Compass and Guarantee Rate Launch Mortgage Business

Compass and Guarantee Rate Launch Mortgage Business

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Compass CEO Robert Trefkin and Guaranteed Rate CEO Victor Ciadelli

Compass is entering the digital mortgage origination business.

3 months later Initial public offeringOn Tuesday, a brokerage firm launched OriginPoint, a partnership with a major non-bank lender. Guarantee rate..

In a company-wide email after the announcement, Compass CEO Robert Trefkin said that by expanding into mortgage, ownership and escrow businesses, he “almost doubles the entire addressable market.” ..Rifkin had Implied relocation in May The first financial results are being announced after the April IPO.

In an email, Rifkin added that the partnership is approaching “a true end-to-end platform vision-from the first exploratory search to the last digital signature of the closing.”

It enters an increasingly crowded area, including Tomo, Blend, streamline mortgage applications. And Better.com, an online mortgage lender.

Guaranteed Rate, one of the country’s largest non-bank mortgages, said last year the total mortgages exceeded $ 73 billion and this year it has created more than $ 60 billion. increase.

Victor Ciadelli, CEO of Guaranteed Rate, said the partnership will help the company quickly build a “technology-focused mortgage company.”

OriginPoint will operate in all compass markets, including 47 as of May. Although there were few details about the new business, Guaranteed Rate’s digital mortgage platform will move to the compass platform and will be available to other brokerage firms. The compass did not immediately respond to the request for comment.

The stock price of the compass Plunge Since its initial public offering, it rose 26 cents in the morning trading to $ 13.84 in response to today’s news and then fell to $ 13.40 at noon in the east.

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