PRESS RELEASE

Same Day Mortgage: OriginPoint Delivers a Loan Approval in Less than 24 Hours

March 24, 2023

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 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, visit: originpoint.com.

About OriginPoint

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”).