Guaranteed Rate buys out partner in mortgage joint venture

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Guaranteed Rate Inc. will become the sole owner of Premia Relocation Mortgage LLC after reaching an agreement to buy out its partner in the joint venture, relocation and moving services provider Sirva Worldwide Inc., for an undisclosed sum.

Based in Troy Michigan, Premia employs 22 sponsored mortgage loan originators working out of four branch locations, according to Nationwide Mortgage Licensing System (NMLS).

Nina Arnaiz

“With this change in place, we can provide our customers with an even wider range of products and specialized services,” Premia president Nina Arnaiz said in a statement. “The increased investment in technology and additional resources [Guaranteed Rate] brings will enhance and strengthen an already established foundation.”

Chicago-based Guaranteed Rate, which acquired Stearns Lending in 2021, boasts 2,275 sponsored loan originators who work at 485 branches, according to the NMLS. Guaranteed Rate’s joint venture with real estate franchise giant Anywhere Real Estate, Guaranteed Rate Affinity LLC, employs another 577 mortgage loan originators at 286 branches.

Victor Ciardelli

“Welcoming Premia fully into our family turbo charges the abilities of both companies to deliver world-class services to help our customers access groundbreaking technology, streamlined service, and an overall best-in-class experience, whatever their needs may be,” said Guaranteed Rate founder and CEO Victor Ciardelli III, in a statement.

Premia Mortgage claims that its “DigitalMove” technology eases the process of relocating, providing electronic verification of employment, income and assets; appraisal wavers for qualifying borrowers; and “anytime-access” during the approval process.

Sirva, whose brands include Allied, northAmerican, Global Van Lines, Alliance and SMARTBOX, completed a merger with BGRS last year to create a company with 4,000 employees at 77 locations worldwide.

Sirva had previously been in negotiations with Anywhere (known as Realogy at the time) to acquire its relocation business, Cartus, for $400 million. The companies reached a confidential settlement in 2020 after the deal failed to close.

Sirva also offers home loans through Independence, Ohio-based subsidiary SIRVA Mortgage Inc., which employs 25 sponsored mortgage loan originators working out of five branch locations, according to NMLS records.

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• Source: https://www.inman.com/2023/07/05/gauranteed-rate-buys-out-partner-in-mortgage-joint-venture-premia/