Guaranteed Rate has made its rebrand official, announcing itself as “Rate” and debuting its new logo on social media on Monday.
“Just like our streamlined name, we’re committed to making the mortgage process smoother, faster and smarter, using AI to empower both customers and loan officers alike,” the mortgage company posted on LinkedIn and X, formerly known as Twitter. “It’s more than a new name. It’s a new era.”
It’s a big change for the Chicago-based brand, one of the most prominent names in the world of retail residential lending since its founding in 2000. According to Scotsman Guide’s recently released Top Mortgage Lenders rankings, the company had $21.7 billion in overall lending volume last year — ninth overall among lenders — with nearly 2,000 originators across all 50 states.
Rate’s direction toward a new identity was first reported by the Chicago Tribune, which reported in late June that CEO and founder Victor Ciardelli told employees during a May company call that a name change was in the works. According to the Tribune, Ciardelli said then that the transition was set for the next 60 to 90 days but could come earlier.
Among Ciardelli’s stated motivations for the name change, the Tribune reported, was that “people have a really hard time spelling ‘guaranteed.’”
“Rate’s rebrand is more than just a name change; it represents a new era of growth and innovation. The company remains dedicated to delivering high-quality service and leveraging cutting-edge technology to improve the mortgage experience for all,” Ciardelli said. “This transition to ‘Rate’ marks a significant milestone in our company’s evolution. For over two decades, we’ve been at the forefront of technological advancements in the mortgage industry. Our new name is a natural progression that aligns with our mission to simplify and modernize the mortgage process for our customers and partners.”
The name change is already reflected on the company’s website (which already had rate.com as its URL even before the switch) and promotional materials. The name change has yet to affect companies affiliated with Rate, such as Guaranteed Rate Affinity, nor has it yet impacted the mortgage lender’s sponsorship of the Chicago White Sox’s ballpark, which was dubbed Guaranteed Rate Field in 2016. The company purchased naming rights to the stadium, which was formerly known as Comiskey Park and U.S. Cellular Field, that year, agreeing to pay $20.4 million for a 13-year sponsorship pact. The Tribune reported that the company’s name change will have “no impact to the White Sox organization during the 2024 season.”
According to a statement from Rate, the rebrand will also not affect current operations or mortgage loan officer licenses.
