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Compass is expanding its real estate business by adding a mortgage arm. Compass and Guaranteed Rate Inc., a retail mortgage company, announced this week that they will form OriginPoint, a new mortgage origination firm.
Compass, known for its technology offerings in real estate, seeks to bring more technology to the mortgage side of the real estate transaction by offering faster, more seamless, and transparent homebuying and homeselling experiences to loan officers, real estate agents, and clients.
“With interest rates creeping up, limited housing supply, and refis slowing down, right now couldn’t be a more perfect time to hire … loan officers and sales leaders throughout the country,” said Victor Ciardelli, founder and CEO of Guaranteed Rate. Guaranteed Rate has closed more than $60 billion in loan volume since the beginning of 2021.
OriginPoint will originate mortgages for clients of Compass’ real estate brokerage and other brokerages. OriginPoint “will directly unite agents with loan officers to create a cohesive team that will reduce consumer uncertainty in the homebuying process and ultimately lead to much greater customer success and satisfaction,” Compass said in a press release.
The mortgage origination industry offers a multibillion-dollar opportunity for Compass. OriginPoint will be available in every market where Compass operates.
“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,” said Robert Refkin, founder and CEO of Compass. “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.”