Sep
09

Chicago Mortage Company Becomes a Top Lender

September 09, 2012

guaranteed rate expanding Guaranteed Rate, a mortgage lending company based in Chicago’s North Center neighborhood, is doubling its size. The company serves the markets for real estate in Chicago and real estate nationwide.

The company was launched by Victor Ciardelli III during the dot-com boom in 2000. Since then, Guaranteed Rate has provided more than $35 billion in home loans and assisted more than 11,000 homeowners. Guaranteed Rate has nearly 2,000 employees nationwide, and the Chicago office has grown to 998 employees.

The mortgage lender faced some hard times during the housing bust, but Ciardelli was able to hire top sales reps and establish an aggressive marketing campaign to help the firm stand out in the industry. Now Ciardelli believes that the company has the potential to be a top-five U.S. mortgage lender by 2015.

Guaranteed Rate’s current ranking is at Number 18, and in order to reach Ciardelli’s goal the firm must grow more than 50 percent each year. The recent acquisition of Manhattan Mortgage Co. in New York will certainly help with this objective, since Manhattan Mortgage is expected to generate $2 billion in loan revenue within the next year.

All loans at Guaranteed Rate originate through the company’s own branches and website rather than through financed mortgages from outside brokers. This method of operation gives the company an edge, since Guaranteed Rate has no debt and finances operations with cash.

Company branding and recruiting the best talent is also a large part of Ciardelli’s business model. Even though the mortgage industry generates most of its business from referrals, Ciardelli wants to ensure that anyone associated with Guaranteed Rate knows they are making a good decision. When the mortgage industry began shrinking in 2007, Ciardelli decided to purchase billboard advertisements on the side of every Chicago-area highway.

By using successful marketing campaigns and talented sales reps, it looks as if Guaranteed Rate won’t have any problem staying at the top of mortgage lending list.

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Jessica Thom

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