Chicago-based Guaranteed Rate, one of the country’s largest mortgage lenders, has rebranded to Rate. The company made the announcement Monday on social media.
“Today, we’re rebranding as Rate,” the company posted on LinkedIn. “Just like our streamlined name, we’re committed to making the mortgage process smoother, faster and smarter, using AI to empower both customers and loan officers alike. It’s more than a new name. It’s a new era.”
According to data from Scotsman Guide, Guaranteed Rate was the ninth-largest U.S. mortgage lender last year. It originated more than 59,000 loans for a total volume of $21.7 billion. More recent data from Inside Mortgage Finance shows a total origination volume of $7 billion in first-quarter 2024.
Also on Monday, the company announced the hiring of Chris Knapp as president of Proper Rate, a joint venture between the lender and real estate brokerage @properties. Knapp previously spent 11 years with Guaranteed Rate before moving to CrossCountry Mortgage, Draper & Kramer Mortgage Corp. and Wintrust Mortgage.
In May, the lender announced an expansion of its Community Engagement Initiative that aims to promote homeownership in underserved communities along with a focus on retaining a diverse group of employees. In April, it made two other key executive appointments by promoting CJ Rose to executive vice president of growth and acquisition and hiring Chris Hutchens as producing area manager for North Carolina and senior vice president of mortgage lending.
The Chicago Tribune recently published an investigation of the company in which a number of former employees allege that CEO Victor Ciardelli fostered a toxic work environment. The company has denied the allegations.