Compass And Guaranteed Rate Launch Mortgage Business

Compass CEO Robert Reffkin and Guaranteed Rate CEO Victor Ciardelli

Compass is getting into the digital mortgage origination business.

Three months after its initial public offering, the brokerage on Tuesday launched OriginPoint, a partnership with nonbank lending giant Guaranteed Rate.

In a company-wide email following the announcement, Compass CEO Robert Reffkin said by expanding into the mortgage, title and escrow business, the firm is “nearly doubling our total addressable market.” Reffkin had hinted at the move in May during its first earnings call following the April IPO.

In the email, Reffkin added that the partnership moves closer to “our vision of a truly end-to-end platform — from the first exploratory search to the last e-signature of the closing.”

It enters an increasingly crowded field that includes Tomo, Blend, which streamlines mortgage applications; and Better.com, an online mortgage lender.

One of the largest nonbank…

Read more…