Chicago-based Guaranteed Rate, one of the nation's largest mortgage lenders, is rebranding to “Rate.” The company made the announcement on social media on Monday.
“Today, we are rebranding as Rate,” the company posted on LinkedIn. “Like our simplified name, we're focused on using AI to empower both customers and loan officers to make the mortgage process smoother, faster and smarter. This isn't just a new name. It's a new era.”
Guaranteed Rate was the ninth-largest mortgage lender in the United States last year, according to data from Scotsman Guide. The company originated more than 59,000 loans, totaling $21.7 billion. It expects total originations to reach $7 billion in the first quarter of 2024, according to more recent data from Inside Mortgage Finance.
The company also announced Monday that it had hired Chris Knapp as president of Proper Rate, a joint venture between the company and real estate brokerage @properties. Knapp worked at Guaranteed Rate for 11 years before moving on to Cross Country Mortgage, Draper & Kramer Mortgage Corp. and Wintrust Mortgage.
The Chicago Tribune recently ran an investigation into the company in which several former employees alleged that CEO Victor Ciardelli fostered a toxic work environment that included verbal abuse, misogyny and bullying – allegations the company denies.
In May, the financial institution announced an expansion of community engagement initiatives aimed at promoting homeownership in underserved areas as well as a focus on retaining a diverse workforce. In April, it made two more key executive appointments, promoting CJ Rose to executive vice president of growth and acquisitions and hiring Chris Hutchens as North Carolina production region manager and senior vice president of mortgage lending.