Guaranteed Rate continues layoffs as housing market slowdown persists

Chicago-based mortgage company Guaranteed Rate has been quietly laying off employees across the country for more than a year, according to former and current Guaranteed Rate employees.

The Tribune spoke with more than a dozen current and former employees, and many told the Tribune that layoffs have happened several times in recent weeks, with entire teams wiped out. More layoffs are potentially on the horizon, and company morale is “in the toilet,” as one current employee put it.

“We’ve had progressive layoffs since early 2022 in an effort to right-size for the volume that existed in the industry,” said John Palmiotto, Guaranteed Rate’s chief of retail production until his resignation last week. “In