Chicago based guaranteed rateTop 10 US mortgage lenders acquired Sirwa’s shares on premia relocation mortgage and is now wholly owned by the business, the companies announced Friday. Financial terms of the transaction were not disclosed.
Thank you for reading this post, don't forget to subscribe!Premia, which provides relocation mortgage service for employees moving across the country or to other countries, has a digital platform called DigitalMove. according to the mortgage data company modexMichigan-based Premia has three branches, 21 active loan officers, and originated approximately $670 million in mortgages over the past 12 months.
“With this change, we can offer our customers a wider range of products and specialized services,” Victor Ciardelli, Founder and CEO of Guaranteed Rate, said in a statement. “The increased investment in technology and additional resources brought by GRI will enhance and strengthen the foundation already established.”
Premia production represents a small fraction of G-Rate’s origination volume, which is set to reach $7 billion in the first three months of 2023. This fell 58.8% compared to the same period last year, but was enough to place the guaranteed rate as the sixth largest. By Mortgage Lenders in the Country inside mortgage finance (IMF).
Guaranteed Rate inherited Premia, a joint venture with Sirva, when it acquired the multi-channel lender stearns holdings The $20 billion lender was brought in for an undisclosed sum in January 2021, giving the company direct access to a wholesale channel, a network of talented underwriters and compliance specialists, and several highly profitable joint ventures.
A year after the acquisition, G-Rate closed the Stearns Wholesale Channel and laid off hundreds of employees. In a letter to brokers about closing the Stearns Wholesale channel, Ciardelli wrote that the company has decided to focus on leveraging its “industry-leading buying platform augmented by the best loan officers in the business.”
In May 2023, G-rate adopted the technology company gatelessSmart underwriting solution that aims to significantly reduce the time and effort involved in the origination process, potentially leading to faster, if not instant, borrower approval.
Earlier, the company had expanded its program of loan approval within 24 hours across the country. Named the “Same Day Mortgage”, the lender said it aims to give a competitive edge to first-time buyers, who account for 28% of home purchases competing against cash-buyers.
