Guaranteed Rate Celebrates a Record-Setting March
Guaranteed Rate set three new records for the month of March, positioning 2018 to be its largest year in total loan volume. In a highly-competitive housing market, the retail mortgage lender showed it’s the home purchase expert by achieving the following records: 8,858 in total locked units, $2.3 billion in locked purchase volume, a 52% increase from February, and 7,428 in locked purchase units.
“It’s absolutely astonishing to see these records achieved,” said Founder and CEO Victor Ciardelli. “All our previous records were accomplished during the peaks of 2016 or 2017, with higher purchase volumes of mortgage originations.”
Guaranteed Rate’s previous record of overall locked units was set in July 2016 in a year where the total origination volume was over $2.1 trillion. And the locked purchase volume and locked purchase units records were both set in May 2017 in a year where the total origination volume was over $1.8 trillion.
Freddie Mac forecasts the 2018 loan originations market to be down about 20% compared to 2016, according to Ciardelli. “To capture our best performing month in a shrinking mortgage environment speaks volumes to what our team can accomplish and is evidence we are seizing market share from our competitors.”
Further demonstrating aggressive growth, Guaranteed Rate has already had its largest loan officer recruiting class in the first quarter of the year, with expectations of having its largest hiring growth year in the Company’s history.