Phase two ushers in additional programming, continuing
education, new tools, and tech-driven solutions
CHICAGO, May 13, 2024
/PRNewswire/ -- Guaranteed Rate, the second largest retail mortgage
lender in the country, announces the next wave of expansion of its
Community Engagement Initiative, designed to significantly improve
funded volume in underserved communities nationwide. May
2024 marks the formal launch of phase
two of this initiative, as the company has recorded rapid progress
in its community work with diverse segments.
The initiative's first phase focused on internal infrastructure
projects, including reporting enhancements to track loan
performance, processing and underwriting training, additional loan
products, and establishing strategic partnerships to expand the
Guaranteed Rate brand in underserved markets. In addition, this
phase included breakthrough projects such as the Language Access
Program and the First Black Leadership Symposium.
The second phase builds on the success of these initial efforts
with the launch of RateUniversity, a community outreach effort in
English and Spanish that promotes financial education and culture
in large metros. It also introduces the company's GTM (Go to
Market) plan, comprehensive, multi-media brand awareness campaigns,
and ongoing recruitment from low and moderate-income (LMI) markets.
These combined efforts are complemented by strengthened community
partnerships and enhanced financial education resources in English
and Spanish.
Since the initiative's inception in 2023, Guaranteed Rate has
demonstrated substantial progress in increasing diversity within
its national workforce and among its clientele. From 2019 to the
current year, the diversity in its sales force has grown from 16%
to 23%, with a net headcount increase from 176 to 379.
Additionally, the percentage of funded loans from diverse consumers
has risen from 12% to 29.6% of total funded loans across the
company, illustrating a robust growth in engagement and support for
diverse communities.
"We have made significant strides in opening up home lending and
ownership for underserved communities, but our work is far from
finished," said Camilo Escalante,
Executive Director of Diverse Segments at Guaranteed Rate.
"Traditional lending practices have overlooked Black and Latino
communities, as well as low to moderate-income areas. Our program
blazes new trails with dedicated focus, specific budgets, and
targeted partnerships in these communities. As we move into the
next phase, we will continue to expand our educational resources
and prioritize diverse employee retention, which is crucial for
building community ties and strengthening our leadership in serving
LMI and underserved markets."
Guaranteed Rate's ongoing dedication to multicultural markets
creates more significant value in its service offerings and
positions the company as a pivotal force in the recovery and growth
of the national real estate market. The company is ensuring that
underserved communities are positioned to participate, as
economists predict the real estate market will recover in 2024
after a spike in mortgage rates and a shortage of properties sent
sales tumbling to a 28-year low in 2023.
"We are encouraged to see that Latinos already comprise 51% of
First-Time Homebuyers (FTH), and we believe that can go as high as
70% over the next two decades, as predicted by the Urban
Institute," added Escalante. "We will always lean in to support
growth in other underserved communities. This is not a one-and-done
community approach."
"In the IMB space, Guaranteed Rate, as a leader and enabler of
change, continues to push for the industry to do better to reach
and educate underserved communities," said Arlyn Kalinski, SVP Fair & Equitable Lending
Strategies for Guaranteed Rate. "We leverage our expertise and
values-focused strategy to expand and enhance homeownership
programs such as affordability programs. Getting the word out about
our products, tools, and services to all communities and being
intentional in our outreach through equitable marketing strategies
and financial education events are mission-critical for Guaranteed
Rate."
"Our commitment to serving diverse markets is unwavering. As we
get into phase two and build on all that we achieved in our first
year, we aim not only to continue what we started but to elevate
our efforts, ensuring that more families have the opportunity to
own homes and prosper," said Victor
Ciardelli, CEO of Guaranteed Rate. "The work we are doing
stands apart in the industry, as we ensure that these communities
have the access, tools, support, and warm welcome they
deserve."
For more information about Guaranteed Rate's Community
Engagement Initiative and work with diverse segments, please visit
the company's Community Engagement page or email
Camilo.Escalante@rate.com.
About Guaranteed Rate
Guaranteed Rate Companies is a
leader in mortgage lending and digital financial services.
Headquartered in Chicago, the
Guaranteed Rate Companies is the #2 retail mortgage lender in the
U.S. with over 850 branches across the U.S. serving all 50 states
and Washington, D.C. Since its
launch in 2000, Guaranteed Rate Companies have helped more than 2
million homeowners with home purchase loans and refinances. The
company has cemented itself as an industry leader by introducing
innovative technology, offering low rates, and delivering
unparalleled customer service. Honors and awards include Best
Mortgage Lender for First Time Homebuyers by NerdWallet for 2023;
HousingWire's Tech100 award for the company's industry-leading
FlashClose℠ in 2020, digital mortgage platform MyAccount in 2022,
and Language Access Program in 2023; No. 2 ranking in Scotsman
Guide's 2022 list of Top Retail Mortgage Lenders; The most Scotsman
Guide Top Originators for 11 consecutive years; Chicago Agent
Magazine's Lender of the Year for seven consecutive years; and
Chicago Tribune's Top Workplaces list for seven consecutive years.
Visit rate.com for more information.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/guaranteed-rate-expands-nationwide-initiative-to-transform-the-home-lending-experience-for-underserved-communities-302143181.html
SOURCE Guaranteed Rate