Guaranteed Rate shortens name to 'Rate'

Home lender Guaranteed Rate has a new name and look. 

The Chicago-based mortgage company announced on social media Monday it was shortening its name to simply "Rate." The announcement comes after a series of other strategic business and marketing moves the mortgage firm has made over the past several months. 

"Just like our streamlined name, we're committed to making the mortgage process smoother, faster and smarter," Rate said in a Linkedin post. 

An updated website already features a new logo. The rebrand arrives after the addition of various new lending products in the past two years, as the mortgage industry looked to attract customers amid slowing originations. The company ramped up reverse-mortgage operations in 2023, while making new application-program interfaces available as well that connected its customers to digital insurance providers. 

In ventures outside traditional mortgage lending, the lender unveiled a free wellness app in partnership with renowned self-help advocate Deepak Chopra last fall. At the time of rollout, the company simply called the tool the Rate App, which customer satisfaction experts said could serve as a valuable method of building brand awareness and a pipeline for new clients.

Elsewhere, the company also has naming rights to the stadium known as Guaranteed Rate Field, used by its hometown baseball team Chicago White Sox. The venue acquired the name in 2016. 

More recently, Guaranteed Rate, which ranks as the fourth largest retail lender according to Scotsman Guide, found itself the subject of unwelcome headlines after an investigation of toxic-workplace allegations by the Chicago Tribune. The company vehemently denied the claims, calling the article a hit piece. 

The mortgage industry is no stranger to brand refreshes this decade. In June, loan servicer Ocwen formally renamed itself to Onity, with the change also bringing a new stock ticker symbol. 

Two years ago, real estate investment trust and parent company of Newrez, underwent its own rebranding from New Residential Investment Corp. to Rithm Capital. Newrez, itself, was previously called New Penn Financial, relaunching with its current name in 2019 after its acquisition by New Residential.