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

Rhea-AI Summary

OriginPoint, a joint venture between Guaranteed Rate and Compass, has launched Same Day Mortgage, providing loan approvals in under 24 hours. This program aims to streamline the home-buying experience, especially benefiting first-time buyers competing against cash offers, which comprise 28% of home purchases. The initial rollout in 2022 generated $1.1 billion in closed loans. With Same Day Mortgage, buyers can receive a $250 discount for submitting documentation quickly and can close in as little as 10 days. Guaranteed Rate has maintained an impressive Net Promoter Score of 97 since this initiative's inception.

Positive

• Launch of Same Day Mortgage increases loan approval speed to less than 24 hours.
• $1.1 billion in closed loan volume recorded from the program since 2022.
• First-time homebuyer advantage against all-cash offers, which account for 28% of home purchases.
• $250 discount offered for timely documentation submission.
• Guaranteed Rate's Net Promoter Score maintained at 97 since launch.

Negative

• None.

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 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

FAQ

What is the Same Day Mortgage program launched by OriginPoint?

The Same Day Mortgage program allows homebuyers to receive loan approvals in less than 24 hours.

When was the Same Day Mortgage program first introduced?

The program was first rolled out to select customers in 2022.

How much loan volume has Same Day Mortgage generated?

The program has generated $1.1 billion in closed loan volume to date.

What benefits does Same Day Mortgage offer to homebuyers?

It accelerates the mortgage process, giving homebuyers a competitive edge against cash offers and includes a $250 discount for timely document submission.

What is the expected closing time with Same Day Mortgage?

Buyers can close their loans in as little as 10 days.