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Mortgage

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New company will be called Proper Rate

Guaranteed Rate is already part of a joint venture with one of the nation’s largest real estate companies, with Guaranteed Rate Affinity marketing mortgages across the Realogy family of real estate companies, but Guaranteed Rate isn’t slowing down.

The company announced this week that is partnering with @properties, one of the biggest real estate brokerages in the Midwest, to launch a new mortgage lending joint venture.

The new company, which is set to launch in early 2020, will be called Proper Rate.

According to the companies, the new mortgage company will “deliver a high-end, customer-focused retail mortgage lending experience.”

@properties has 2,800 agents and 30 offices in Chicago, surrounding suburbs, and Southwest Michigan, Northwest Indiana, and Southeast Wisconsin. The company bills itself as the “largest residential brokerage firm in the Chicago metro area.”

And now, @properties real estate agents will be able to offer a mortgage experience powered by Guaranteed Rate.

“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,” @properties Co-founder and Co-CEO Thad Wong said. “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.”

Wong’s partner as co-founder and co-CEO, Mike Golden, said that the move will help the brokerage customers and agents alike.

“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.

According to the companies, Proper Rate’s loan origination platform will feature a “complete digital mortgage, an easy-to-understand, transparent loan process with competitive pricing” and expertise from loan officers.

“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 and Mike have built an incredible business over the last two decades and we are thrilled to form this joint venture with them,” Ciardelli added. “@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.”

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