Guaranteed Rate’s PowerVP mobile app aims to enhance loan originators’ ability to keep in constant contact with customers anywhere, at any given time — 24/7.
The PowerVP app will create new loans; invite customers to complete a digital mortgage; send a one-click conditional approval letter; lock in rates; obtain real-time pricing and run a credit report, the company said in a release.
“It’s now entirely possible for us to qualify buyers for their dream home by the time they leave the open house. Agents submitting an offer at 8:30pm? Our sales team can get the pre-approval out at 8:35, away from their desks, all within this robust tool that will help them hustle smarter for our partners and deliver contract winning speed to our amazing customers,” Guaranteed Rate’s president & CEO Victor Ciardelli, said in a prepared statement.
The Chicago, Illinois-headquartered lender has more than 850 branches across the country and is licensed in 50 states and Washington, D.C.
The lender originated $10.6 billion in the second quarter, up from the previous quarter’s $7 billion — totaling $17.6 billion in the first six months of 2023, according to data from Inside Mortgage Finance.
Production volume in the first half of this year was down about 47% from the same period in 2022. As of June 2023, Guaranteed Rate had a 2.5% market share, IMF data showed.
In a shrinking mortgage market, the lender had two layoffs in August that affected tech staff as well as non-tech workers including loan originators, former employees who were affected told HousingWire.
The company had 2,149 sponsored LOs as of Thursday, according to the National Multistate Licensing System (NMLS).
Recent products launched by Guaranteed Rate include a down payment assistance program in July. G-Rate will provide 2% of the required 3% minimum down payment for a conventional loan or up to $2,000 — whichever is lower.