Guaranteed Rate opens new mortgage lending business

by Candyd Mendoza15 Jul 2020

Guaranteed Rate and Illinois-based real estate brokerage firm @properties have announced the launch of a new joint venture, Proper Rate.

The new independent retail mortgage lender opened for business on Monday. Proper Rate harnesses Guaranteed Rate's mortgage technologies, including its digital closing platform FlashClose.

"We are excited to continue our long-standing relationship with @properties to jointly launch Proper Rate," said Victor Ciardelli, president and CEO of Guaranteed Rate Companies and chairman of Proper Rate. "Our goal with this collaboration is to accelerate market growth while ensuring customers have a digital mortgage experience from beginning to end with some of the industry's most talented originators and partners."

The company is now open throughout select regions across the United States and is currently licensed in 15 states. Dan Moran, executive vice president of sales, will spearhead Proper Rate.

"Proper Rate is well-positioned to serve customers and agents as a full-service lender. We're offering trusted expertise, service and technology to deliver a personalized experience," he said.

"Proper Rate allows us to 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," said  Mike Golden, co-founder and co-CEO of @properties.