Exclusive program adds power to homebuyer
offers with unimaginable speed
CHICAGO, March 24,
2023 /PRNewswire/ -- OriginPoint, a joint
venture between Guaranteed Rate and Compass Real Estate, today
announced the launch of Same Day
Mortgage,1 delivering a loan approval in less than
24 hours. The launch expands upon OriginPoint's commitment to
deliver a seamless and cutting-edge financing process to borrowers.
This program first rolled out to a select group of OriginPoint and
Guaranteed Rate customers in 2022, resulting in $1.1 billion in closed loan volume. Today,
OriginPoint launches Same Day Mortgage nationwide to get buyers
into homes quickly and effortlessly.
![OriginPoint logo OriginPoint logo](https://mma.prnewswire.com/media/2040216/OriginPoint_Lg_1___1_Logo.jpg)
"OriginPoint is known for leading the charge toward
transformative change in the mortgage industry. From the start, we
have had an unwavering commitment to blowing up the traditional
slow play, overly complicated home financing process, rife with old
school methodologies," said James
Elliott, President and Chief Executive Officer of
OriginPoint. "Same Day Mortgage is the culmination of those
efforts. In today's busy world, people expect a fast and easy
experience. Using industry leading technology and a hyper efficient
process, OriginPoint's Same Day Mortgage is built to exceed our
customers' expectations. It's a true game changer!"
First-time homebuyers are at a real disadvantage in today's
housing market, especially when going up against all-cash buyers
who make up 28% of home purchases†. Same Day Mortgage
levels the playing field, giving everyone the big advantage cash
buyers enjoy—speed.
Real estate agents also benefit from the power of Same Day
Mortgage. With the spring selling season upon us and inventory near
all-time lows, Same Day Mortgage is an essential tool for a buyer
and agent to expedite successful closings in what could turn out to
be a seller's market. When buyers use Same Day Mortgage, along with
PowerBid Approval, OriginPoint's fully underwritten
pre-approval letter, their offers compete aggressively with
all-cash buyers.
Not only will Same Day Mortgage help more borrowers get the home
they want, they can also earn a $250
discount just for submitting required documentation in eight hours.
To receive this credit, buyers simply access their account through
OriginPoint's Digital Mortgage platform, electronically sign the
initial application package, and then upload requested
documentation on the same day. After this information is submitted,
OriginPoint validates income, collateral, assets, and credit before
issuing approval to close. With Same Day Mortgage, buyers can close
in as little as 10 days.
To date, Guaranteed Rate Companies have delivered more than
3,300 one-day approvals totaling $1.1B; all while maintaining a Net Promoter Score
(NPS) of 97 since the launch of the program. This year, conforming
loan limits have been raised to as high as $1,089,300, allowing even more prospective
consumers to purchase the home of their dreams.
To learn more, please visit OriginPoint.com.
About Origin Point
OriginPoint, a joint venture between Guaranteed Rate, Inc., and
Compass Inc. (NYSE: COMP), is an independent retail mortgage
company that provides personalized lending services and access to
the most competitive low rates through an elite team of the
industry's top mortgage professionals. OriginPoint is a digitally
driven enterprise designed to accelerate growth by continuing to
modernize the real estate transaction process through increased
speed and efficiency for loan originators, agents and customers. By
connecting the top loan officers and best real estate agents using
the most innovative technology platforms, this national mortgage
company is focused on the customer's ultimate success and
satisfaction. To learn more, visit www.originpoint.com.
About Guaranteed Rate
Guaranteed Rate is a leader in mortgage lending and digital
financial services. Headquartered in Chicago, the Guaranteed Rate Companies have
over 850 branches across the U.S., serving all 50 states and
Washington, D.C. Since its launch
in 2000, Guaranteed Rate Companies have helped more than 1 million
homeowners with home purchase loans and refinances, with a total
loan volume of more than $116 billion
in 2021 alone. The company has cemented itself as an industry
leader by introducing innovative technology, offering low rates and
delivering unparalleled customer service. Honors and awards
include: Top Lender for Online Service for 2018 by U.S. News &
World Report; Best Mortgage Lender for Online Loans and Best
Mortgage Lender for Refinancing by NerdWallet for 2021;
HousingWire's Tech100 award for the company's industry-leading
FlashClose℠ in 2020, digital mortgage platform MyAccount in 2022,
and Language Access Program in 2023; No. 2 ranking in Scotsman
Guide's 2022 list of Top Retail Mortgage Lenders; Chicago Agent
Magazine's Lender of the Year for seven consecutive years; and
Chicago Tribune's Top Workplaces list for seven consecutive years.
Visit rate.com for more information.
About Compass
Compass is the #1 independent real estate brokerage in the
country. With its suite of AI-driven cloud-based software, Compass
is a real estate company with a purpose: to help everyone find
their place in the world.
1Same Day Mortgage Terms and
Conditions
1. OriginPoint ("Lender") is offering qualified customers who
complete an application for a Mortgage Loan and successfully
provide the Required Documents (as defined below) within 8 hours of
locking a rate (the "Required Tasks Completion Period") for their
mortgage loan (the "Mortgage Loan"), the eligibility to receive a
loan approval on their Mortgage Loan within 1 business day (the
"Offer"). For purposes of this offer, documents provided after
1 pm local time or on a weekend or
company holiday will be deemed submitted the next business
day.
