Guaranteed Rate Employee Reviews

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Customer satisfaction employee satisfaction
Senior Loan Processor (Former Employee) –  Carlsbad, CAFebruary 10, 2014
A typical day at work consisted of; Prioritizing my work for the day/week, returning phone calls, taking care of fundings, satisfying conditions on my approvals, working on new applications, contacting customers for missing information on loan application, updated paystubs, asset statements or whatever I needed at that time. We were responsible for the analyzing our customer's income and credit before the loan was submitted to underwriting.
Meeting strict deadlines. I regularly worked with title, escrow, appraisal company and credit vendors to get the job completed.
The management was very supportive and wonderful. I had the support I needed and could go to them with anything.
There wasn't much to say about my colleagues, we all kept very busy and sat in cubicles. Our office was very quiet. Everyone was pleasant and got along well. We worked on teams in the beginning of my employment, but after a while it worked out better just one processor per pipeline.
The hardest part of the job was contacting customers if they did not qualify for the loan. My main objective was to save them money by lowering their payment and if they were in a bad situation and did not qualify that was a tough phone call to make.
The most enjoyable part of my job, as with any job is regular contact with my customers and the positive feedback I would get from them.
Keeping them happy made all the hard work worth it.
Pros
customer satisfaction
Cons
declining loans
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Over promise - under deliver
VP of Mortgage Lending (loan officer) (Current Employee) –  UtahJune 26, 2014
When recruiting, they will promise how easy it is to work for them. Don't be fooled. It's no different and in some cases you need to do more. All loan officers are given title of VP which means nothing. Just a great sounding title. You must produce at high levels or you get threatened with termination. They have a "pick-a-pay" program where loan officers can decide how much to get paid. The problem is that affects what rates you can give the consumer. If someone in the same office is willing to work for less, your client can call them and get a better rate. No continuity at all. Management all have inflated egos and are hard drivers. God forbid you get one complaint as they will be all over you - hey, this is the mortgage business where things sometimes don't go as planned.

The one good thing is they do have some of the lowest rates - especially if you find the right VP (loan officer) with a low "corporate objective".
Pros
great rates are thier strength
Cons
inflated managment egos
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DO NOT WORK FOR GUARANTEED RATE- BAD COMPANY
Loan Coordinator (Former Employee) –  Atlanta, GAJanuary 9, 2015
DO NOT WORK FOR THIS COMPANY..... They are unprofessional and will mislead you in every way possible. The management style is poor. The compensation is very low and there's no support. I would highly recommend you to not take a position with this company. I was there for a while and didn't meet a single LO, LC, MS, etc that was happy or was able to do their job at Guaranteed Rate. The Atlanta Branch is specially dysfunctional. The benefits are so expensive 380 dollars a month because it is a private company. Also Overtime for operations positions is paid in a very unusual way to were you only get a small calculation they have sometimes you could work 20 hours of overtime and get 60 dollars. I

This company is by far my worst experience. I would highly recommend you to ask questions and do a lot of research before taking a job. Layoffs happen monthly, people quit daily, loans are reassigned, not a pod flow.
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Comment – January 6, 2016

Guaranteed Rate is always working towards making it a great place to work. We have many ways in which we support our employees from the training department to the national support center. These departments are readily available for employees in all departments, and we always are looking for new ways to assist our staff. Our POD flow model is very different from other mortgage companies, and was designed to streamline the loan process. Your feedback is greatly appreciated.

