Guaranteed Rate Inc., one of the largest independent retail mortgage companies in the U.S., and @properties, one of the nation's largest residential brokerage firms, have formed a new joint venture, Proper Rate LLC.
The new company, which plans to launch early in 2020, intends to deliver a high-end, customer-focused retail mortgage lending experience and drive growth in select markets around the country.
"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," Guaranteed Rate Founder and CEO Victor Ciardelli said in a statement. "Thad [Wong] and Mike [Golden] have built an incredible business over the last two decades and we are thrilled to form this joint venture with them. @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."
@properties Co-Founder and Co-CEO Thad Wong added: "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. 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.”
Guaranteed Rate Cos., which includes Guaranteed Rate Inc., and Guaranteed Rate Affinity LLC, has over 5,000 employees in a total of 700 offices across the U.S.
Photo: Proper Rate founders (left to right): Mike Golden, Victor Ciardelli and Thad Wong.