Proper Rate LLC, a new independent retail mortgage lender, launched its services today.
What’s notable about the lender is that it’s actually a joint venture of two established players – Guaranteed Rate and @properties. The pair announced last October their plans for the company, which aims to “offer home buyers and owners personalized lending services.”
Chicago-based Proper Rate says that because of its parent companies, it can deliver “all of the advantages of a big lender” while offering the more personalized feel of a boutique firm.
The company will offer loans to buyers in select regions across the U.S., including those represented by @properties’ 2,800 agents. The company, which is currently licensed in 15 states, is also seeking licensing in Arizona, California and Virginia.
According to Proper Rate chairman Victor Ciardelli, the joint venture will function operationally very much like Guaranteed Rate, but will now be running in partnership with @properties to provide services to its agents.
Ciardelli, who serves as president and CEO of Guaranteed Rate Companies, said the goal is to make sure consumers “have a digital mortgage experience from beginning to end with some of the industry’s most talented originators and partners.”
With this new structure, he said he anticipates the company will be able to hire more loan offices than it has in the past.
“We expect a greater market share opportunity and penetration as a result,” Ciardelli added.
Via the FlashClose technology Proper Rate developed, borrowers will be able to close on loans signing most documents remotely.
“We have the ability to do e-closings with most of our lenders, not all,” Ciardelli told HousingWire. “Worst-case scenario, all documents can be signed by a borrower on the morning of closing in an e-signature format with just five needing to be wet signed.”
This has been particularly important in the wake of the pandemic, as his team’s volume is up 100% year to date compared to the same timeframe 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.