The accusations included Ciadley, who was described as a “boss who was quick to berate, curse and belittle his employees,” primarily when rising interest rates began to erode the company’s earnings, the report said. The attacks occurred in person or during company calls, sometimes in front of hundreds of people, sources said.
The company and Ciardelli deny the accusations. They added that G-Rate has a positive work environment that is particularly supportive of women. They provided more than 80 reviews from current and former employees and shared an internal employee satisfaction survey that showed 75% of employees had an average rating of 8.49 out of 10.
The Tribune’s reporting is based on interviews with 80 former employees, internal company emails and exit interviews, court records and text messages.
“The article published by the Chicago Tribune was a hit piece designed to tarnish our company’s reputation,” a Guaranteed Rate spokesperson said in a statement to CNN. house line. “We strongly disagree with what was written in the article and believe it to be inaccurate. Much of the article was driven by disgruntled former employees who now work with competitors.
“We provided the Chicago Tribune with extensive information to debunk an irresponsibly written story. We provided them with more than 80 testimonials from current female executives, female senior loan officers and former company employees documenting their time at the company. Positive experiences with the company and a love for the company culture.
“This post will not stop us from having fun, continuing to stay positive, supporting each other, and serving our customers. Although we disagree with what was written, we want to do better and continue to improve. Therefore, we Will be committed to further research on how to make the company stronger than it is today.
according to Inside Mortgage Finance Chicago-based Guaranteed Rate Bank was the ninth-largest U.S. mortgage lender in the first quarter of 2024, according to International Monetary Fund estimates. Compared to remain stable.
The mortgage lender’s headcount grew to 9,708 employees at its peak in 2021, but fell to 3,871 employees as of April as the loan market declined. Across all its companies, excluding contractors, the total fell from 14,264 in 2021 to 5,756 as of May.
In a Tribune investigation, former female employees accused the company of maintaining a “sexualized atmosphere” and a “boys club” culture. The case mentioned is a lawsuit filed by former loan officer Megan McDermott, which house line Reported in April.
McDermott sued the lender and two managers, alleging they discriminated against her on the basis of sex, failed to provide equal pay to male colleagues who performed similarly and sexually harassed her.
In response, the lender said that a comprehensive internal investigation found no evidence to support the allegations, and that an “outside law firm” reviewed its 2023 compensation data and found that it complied with state equal pay laws. The ongoing case was filed in New Jersey.
working environment
Former employees who spoke to the Tribune said they felt complaints to human resources were not taken seriously. Some said they decided not to complain to human resources for fear of retaliation or because they believed Ciardelli and other senior executives interfered with HR’s work, an allegation G-Rate denies.
Some sources said they feared legal pushback. G-Rate has filed a lawsuit against former employees, accusing them of breaching their contracts by not repaying advance signing bonuses and commissions after leaving the company.
A Tribune investigation revealed that employees at the company were required to sign mandatory arbitration agreements when they were hired. Sexual harassment claims and claims before the Equal Employment Opportunity Commission (EEOC) and similar state agencies are not subject to arbitration.
Over the past decade, G-Rate “has settled six claims involving hostile work environment allegations, including arbitration cases and claims before the Equal Employment Opportunity Commission and state and local agencies,” it said. The company said most of the claims were made by male employees and one of the claims was settled in favor of guaranteed rates.
A Tribune investigation revealed that some former employees were driven to seek mental health assistance because of the company’s work environment, including one who contacted a suicide hotline last year.
“We hold ourselves and our team members to extremely high standards and are not sorry for that,” Ciadley wrote in a response to the Tribune.
“We also realize that… to be wildly successful, people must take full ownership of their actions, successful and otherwise, in order to grow and most importantly provide the best service to our clients. We promote transparency We have a culture that supports all team members to achieve this and welcomes constructive criticism. Therefore, we are not for everyone.
Ciardelli added that the company “has not, does not, nor will it ever objectify women or put them in uncomfortable personal or professional situations.”
G-Rate also describes the company as a positive workplace that does not tolerate abuse and harassment and takes complaints about human resources seriously.
“We’re not perfect by any means, but we do work hard to listen to our employees and make sure they feel supported,” a company spokesperson wrote in an email to the Tribune in April. “The bottom line is that we will not tolerate bullying, harassment or abuse of any kind. It is not who we are or who we want to be.
Editor’s note: This article has been updated based on comments provided to HousingWire by Guaranteed Rates.