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Growing company with competitve pay and benefits
Mortgage Underwriter (Former Employee) –  Schaumburg, ILOctober 15, 2013
Daily pipeline of loans supplied from POD. Underwriting and due diligence of mortgages loans. Supported closers, coordinators and loan officers in loan originations. I learned a lot about Encompass, FNMA and FHLMC guidelines. Also learned HARP product underwriting. Hardest part of job is not knowing what will come into your queue from one day to the next. Made it difficult to balance the work load and stay on top of volume levels. Enjoyed working with the people there and having capability to work remote. Free to make decisions and operate independantly. Good experience.
Pros
work from home, friendly people supportive of family life balance
Cons
hard to get support being remote
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Misinformation from the top down
Business Development / Loan Coordination (Former Employee) –  Minneapolis, MNSeptember 23, 2013
I was hired to do a very specific job for a high-end loan originator who in turn was brought into the organization for very specific reasons. From the beginning he was lied to, as documents and emails in writing as part of the terms of hiring us were ignored and forgotten by corporate.
Additionally the tools promised us were denied, and in turn our promised salaries were not paid.
A few short months after bringing us in, the one tool we designed with corporate was taken and most of us laid off.
In addition to the problems at the corporate level, the local level management was derisive and condescending to all employees.
Avoid this joke of a company if at all possible.
Cons
see above
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Working for a fast paced and growing company where upper management lets you take initiative and lets you write your own rules
Corporate Accountant (Current Employee) –  Chicago, ILJuly 24, 2013
Nice co-workers and relaxed environment.
Management is responsive when it comes to providing the tools to get the job done.
There are bi-monthly pizza parties and small year end bonus.
There are no written manuals and procedures so you are pretty much on your own - it`s your responsibility to complete your job in the most efficient way.
Pros
corporate gym, flexible work time-depends on your manager, you are in control of your work day;
Cons
short breaks, punching in and out-despite the fact that you are exemp, extremely bad 401 k benefits matching, for every month of work you earn less than a day of vacation
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THERE IS NO JOB SECURITY FOR WORKERS, TOO MANY MANAGERS
Conforming Agency Mortgage Underwriter (Former Employee) –  Chicago, ILJanuary 23, 2014
They just decided to do a massive layoff. Some found out from "word of mouth". Cold and calculated, they laid off some of the best and brightest workers. Good luck for any of us finding a job any time soon. Told it was nothing personal, however none of the loan officers that turn in garbage loans seem to have been affected.
Those let go treated with no respect. The employees mean nothing except for the VP's. Almost everyone else is subject to disrespect and treated like dirt.
Pros
corporate has a few perks, some can work from home remotely
Cons
too many managers, too many audits, accountability is not given to those that deserve it.
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An unfortunately missed opportunity for industry experience.
Sales Assistant (Former Employee) –  Newport Beach, CAAugust 31, 2012
A typical day at work involved me asking my co workers to teach me anything they could so that I could assist them, and being given very little to do. I learned a little about marketing and analyzing houses for potential refinancing clients. I did not really have much opportunity to spend time with my co workers as I was physically separated from the rest of the office at the front desk. The hardest part of the job was not being able to make a reasonable contribution. The most enjoyable part was working in beautiful Newport Beach.
Pros
healthcare, well compensated, nice office
Cons
commute, lack of integration in the office
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Nice environment, good people, lots of fun activities for the Holidays
Closing Assistant (Current Employee) –  Chicago, ILMarch 18, 2015
I come into work Mon-Fri knowing exactly what i need to do, never different. I learned a lot about mortgages and life and balancing it all together. I enjoy everyone I have met or worked or for within the company. Everyone is so nice and treated equally in my personal opinion. There is always room for improvement as well as opportunities to advance. The hardest part of the job for me is trying to occupy myself when times get a little less busy. Most enjoyable thing is free coffee all day.
Pros
free coffee, fun holiday activities, and fun people
Cons
longs days, the early mornings, busy months
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Comment – January 18, 2016

We value your feedback and are pleased to hear about the knowledge you gained while at Guaranteed Rate! It is important to us that our employees maintain a healthy, balanced and fun work life. - Customer Success Team

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Not for a seasoned professional
Processor (Former Employee) –  chicago, ilApril 22, 2014
Horrible work environment. Young loan officers each given title of VP. The title provides inflated ego. Half of them do not have any experience. They treat processing horrible. Expected to go above and beyond. Processing figures the program, gathers all information from clients, sends doc packages out. If items are not returned, it is processing fault. Pay is below average. Goals are unrealistic, unless you have a team of seasoned processors. You do not have an opener. As processing, you are basically originating, opening, pre underwriting and processing.
Pros
chef, monthly massage and gym on site
Cons
pay, poorly treated
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Cozy space on North Side of City
GFE Desk Coordinator (Former Employee) –  Chicago IL.May 18, 2015
The work space was cozy and there are many people.
The environment outside the work place is casual, residential, and busy.
Bathrooms and kitchen are clean.

