Proper Rate launches after 'fire hose' of loan volume from coronavirus

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Proper Rate, a nascent mortgage lender, launched its loan originations process after the coronavirus pushed back the initial start date.

The joint venture between Guaranteed Rate — one of the country's largest retail lenders — and @properties — one of the country's largest residential brokerage firms — was announced in late October 2019 with plans to start originations in early 2020.

But then the pandemic happened and interest rates fell dramatically, bringing on an influx of refinances.

Proper Rate founders from left to right: Mike Golden, Victor Ciardelli and Thad Wong.

"We were so busy it was like drinking out of a fire hose, with how much volume was coming in," Victor Ciardelli, president and CEO of Proper Rate and Guaranteed Rate, said in an interview. "We said, 'let's get organized' and make sure we launch this with the proper attention with everybody working on it. The last thing we wanted to think about was starting this. And @properties felt the same way so we mutually decided to hold off."

As more time passed, moving parts settled into place. Ciardelli, along with co-founders — and @properties co-CEOs — Mike Golden and Thad Wong, picked a date 30 days out on the calendar and shot for it, Ciardelli explained.

This cooperative between lender and brokerage provides consumers with an end-to-end digital mortgage experience, representatives said. Proper Rate offers about 2,800 agents from @properties and leverages Guaranteed Rate's FlashClose remote closing technology.

"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,” Golden said in a press release.

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Digital mortgages Fintech E-signature Coronavirus Mobile technology Guaranteed Rate Digital Mortgage 2020 Technology