Guaranteed Rate
 |
|
| Private | |
| Industry | Mortgage |
| Founded | 2000 |
| Founder | Victor Ciardelli |
| Headquarters | Chicago, Illinois, United States |
|
Number of locations
|
175 |
| Products | Mortgage |
|
Number of employees
|
3,000 |
| Website | www.guaranteedrate.com |
Guaranteed Rate Inc., is a U.S. residential mortgage company, headquartered in Chicago, Illinois. Founded in 2000 by Victor Ciardelli, the company employs approximately 3,000 and was ranked as the 8th largest lender in 2015. The company has approximately 175 offices nationwide and has licenses in 50 states. In 2013, Guaranteed Rate was listed as one of the fastest growing companies in Chicago. In 2015, they funded $18 billion in home loans in 2015.
Guaranteed Rate was founded in Chicago in 2000 by Victor F Ciardelli III. The company is now a top 10 retail mortgage lender with approximately 3,000 employees in 175 offices across all 50 states. Guaranteed Rate has funded over $100 billion in home loans since inception and over $18 billion in 2016.
In 2013, Guaranteed Rate grew to more than $15.9 billion in residential home loans, an increase of $1.2 billion over 2012.
Guaranteed Rate was named to the Chicago Tribune's Top Workplaces list in 2012, 2013, 2014, and 2015. The company is rated 3.2 (out of 5) on Glassdoor.com and has an employee turnover rate of 50%.
Guaranteed Rate was the 10th-largest retail mortgage lender in the country in the first nine months of 2013 while in 2012, it was 12th.
In February 2014, Guaranteed Rate launched its first national ad campaign, featuring Ty Pennington. The company budgeted up to $10 million for the campaign, growing to as much as $15 million in 2015.
In 2015, Guaranteed Rate became the 8th largest retail mortgage lender with volume of more than $18 billion in home loans and was named Lender of the Year by Chicago Agent magazine.
In March 2016, Guaranteed Rate and one of its loan officers was found guilty in California of diverting loans from Mount Olympus Mortgage, and ordered to pay $25 million in damages to the Irvine, California-based company. Guaranteed Rate denied any involvement and is pursuing appeal.
In May 2016, Guaranteed Rate bought the URL Rate.com for $725,000.
In August 2016, the Chicago White Sox announced a 13-year naming rights agreement with Guaranteed Rate to rename their stadium to Guaranteed Rate Field beginning November 1, 2016. When this was announced, social media reacted in an overwhelmingly negative way.
In 2012, Guaranteed Rate acquired Manhattan Mortgage, a residential mortgage brokerage in the New York Metropolitan Area. Founded in 1985 by Melissa L. Cohn, the company employed more than 100 home loan professionals and originated loans in New York, Vermont, Massachusetts, Connecticut, Florida and New Jersey. Cohn later sued Guaranteed Rate and CEO Victor Ciardelli for breach of contract and fraud among other complaints.
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