THERE IS NO JOB SECURITY FOR WORKERS, TOO MANY MANAGERS
Conforming Agency Mortgage Underwriter (Former Employee), Chicago, IL – January 23, 2014
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.
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 – more... 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. – less
5 Star Specialist (Current Employee), Chicago, IL – July 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
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 – more... 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. – less
Nice environment, good people, lots of fun activities for the Holidays
Closing Assistant (Current Employee), Chicago, IL – March 18, 2015
Pros: free coffee, fun holiday activities, and fun people
Cons: longs days, the early mornings, busy months
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 – more... 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. – less
Executive Assistant (Former Employee), New York, NY – February 3, 2015
The daily job was to update contacts on the company system, create new open house listings, calculate the weekly mortgage loan rates, etc. Overall, I was able to learn and grow with these new job qualifications I gained.
DO NOT WORK HERE, ESPECIALLY ANYTHING POST-CLOSING
post closer (Current Employee), chicago, il – January 29, 2015
Pros: if you need a paycheck for a short period, you might be able to stand it for a few months
Cons: little pay, bad insurance, very little time off, blatant sexism, and no support from management
Do not fall for their lies. The post-closing division relies on recent college grads who will work for nothing and don't realize how badly they're being treated. Pay is terrible and partly paid through – more... a bizarre monthly bonus structure. If you get an offer for 25k they act like they're doing you a favor. Healthcare insurance costs are insane and NOT competitive - I could only afford the cheapest plan and had a choice between two (TWO!!) gynecologists in the entire city of Chicago. The time off is laughable and holidays are the worst I've ever seen. The "perks" they try to sell you on are: a tiny gym at corporate only, a "cafe" that serves bland, overpriced food, advancement opportunities that turn out to be in title only, an in house dry cleaning pick up service (seriously? There are dry cleaners everywhere. How anyone falls for this as a perk is beyond me). Oh, and there's a roof deck that you might be able to use on the off chance the VPs aren't using it for a private party. The work itself is exceedingly monotonous and training is virtually nonexistent. Information about the mortgage industry or how the company works is guarded jealously by a literal good old boys club. Anything you try to learn so you can do your job better is taken over your head and you're left in the dark. This is intentional, as they don't want to pay what you would be worth with some basic mortgage knowledge. Departments are completely separated and inter-departmentmental communication is fraught with distrust and blame. Everyone is perpetually afraid of not getting a bonus if you're lucky or being fired of you're not. Management in post-closing are the most unprofessional, sexist, unavailable men (yes, they are all men) I have ever worked with. The director of the division has his favorites (young men) and he doesn't care about anyone else. Most days I'm surprised he knows my name, much less returns my calls. The manager of the department (this is not an exaggeration) throws tantrums, yells, and uses sexist slurs constantly. He micromanages your every move when he feels like it and disappears for hours when he feels like it. Upper management only cares about loan originators and treats every other employee like a servant (single honest good thing I can say about this place is that if you're good at selling mortgages, you can make a lot of money and get free parties and vacations). A company culture comes from the top, and at Guaranteed Rate, all the CEO cares about is the bottom line and appearances (employees are constantly asked to complete "best place to work" surveys and they only reiterate how little respect the company has for you). I wish someone had told me this when I was desperate for a job. Please believe me, you can do better. Especially if you're a woman. – less
Post Closing Assistant (Former Employee), Chicago, IL – January 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.
Loan Coordinator (Former Employee), Atlanta, GA – January 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 – more... 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. – less
National Events Manager (Current Employee), Chicago, IL – October 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.
VP of Mortgage Lending (loan officer) (Current Employee), Utah – June 26, 2014
Pros: great rates are thier strength
Cons: inflated managment egos
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. – more... 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". – less
Processor (Former Employee), chicago, il – April 22, 2014
Pros: chef, monthly massage and gym on site
Cons: pay, poorly treated
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 – more... 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. – less
Associate Vice President of Mortgage Lending (Former Employee), Chicago, IL – March 8, 2014
Pros: great office facilities, great management
Cons: relatively low compensation, low job security as is nature in the industry
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.
Senior Loan Processor (Former Employee), Carlsbad, CA – February 10, 2014
Pros: customer satisfaction
Cons: declining loans
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 – more... 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. – less