Guaranteed rate plans to lay off about 180 employees as part of a move to “rebalance” its organization, Crain’s Chicago Business reported this week.
But in a statement provided to HousingWire, the Guaranteed Rate said the layoffs, while regrettable, will allow the business to grow even further this year.
The company told HousingWire that it plans to hire more than 1,500 employees in 2018, which would make this year the biggest hiring growth year in the company’s history.
“We recently made the decision to rebalance our organization in areas where we were overstaffed, which resulted in the elimination of some positions. Overall, less than 5% of our total workforce has been affected, ”the company said in a statement.
“This decision improves our competitive positioning and allows us to be even more aggressive in offering the best mortgage rates to our customers,” added the company. “We expect 2018 to be the most important year for the company in terms of total volume of loans financed. “
To achieve record lending volumes, the guaranteed rate would have to reverse last year’s decline.
According to Crain’s report, the guaranteed rate saw its origination volume drop from $ 22.9 billion in 2016 to $ 19 billion in 2017.
To support its growth, the Guaranteed Rate has recently hired Quicken LoansMortgage Banking Director Craig Lombardi to lead his online lending division.
In this role, Lombardi will oversee the origination of the company’s loans from leads generated through the company’s online marketing and advertising channels.
Previously, Lombardi was Director of Mortgage Banking at Quicken for almost six years.
And as noted above, the guaranteed rate has big plans for growth in 2018.
“The guaranteed rate remains committed to its employees and in positioning the business for future success,” the company said in its statement.
“We have had two consecutive months of our largest recruiting efforts in company history and continue to recruit and hire aggressively in growth areas across the country,” the company concluded.