Chicago, Illinois-based Guaranteed Rate, a residential mortgage company, has announced continuing layoffs, partly driven by the increasing use of automation within the company.
Approximately 800 employees were impacted by two rounds of layoffs, the first of which was targeted at technical employees and senior staff positions. Employee selections were partly driven by departmental budget constraints.
According to CEO and founder Victor Ciradelli, “Without a doubt, the capabilities provided by Gateless and Smart Underwrite are groundbreaking. When Guaranteed Rate introduced the world’s first fully digital mortgage in 2015, it revolutionized the industry. Now, with Smart Underwrite, we can continue to expedite and streamline the process for both our customers and real estate agents. The real-time automation offered by Smart Underwrite is a driving force behind our recently unveiled Same Day Mortgage platform, which enables borrowers to receive same-day approvals.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?