Rate (company)
Rate, formerly known as Guaranteed Rate, is an American residential mortgage lender founded in 2000 by Victor Ciardelli and headquartered in Chicago, Illinois.[1][2] The company specializes in home purchase loans, refinances, and related financial products such as home equity lines of credit (HELOCs), leveraging digital technology to streamline processes and offer rapid approvals, including its Same Day Mortgage program.[3][4] With nearly 4,000 employees, Rate has grown into one of the largest retail mortgage lenders in the United States, originating over $113 billion in loans since inception and funding $35 billion in 2023 alone.[1][3] Key innovations include launching the world's first fully digital mortgage in 2015 and the FlashClose™ service in 2019, which enable faster closings and greater transparency for customers frustrated by traditional industry practices.[3] The firm's rebranding to Rate in July 2024 reflects its evolution toward fintech leadership, simplifying its identity while expanding services like insurance through Rate Insurance, LLC.[5][3] Rate operates nationwide, licensed in all 50 states and Washington, D.C., and has earned recognition such as a 2025 U.S. News award for its mortgage offerings.[2][4]Company Overview
Founding and Rebranding
Rate was founded in June 2000 by Victor Ciardelli in Chicago, Illinois, initially operating as Guaranteed Rate with the mission of delivering greater value to customers through a more efficient mortgage lending process than traditional banks.[6] Ciardelli, who had prior experience in the mortgage industry, raised $2.5 million from family and friends to launch the company amid a competitive market dominated by slower, less transparent lenders.[7] In its inaugural year, Guaranteed Rate originated $200 million in mortgages using just eight employees, establishing an early focus on technology-driven speed and customer prioritization despite facing economic recession and industry skepticism.[1] The company underwent a significant rebranding on July 9, 2024, simplifying its name to Rate to better align with its expansion beyond traditional mortgages into a broader fintech ecosystem emphasizing innovation, simplicity, and seamless digital experiences.[8] This change dropped the "Guaranteed" prefix, introduced a new logo, and involved phased updates to websites, marketing materials, and subsidiaries like Rate Insurance, reflecting the firm's evolution into the second-largest retail mortgage lender in the United States by volume.[9] The rebrand aimed to streamline operations and reinforce Rate's leadership in mortgage technology, building on its origins as a disruptor in lending efficiency.[10]Business Model and Operations
Rate functions as a retail mortgage originator, specializing in residential loans for home purchases, refinances, and home equity products such as HELOCs. The company generates revenue through standard industry practices, including origination fees (typically 1% of the loan amount), interest rate markups applied to wholesale investor pricing to capture profit margins, and the subsequent sale of funded loans on the secondary market after brief warehouse line funding.[11] In 2024, Rate originated $25.6 billion in loans, down from $35 billion in 2023, reflecting market volume fluctuations while prioritizing high-efficiency production.[12][3] Operations leverage a hybrid structure of digital fintech tools and a physical branch network exceeding 850 locations across all 50 states and Washington, D.C., facilitating both online and in-person loan processing.[13] Key technological innovations include the launch of the world's first fully digital mortgage in July 2015, enabling end-to-end online applications completable in about 15 minutes, and the Same Day Mortgage™ program (introduced in 2023), which delivers approvals in as little as 24 hours and has funded over $4 billion to date.[3] Additional features like 5-minute pre-approvals, FlashClose™ for expedited closings, and the Rate App™ for financial planning support rapid turnaround, with the company reporting 97% customer satisfaction in 2023 surveys.[3][12] Loan officers and production teams operate under the Proactive POD model, which assigns managed leads and resources to scale individual lending volumes efficiently, emphasizing proactive outreach and streamlined underwriting.[14] This operational framework, headquartered in Chicago, Illinois, combines automated systems for pricing transparency and compliance with human oversight for complex cases, allowing Rate to position itself as a low-rate, high-speed lender amid competitive secondary market dynamics.[3][11]Leadership and Corporate Structure
Victor Ciardelli serves as the founder, president, chief executive officer, and chairman of Rate, a position he has held since establishing the company in 2000 as Guaranteed Rate.[15] On March 5, 2025, Ciardelli appointed Shant Banosian, a top-ranked loan originator with over $10 billion in funded volume, as president of Rate Mortgage, while retaining his role as CEO and president across all Rate entities.[16] Banosian, previously the No. 1 loan officer in the U.S. by volume for multiple years, reports directly to Ciardelli and focuses on mortgage origination operations.[17] The executive team comprises specialized officers overseeing operations, technology, compliance, and growth. Key members include Nikolaos (Nik) Athanasiou as chief operating officer, responsible for day-to-day efficiency; Kasey Marty as chief revenue officer, driving sales and partnerships; Rola Gurrieri as chief fulfillment officer, managing loan processing; and Regina Lall as chief compliance officer, ensuring regulatory adherence.[18] Additional C-suite roles cover product and technology under Ramesh Sarukkai, legal affairs via Anwar Shatat as general counsel, performance metrics led by Paul Anastos, analytics by Adam Shoger, and capital markets by Jeremy Collett.[18] Finance is handled by Ted Ahern as interim chief financial officer and chief investment officer, alongside Ken Kane as chief accounting officer.[18]| Executive Role | Name | Key Responsibilities |
|---|---|---|
| Chief Operating Officer | Nik Athanasiou | Operational efficiency and scaling |
| Chief Revenue Officer | Kasey Marty | Revenue generation and strategic partnerships |
| Chief Fulfillment Officer | Rola Gurrieri | Loan processing and fulfillment |
| Chief Product & Technology Officer | Ramesh Sarukkai | Innovation in digital mortgage tools |
| Chief Performance Officer | Paul Anastos | Performance optimization across teams |