Victor Ciardelli & Guaranteed Rate Featured On Origination News Magazine's March IssueMar 12 2012
By: Brad Finkelstein
Chicago-based Guaranteed Rate Inc., after its recent roll-up of Superior Mortgage, is looking at more mortgage origination firms as part of its growth plans.
And given its track record in creating top producers, it should get plenty of interest.
Guaranteed Rate's president and chief executive officer Victor Ciardelli said Superior Mortgage added 300 employees in 20 offices in Pennsylvania, New Jersey and New York, and it closed between $1.4 billion and $1.5 billion in loan volume per year.
He said Guaranteed Rate is already strong in the New England market and there is no overlap between its existing branches and the Superior Mortgage branches.
This deal gives Guaranteed Rate over 110 offices nationwide, and it now has over 1,500 employees.
In 2011 it closed $7 billion in mortgages, and its 2012 goal is to close $10 billion in loans.
Ciardelli said Guaranteed Rate focuses on recruiting the top originators in the marketplace and helping them grow their business even further.
He said there were 78 loan officers that closed over $38 million last year, and two loan officers closed over $200 million and a third closed $185 million.
In the preliminary list of 2011 top producers (the final version will appear in an upcoming issue of Origination News), Guaranteed Rate had three people in the top 10.
“We have a business model that helps our originators at least double their business,” said Ciardelli.
“We have a unique workflow structure that allows the originator to focus on being a rainmaker” to build relationships with Realtors and their customers rather than having to focus on managing their files and paperwork,” he added.
In addition, the company manages the customer database for its loan officers.
It does all of the marketing, including sending out customized postcards to their borrowers at least once a month, and it sends out monthly emails as well.
Then there is the “Be the Man or Woman in Your Market” campaign, which Ciardelli described as a “coaching program for the loan officers to show them how they can achieve the goals that they want to achieve. And it is focused around building your purchase business.”
He added that the mortgage company has a referral-based business model for sourcing new clients.
Superior is Guaranteed Rate's 19th business roll-up and it is talking with other firms looking to affiliate with it, he said.
It also does the more traditional style of individual loan officer recruiting.
The company has even added a team of loan officers from MetLife Home Loans who did $700 million of production in the Northeast.
Guaranteed Rate sells its production directly to Fannie Mae and Freddie Mac, and Ciardelli said the company would start servicing in the second quarter.
He said the secondary market execution is the best right now.
Also Fannie and Freddie are buying mortgages in a quicker time frame than correspondent purchasers, thus letting the company turn its warehouse line faster. Many correspondents reportedly have turn times of 30 days or longer.
Visit www.originationnews.com to see more about Guaranteed Rate's growth plans.