Guaranteed Rate Seeks To Increase Market Share With New Joint Venture, Proper Rate, Launched Today

Good LLC rate, a new independent retail mortgage lender, launched its services today.

What’s remarkable about the lender is that it is actually a joint venture of two established players – Guaranteed rate and @ Properties. The couple announced their plans for the company last October, which aims to “provide buyers and homeowners with personalized loan services.”

Chicago-based Proper Rate says that because of its parent companies, it can offer “all the perks of a great lender” while providing the more personalized feel of a boutique business.

The company will offer loans to buyers in certain areas of the United States, including those represented by the 2,800 agents of @properties. The company, which currently holds a license in 15 states, is also seeking a license in Arizona, California and Virginia.

According to Proper Rate Chairman Victor Ciardelli, the joint venture will operate operationally the same as the Guaranteed Rate, but will now partner with @properties to provide services to its agents.

Ciardelli, who is president and CEO of Guaranteed Rate Companies, said the goal is to ensure consumers “have a digital mortgage experience from start to finish with some of the world’s most talented originators and partners. sector ”.

With this new structure, he said he expected the company to be able to hire more credit bureaus than in the past.

“We expect greater market share opportunity and penetration as a result,” Ciardelli added.

Thanks to the developed FlashClose Proper Rate technology, borrowers will be able to conclude loans by signing most documents remotely.

“We have the ability to do electronic fencing with most of our lenders, not all of them,” Ciardelli told HousingWire. “In a worst-case scenario, all documents can be signed by a borrower on closing morning in an electronic signature format, with only five needing to be signed wet. ”

This has been particularly important in the aftermath of the pandemic, as his team’s volume is up 100% since the start of the year compared to the same period in 2019.

Mortgage industry veteran Dan Moran, Executive Vice President of Sales, will lead the new lender’s team of loan officers.

Proper Rate is licensed in the following 15 states: Colorado, Florida, Georgia, Illinois, Iowa, Indiana, Michigan, Minnesota, Missouri, North Carolina, Ohio, South Carolina, Texas, Tennessee, and Wisconsin.

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