This is a unique opportunity for us to accelerate growth by working together with one of our most trusted and best-in-class business partners," said Guaranteed Rate Founder and Chief Executive Officer Victor Ciardelli. "Thad [Wong] and Mike [Golden] have built an incredible business over the last two decades and we are thrilled to form this joint venture with them. @properties has a proven track record of creative innovation, seamless operations and strong brand loyalty. We are very much looking forward to introducing Proper Rate to homebuyers in select markets across the U.S."
"We have a vision for an independent mortgage company built around relationships between borrowers, real estate agents, loan originators and other key stakeholders in the real estate transaction. In Victor and Guaranteed Rate, we found a partner that is eager to help us realize this vision while leveraging industry-leading technology, systems and support," said @properties Co-founder and Co-CEO Thad Wong.
@properties Co-founder and Co-CEO Mike Golden said Proper Rate will provide an opportunity to create more efficient transactions for borrowers. "Proper Rate will allow us to more seamlessly integrate the entire real estate transaction, from brokerage to mortgage financing to title and closing services, resulting in a better experience for the consumer and increased value for the real estate agent and loan originator managing the transaction," Golden said.
Proper Rate's loan origination platform will feature a complete digital mortgage, an easy-to-understand, transparent loan process with competitive pricing and unmatched expertise from top-producing loan officers. For more information, visit properrate.com.
About Guaranteed Rate Companies
The Guaranteed Rate Companies, which includes Guaranteed Rate Inc., and Guaranteed Rate Affinity, LLC, has over 5,000 employees in a total of 700 offices across the U.S and will fund $36 billion in 2019. Headquartered in Chicago, Guaranteed Rate Inc. is one of the largest retail mortgage lenders in the United States. Founded in 2000 and licensed in all 50 states and Washington, D.C., it has helped homeowners nationwide with home purchase loans and refinances. The company has established itself as an industry leader by introducing innovative technology, offering low rates and delivering unparalleled customer service. 2017 marked the launch of Guaranteed Rate Affinity, LLC, a mortgage origination joint venture between Guaranteed Rate, Inc. and Realogy Holdings Corp. (NYSE: RLGY), a global leader in residential real estate franchising and brokerage. Collectively, the companies have earned honors and awards including: "Top Lender for Online Service" for 2018 by U.S. News & World Report; No. 3 ranking in Scotsman Guide's Top Retail Mortgage Lenders 2018; Chicago Tribune's Top Workplaces list for seven consecutive years; and Best Online Lender and Best Lender for FHA Streamline Refinance by NerdWallet in 2019. Visit rate.com for more information.
Established in 2000, @properties is the largest residential brokerage firm in the Chicago metro area and one of the largest residential brokerage firm in the United States. @properties has developed a proprietary suite of integrated technology applications called pl@tform™, which includes marketing, transaction-management and client-relationship management systems. @properties has 2,800 agents and 30 offices in Chicago, surrounding suburbs, Southwest Michigan, Northwest Indiana, and Southeast Wisconsin. @properties-affiliated companies include Ansley Atlanta Real Estate, a 200-agent residential brokerage firm in Atlanta, Ga., and Proper Title, an independent title-insurance agency. For more information, visit www.atproperties.com.