Guaranteed Rate is One of the Top Mortgage Lenders in the United States
Chicago-based Guaranteed Rate is a home loan company success story, as the lender has grown from a small local firm to a nationally recognized name.
Originally founded in 2000, Guaranteed Rate began with just one Chicago office. Now, the mortgage lender is among the top 20 in the U.S. and boasts more than 140 offices located across the country. Since its inception, Guaranteed Rate has provided more than $35 billion in home loans.
However, Guaranteed Rate isn’t the only lender that is gaining in marketshare. In 2012, the five biggest mortgage lenders in the U.S. controlled 53 percent of the market, a decrease from 66 percent of the market in 2010, according to Inside Mortgage Finance data. Now, it is predicted that small lenders will continue to grow, mainly because they are more willing than ‘big five’ banks to work with first-time or low-income home buyers.
Guaranteed Rate is also different from many mortgage companies because their loans are self-funded, originated by the company and not brokered to outside lenders, which helps them maintain better control of the loan process. In the first half of 2012, the lender originated $5.5 billion in mortgages, which placed the company as the third-fastest growing lender among the top 25.
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