A Chicago Tribune report describing a toxic work environment and instances of verbal and sexual harassment at
The article
A spokesperson for Guaranteed Rate shared a lengthy statement this week slamming the article, denying the article's allegations and suggesting it was fueled by accounts from disgruntled employees.
"We provided the Chicago Tribune with a tremendous amount of information that debunked the story that was irresponsibly written," the statement read.
The Chicago-based lender said it provided the Tribune with over 80 testimonials from former executives and women LOs describing their positive experiences at the company. Despite disagreeing with what was written, the company said it wants to "continue to improve."
The firm, one of the
Guaranteed Rate has been entangled in several lawsuits. It recently
The company has been a plaintiff, and defendant, in
Sources described a sexualized atmosphere at the company in which male LOs routinely harassed women. One former Chicago employee told the Tribune her manager encouraged her to text a selfie, flirt with and endure harassment from a customer until his loan closed.
Former loan officer Megan McDermott is suing the company and two employees for 14 counts, including harassment and wage violations. Her hostile work environment claims stem from a lewd comment her supervisor made toward her in 2015, which her regional manager pressured her not to report. The boss' behavior continued through her employment.
The lender allegedly refused to pay McDermott higher commissions, as she was entitled to as a top performer, and did not pay her outstanding sums after she resigned in 2022. McDermott is now a loan officer at CrossCountry Mortgage, and the lawsuit remains pending in a New Jersey state court.
Guaranteed Rate in its response did not address the litigation.
The company had nearly 10,000 employees at the height of the refinance boom, according to the Tribune. It