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.[1] The company has approximately 175 offices nationwide and has licenses in 50 states.[2] Guaranteed Rate is one of the fastest growing companies in Chicago and funded a record-high $18.1 billion in home loans in 2015, a 46% increase over the $12.4 billion in home loans they funded the previous year.[3][4]
History
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.[5]
In 2013, Guaranteed Rate grew to more than $15.9 billion in residential home loans, an increase of $1.2 billion over 2012.[6][7]
Guaranteed Rate was named to the Chicago Tribune's Top Workplaces list in 2012, 2013, 2014, and 2015.[8] 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.[9]
In February 2014, Guaranteed Rate launched its first national ad campaign, featuring Ty Pennington.[9] The company budgeted up to $10 million for the campaign, growing to as much as $15 million in 2015.[9]
In September 2014, Guaranteed Rate founder Victor Ciardelli was named CEO of The Year by the Illinois Technology Association in the 15th annual ITA CityLIGHTS awards.[10]
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.[11]
In February 2016, Guaranteed Rate ran its first Super Bowl television commercials. The commercials featured Guaranteed Rate's celebrity spokesperson, Ty Pennington, and aired in four separate regional markets: Chicago, Boston, Tampa and Salt Lake City.[12]
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.[13]
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.[14] When this was announced, social media reacted in an overwhelmingly negative way. [15]
Acquisitions
In 2012, Guaranteed Rate acquired Manhattan Mortgage, a residential mortgage brokerage in the New York Metropolitan Area.[16] 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.[17] Ms. Cohn later sued Guaranteed Rate and CEO Victor Ciardelli for breach of contract and fraud among other complaints [18]
In 2014, Guaranteed Rate acquired Sun State Home Loans, Nationwide Direct, and Arbor Mortgage in one deal.[19] In also acquired lender FirsTrust Mortgage in Overland Park, Kansas.[20]
Awards and accolades
- Guaranteed Rate recognized as one of the most successful private companies in the U.S. for a fifth consecutive year by Inc. Magazine[21]
- Guaranteed Rate named a top private U.S. job creator by Inc. Magazine[21]
- Guaranteed Rate ranked as a top workplace by the Chicago Tribune in 2012, 2013, 2014 and 2015[22]
- Guaranteed Rate was named the Lender of the Year by Chicago Agent Magazine[23]
- Founder and CEO, Victor Ciardelli, III was named an Ernst & Young Entrepreneur of the Year Award winner in 2012[24]
- Better Business Bureau A+ Rating[25]
- Guaranteed Rate wins Moxie Award For Best Corporate Digital Innovation 2013 for Guaranteed Rate's Online Mortgage App[26]
References
- ↑ "Guaranteed Rate launches TV ads with Ty Pennington". Crain's Chicago Business. 2014-01-13. Retrieved 2014-01-13.
- ↑ "Find An Office Near You". Guaranteed Rate. 2014-01-13. Retrieved 2014-01-13.
- ↑ "Lender of the Year: Guaranteed Rate". Chicago Agent Magazine. 2016-10-17.
- ↑ "Fast Fifty". Crains Business. Retrieved 2013-06-01.
- ↑ "It's guaranteed — White Sox ballpark changing name to Guaranteed Rate Field". Sporting News. 2016-08-24.
- ↑ "Guaranteed Rate launches TV ads with Ty Pennington". Crain's Chicago Business. 2014-01-13. Retrieved 2014-01-13.
- ↑ "Victor Ciardelli, president and CEO, Guaranteed Rate Inc.". Smart Business. 2012-07-01. Retrieved 2013-02-14.
- ↑ "Chicago Tribune Top Workplaces". Chicago Tribune. Retrieved 2015-11-01.
- 1 2 3 "Yes, that's Ty Pennington in those Guaranteed Rate ads". Crain's Chicago Business. 2014-01-14. Retrieved 2014-10-10.
- ↑ "CEO of the Year, Victor Ciardelli". ITA. Illinois Technology Association. Retrieved 2014-09-19.
- ↑ [Lender of the Year: Guaranteed Rate "Lender of the Year, Guaranteed Rate"] Check
|url=
value (help). Chicago Agent Magazine. 2016-10-17. - ↑ "Ty Pennington in Super Bowl to promote home mortgages instead of makeovers". Biz Journals. 2016-02-01.
- ↑ "Guaranteed Rate ordered to pay $25M in alleged loan diversion scheme". Chicago Tribune. 2016-03-26. Retrieved 2016-03-26.
- ↑ "White Sox changing ballpark name to Guaranteed Rate Field". ESPN. 2016-08-25.
- ↑ "Twitter reaction to new name for White Sox ballpark is swift, full of jokes". Chicago Tribune. 2016-08-24.
- ↑ "Guaranteed Rate purchases Manhattan Mortgage". Housing Wire. 2012-08-30. Retrieved 2013-02-14.
- ↑ "Manhattan Mortgage Company Joins Guaranteed Rate". Guaranteed Rate. 2012-08-28. Retrieved 2013-02-14.
- ↑ COHN v. GUARANTEED RATE INC., Leagle.com, 2015-09-15, retrieved 2013-09-15
- ↑ "Grand Rapids mortgage firm acquired by Guaranteed Rate of Chicago". MLive/Grand Rapids Press. March 3, 2014. Retrieved 2013-10-10.
- ↑ "Guaranteed Rate to Acquire FirsTrust Mortgage in Kansas". Origination News. Jul 8, 2014. Retrieved 2014-10-10.
- 1 2 "Guaranteed Rate Company Profile by Inc. Magazine". Inc. Magazine. 2013-05-15. Retrieved 2013-05-15.
- ↑ "Chicago Tribune Top Places To Work 2012 - Guaranteed Rate". Chicago Tribune. 2012-12-01. Retrieved 2013-05-15.
- ↑ "Lender of the Year Guaranteed Rate". Chicago Agent Magazine. 2011-11-07. Retrieved 2013-05-15.
- ↑ "2012 Midwest Award Winners". Ernst & Young. 2012-06-21. Retrieved 2013-05-15.
- ↑ "BBB Business Review of Guaranteed Rate". Better Business Bureau. 2013-05-15. Retrieved 2013-05-15.
- ↑ "2013 Moxie Award Winners". Built In Chicago. 2013-06-05. Retrieved 2013-09-16.