A typical day there starts with e-mails and ends in e-mails. There is constant communication concerning every individual's job in the company , through e-mail or phone. I learned how to manage many files of information, while working with them and completing and then starting work. I learned how to work efficiently for myself and keep up to date with the amount of files given in a day/week.
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Comment – January 18, 2016

Thank you for your review! We are pleased to hear about your time with Guaranteed Rate, and the skills you were able to take away from your position here. - Customer Success Team

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Good place to work and enjoyed cross training with others
Condominium Underwriter (Former Employee) –  Schaumburg, ILJanuary 28, 2014
Warranting condominium loans in the northeast part of the United States.
Understanding the purchasing habits of people that reside in the New York/Boston metropolitan area.
Co-workers were great and I learned a lot.
Dealing with natural disasters such as Hurricane Sandy and how it impacts business.
Dealing with various bankers.
Pros
various loan products were used.
Cons
how weather and natural disasters impact business.
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well run company with enjoyable work experience
Associate Vice President of Mortgage Lending (Former Employee) –  Chicago, ILMarch 8, 2014
Guaranteed Rate had a good work atmosphere because of the people that work there. It is a great team atmosphere that is conducive to productivity and an enjoyable work experience. It is well run from top executives down to the managers.
Pros
great office facilities, great management
Cons
relatively low compensation, low job security as is nature in the industry
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Must be a "yes" man
Nurse Practitoner (Former Employee) –  Chicago, ILAugust 2, 2013
I was fired for following the standards and practices of my profession, which was in house medical care. Management is aggressive when you object to anything or have a differing opinion. Everyone in the company is expendable and I saw people working 12 hours days because they feared being fired.
Pros
gym, cafe, proximity to brown line
Cons
lack of partnerships, respect for opinions
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Productive
5 Star Specialist (Current Employee) –  Chicago, ILJuly 3, 2015
• Enhances organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
• Contributes to team effort by accomplishing related results as needed
• Focuses sales efforts by studying existing and potential volume of dealers
• Build and maintain rapport with customers
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Comment – January 18, 2016

We appreciate the review! Guaranteed rate strives to be the best by providing the best customer service while working in a team environment to accomplish company goals. - Customer Success Team

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Terrible, made me hate my life
Loan Coordinator (Former Employee) –  Chicago, ILMarch 15, 2015
Unless you are one of the highest producing loan officers at this company, don't expect much. Benefits are extremely expensive, over $200 per pay period.

Managers are extremely unprofessional and came to work looking like they are heading to the club.

They hire a lot of people and fire a lot of people constantly, very high turnover rate.
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Comment – January 6, 2016

We appreciate your feedback as we strive to make Guaranteed Rate a better place to work. Employees across all departments receive support through the training department and our national support center. In regards to our benefits, we provide our employees with the flexibility to select benefits that suit their individual needs, which include healthcare, vision, dental and other voluntary benefits. Guaranteed Rate is dedicated to providing the best options for each individual. Again, we appreciate the feedback as we always work towards improvement.

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Excellent advancement opportunities
Post Closing Assistant (Former Employee) –  Chicago, ILJanuary 18, 2015
Day to day operations were straightforward with a consistent amount of work. The tasks were repetitive and rather dull but compensation and expectations were fair. The culture of the office was friendly and colleagues regularly went out after work.
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Comment – January 6, 2016

We appreciate the feedback. One of our core values is a healthy work life balance, so we pride ourselves around the company culture that has developed as a result.

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Good opportunity to advance and build upon your skill set
Fixed Asset Manager (Current Employee) –  Chicago, ILAugust 11, 2014
Guaranteed Rate is a great organization where you can roll up your sleeves, help move improvement along successfully, and be a team player.
Pros
cafe, gym, corporate nurse
Cons
high health care cost, poor management
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A great first job out of college
National Events Manager (Current Employee) –  Chicago, ILOctober 1, 2014
This is a great first job out of college! I work under great upper management and am challenged.The culture is young, unique, and fun. There is room for career advancement and I feel supported and encouraged to strive for that.
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Not a fostering environment.
VP lending (Former Employee) –  ChicagoDecember 11, 2013
It's a lot of push, and a self pay as you go sales environment. You pay, they do not.God forbid you show some originality and step out of the mechanics of their formula.
Pros
they paint you with a nice title
Cons
it's all about them, their brand and screw you
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Overall rating

3.0
Based on 37 reviews
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