In-house mortgage arm coming to @properties, courtesy of Guaranteed Rate
There’s a new mortgage lender in town, and its name is Proper Rate. Guaranteed Rate and @properties are combining forces to create the new firm, scheduled to launch in the first quarter of 2020.
The new company will help @properties offer a one-stop-shop experience to homebuyers who opt to choose Proper Rate as their lender, according to the brokerage’s co-CEO and cofounder, Mike Golden. “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,” he said in a press release announcing the move.
Guaranteed Rate founder and CEO Victor Ciardelli will lead around 20 to 30 loan officers at the firm. The main purpose of Proper Rate will be to provide financing for @properties’ customers, though the companies note that loan officers there will also serve buyers who aren’t already customers of the Chicago-based brokerage.
Ciardelli told Crain’s Chicago Business that around 10 Guaranteed Rate loan officers will move over to the new firm next year and that the two mortgage companies will technically be competitors in the mortgage space. Crain’s also reported that Proper Rate will be mostly focused on the Chicago market, but will also seek licenses in Wisconsin, Michigan, Indiana, Georgia, Iowa, California, Arizona, Missouri, Texas, Tennessee, Florida, Colorado, North Carolina and South Carolina in addition to Illinois. The inclusion of Georgia plays well with @properties recently announced partnership with independent brokerage Ansley Atlanta.
In keeping with both companies focus on technology, Proper Rate will offer “a complete digital mortgage” experience. Thad Wong, @properties’ co-CEO and cofounder, said the partnership fits well into the brokerage’s overall strategic plan.
“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,” said Wong. “We found a partner that is eager to help us realize this vision while leveraging industry-leading technology, systems and support.”
New leadership at eXp
Last week, cloud brokerage eXp announced two moves: a new CEO and a new face in charge of expansion. Jason Gesing, who was most recently the executive vice president of business development for eXp World Holdings, will be the firm’s new CEO. Gesing replaces eXp World Holdings CEO, Chairman and Founder Glenn Sanford, which Sanford characterized as a move that will allow him to focus on the overall parent company.
“Jason has been an invaluable part of eXp since almost the beginning 10 years ago,” Sanford said. “As I step up to work on the long-term sustainability of the overall parent company, I couldn’t be more excited and pleased to entrust our amazing agents and staff to Jason and the eXp Realty leadership team. We now have the right team in place to steward and grow the company in the right direction.”
The brokerage also announced that it hired Joe Han to lead expansion into new U.S. markets and lead the transition process for brokerages joining eXp. Han came to eXp from the California-based NRT firm, Climb Real Estate, and has also served prominent roles at Keller Williams, the Asian Real Estate Association of America and the Silicon Valley Association of Realtors.