Guaranteed Rate Adds SOMA Branch of Guarantee Mortgage in San Francisco
Guaranteed Rate, one of the ten largest retail mortgage lenders in the nation, announced that it has reached an agreement to purchase the assets of the San Francisco SOMA branch of Guarantee Mortgage, an independent mortgage company based in Northern California.
The branch has more than 25 employees and was responsible for more than $435 million in loan production in 2013. The office is led by managing partners Dean Rizzi, C.J. Kerls and Stephen Barber. Rizzi, Kerls and Barber are among the top loan originators in the nation, and their team has averaged between $400 and $500 million in loan production over each of the past five years.
“We’re very excited to be bringing Dean, C.J. and Stephen's team aboard,” said Victor Ciardelli, president and CEO of Guaranteed Rate. “They are a perfect fit for our strategic growth strategy, as their team is among the top producers in California and they believe strongly in our value proposition of making the mortgage process simpler and more transparent for customers. Their addition will further solidify Guaranteed Rate’s already strong presence in San Francisco.”
“We couldn’t be happier to be joining a proven winner like Guaranteed Rate,” said Rizzi. “Their groundbreaking platform and unique business model will allow our loan originators to increase their volume and grow their business, all while maintaining the highest level of client service that home buyers have come to expect from us.”
Guaranteed Rate has grown from their inception in 2000 to become one of the ten largest retail mortgage companies in the U.S., funding nearly $16 billion in loans in 2013 alone. The company has been able to expand successfully to other key markets through a business model that allows top originators to join the company and close more loans faster through Guaranteed Rate’s commitment to technology, pricing, process and support. The company now has more top loan originators in the annual national rankings from mortgage industry publications Mortgage Executive, Scotsman Guide and Origination News than any other bank or mortgage company.
Once the transition is completed, the SOMA branch, located in San Francisco at 636 Fourth St., 2nd floor, will join Guaranteed Rate’s six other locations in the Bay Area.