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Chicago-based lender Guaranteed Rate will hire an additional 280 employees in Chicago this year, part of a major expansion aimed at taking on mortgage giants Wells Fargo and Quicken.The firm, which has added 22,000 square feet at two Chicago facilities, will...

Guaranteed Rate to add 280 Chicago employees as part of major expansion

Chicago-based lender Guaranteed Rate will hire an additional 280 employees in Chicago this year, part of a major expansion aimed at taking on mortgage giants Wells Fargo and Quicken.The firm, which has added 22,000 square feet at two Chicago facilities, will...

Guaranteed Rate to add 280 Chicago employees as part of major expansion

Chicago-based lender Guaranteed Rate will hire an additional 280 employees in Chicago this year, part of a major expansion aimed at taking on mortgage giants Wells Fargo and Quicken.

The firm, which has added 22,000 square feet at two Chicago facilities, will announce the expansion at a news conference today with Mayor Rahm Emanuel. Guaranteed Rate has been on a growth track, increasing its national employee count to about 3,000 workers at the end of 2016, up from just 680 in 2006, said CEO Victor Ciardelli.

The company has also been assuming a higher profile in Chicago, signing a 13-year naming-rights agreement with the White Sox in August for the ballpark located at 35th Street and Shields Avenue. The park is now known as Guaranteed Rate Field.

Guaranteed Rate operates call centers in Chicago — at 1806 W. Cuyler Ave. — and in California. The Chicago call center will be training additional mortgage lenders and processes mortgage applications that are submitted online. The company also has another operational facility at 320 W. Ohio St. in Chicago, as well as approximately 180 offices nationwide that work with borrowers directly. Both Chicago offices — the call center and the operational facility — have been expanded.

Consulting firm KPMG announces 500 new jobs in Chicago office by 2020 Ally Marotti

KPMG is buffing up its Chicago office, with plans to add 500 new jobs by 2020, the company announced Thursday.

The Big Four accounting firm expects all three of its audit, tax and advisory functions to grow, said Pat Canning, managing partner of the Chicago office. That includes its practices surrounding...

KPMG is buffing up its Chicago office, with plans to add 500 new jobs by 2020, the company announced Thursday.

The Big Four accounting firm expects all three of its audit, tax and advisory functions to grow, said Pat Canning, managing partner of the Chicago office. That includes its practices surrounding...

(Ally Marotti)

The expansion brings Guaranteed Rate's total floor space to roughly 90,000 square feet, and Ciardelli expects to continue growing the company's footprint and workforce next year.

Last year the company originated $23 billion in loans, with about half coming from the online business, said Ciardelli. The company's revenue totaled about $778 million last year, a huge increase from $43 million prior to the start of the housing crash in 2006 and $378 million in 2014. He said the company has spent about $24 million a year for the past few years to add technology crucial to the online business.

"We've been growing like crazy," Ciardelli said. As the industry moves toward the quick loan processing that's possible through sophisticated technology, he said, "it's Quicken and us. The banks just haven't done it. They haven't invested in technology."

Chinese maker of Skil tools moving North American headquarters to Naperville Becky Yerak

The Chinese maker of Skil power tools will move its North American headquarters this spring from Grand Rapids, Mich., to Naperville, where it eventually expects to have about 200 workers, as part of its recently completed purchase of the Skil brands from Robert Bosch.

Chervon recently finalized...

The Chinese maker of Skil power tools will move its North American headquarters this spring from Grand Rapids, Mich., to Naperville, where it eventually expects to have about 200 workers, as part of its recently completed purchase of the Skil brands from Robert Bosch.

Chervon recently finalized...

(Becky Yerak)

As traditional banks have shied away from mortgage lending, non-bank companies such as Guaranteed Rate that handle online mortgage applications have expanded rapidly, said Guy Cecala, CEO and publisher of Inside Mortgage Finance, a trade publication. The greatest growth has been at Quicken, which granted about $95.7 billion in loans last year, according to Inside Mortgage Finance. It is the third-largest mortgage lender, behind Wells Fargo and Chase.

Guaranteed Rate ranked 17th among the nation's top mortgage lenders in 2016, according to Inside Mortgage Finance.

As interest rates rise this year, mortgage originations are expected to decline about 15-25 percent as fewer people find any value in refinancing, said Cecala. Non-banks, he said, are trying to increase the marketing and sales. "They are very reliant on their sales force and marketing calls."

gmarksjarvis@chicagotribune.com

@gailmarksjarvis

Our editors found this article on this site using Google and regenerated it for our readers.

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