2. In addition, qualified customers who successfully provide
the Required Documents within the Required Tasks Completion Period
will receive $250 in the form of a
lender closing cost credit to be applied to reduce the closing
costs of their Mortgage Loan (the "Discount").
3. The Offer
a. To be eligible for the Offer,
qualified customers are required to upload all documents requested
by Lender to Lender's online portal (known as "MyAccount") within
the Required Tasks Completion Period. These documents include, but
are not limited, to the following:
i. Pay
stubs;
ii. W2s;
iii. bank statements (including
any applicable investment and retirement statements);
iv.
A copy of a complete purchase agreement for the subject property of
their Mortgage Loan; and
v. If applicable, proof of
disability awards, social security income, retirement earnings, or
pension income statements (collectively, the "Required
Documents").
The Required Documents may differ based on a qualified
customer's financial condition and all applicable Mortgage Loan
requirements (including applicable credit and underwriting
guidelines). Customers must provide all Required Documents within
the Required Tasks Completion Period to be eligible for the Offer.
In cases of multiple applicants for the same Mortgage Loan, all
applicants must submit the Required Documents within the Required
Tasks Completion Period to be eligible for the Offer. The Offer is
non-transferable.
b. In addition, to be eligible
for the Offer, qualified customers must:
i. Be a U.S.
citizen, permanent resident or non-permanent resident (certain visa
categories only) purchasing or refinancing a primary residence
located in a state where Lender is licensed to originate mortgage
loans;
ii. Be a W-2 employee or an individual on fixed
income (e.g., pension, social security, or disability income); iii.
Not be a fee simple owner or be in the process of becoming a fee
simple owner of any additional real property (i.e., must not have,
or be in the process of obtaining, all of the rights of ownership,
including the right to possess, sell, lease, and enjoy the land) in
any state, other than the contemplated subject property associated
with their Mortgage Loan; provided, however, a fee simple owner of
solely a primary residence in which the owner is currently in the
process of selling such primary residence shall be eligible for the
Offer;
iv. Meet the requirements to lock a rate;
vi. Provide proof of any required down
payment funds.
c. The Offer is limited to conventional or
conforming mortgage loans to be used for the purchase or refinance
of a primary residence for single family and planned unit
development (PUD) properties.
d. This offer is not
available in the states of KY, WV, NY Co-Op/CEMA, and on refinances
in TX.
e. The use of self-employment income to meet
the debt-to-income ("DTI") requirements of a Mortgage Loan will
render a customer ineligible for the Offer.
f. Lender
does not guarantee that by qualifying to become eligible for the
Offer that a customer will receive a loan approval. Upon qualifying
for the Offer, Lender will use commercially reasonable efforts
consistent with mortgage industry practices to provide a customer
with a loan approval within 1 business day of customer providing
the Required Documents within the Required Tasks Completion Period.
In addition, Lender does not guarantee that all customers who
provide the Required Documents within the Required Tasks Completion
period will ultimately be approved for a loan. Eligibility will be
based on the customer's satisfaction of all applicable credit and
underwriting guidelines. Additional information and documentation
may be required depending on the circumstances. In addition, the
issuance of a loan approval does not mean that the customer will
receive a loan on the date the approval is issued. Loan approval
may be conditional. Customer must satisfy all conditions to
approval within the time specified and successfully complete the
closing process. Changes to a customer's financial condition,
employment or credit history may nullify the loan approval.
4. The Discount.
a. Upon qualifying for the
Discount, Lender will include the Discount in the final closing
costs due at the closing of the Mortgage Loan. The Discount can
only be applied once per Mortgage Loan. The Discount may not be
combined with any other Lender promotions, discounts, or
concessions.
b. Lender reserves the right to
provide a customer with the Discount in the event that the customer
fails to provide the Required Documents within the Required Tasks
Completion Period.
5. The Offer and Discount are subject to all applicable state
laws.
6. Lender is an Equal Housing Lender. As prohibited by
federal law, we do not engage in business practices that
discriminate on the basis of race, color, religion, national
origin, sex, marital status, age (provided you have the capacity to
enter into a binding contract), because all or part of your income
may be derived from any public assistance program, or because you
have, in good faith, exercised any right under the Consumer Credit
Protection Act. The federal agency that administers our compliance
with these federal laws is the Federal Trade Commission, Equal
Credit Opportunity, Washington,
DC, 20580.
7. The Offer only applies to customers who apply for a
Mortgage Loan after the effective date of this Offer, which is the
date these Terms and Conditions are published on the Lender's
website. The Offer is not intended to apply retroactively to
existing loan applications.
8. LENDER RESERVES THE RIGHT TO MODIFY OR DISCONTINUE
PRODUCTS, PROMOTIONS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Rates
and Terms are subject to change at any time without notice and are
subject to state restrictions.
†:
https://www.nar.realtor/newsroom/existing-home-sales-receded-1-5-in-december
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SOURCE OriginPoint