Rate Mortgage has appointed Shant Banosian, the nation’s top-producing loan officer for six straight years, as its new president, the company announced Wednesday.
Banosian will work alongside Victor Ciardelli, who continues as president and CEO of all 15 Rate Companies. The appointment completes Rate’s leadership structure, with Banosian heading the last Rate subsidiary to receive a dedicated president.
“There is not a better loan professional on the planet to lead Rate Mortgage to its next level of dominance,” Ciardelli said in a statement. “He is a leader and a teacher all in one, and will build the best team of loan officers in the industry.”
Ciardelli continued: “He embodies the best of Rate’s culture and values, and we are partnering to take Rate Mortgage to the next level. His expertise and vision will inspire the Rate team and the entire industry.”
Banosian brings impressive credentials to the role, having closed over $10 billion in total loan volume throughout his career and over $1 billion in 2024 alone. He has closed north of 40,000 loans during his two decades in the mortgage industry.
“The mortgage industry is evolving fast, and I am excited to build on Victor Ciardelli’s amazing vision and lead Rate Mortgage into the future,” Banosian said in a statement. “We are committed to empowering customers, real estate professionals and loan officers with the ultimate tools, education and service available, ensuring that every interaction exceeds expectations.”
As president of Rate Mortgage, Banosian will focus on driving innovation, enhancing operational efficiency and creating what he describes as a “Loan Officer’s Paradise”—an environment where mortgage professionals can thrive while better serving clients, according to the release.
In a panel discussion at RISMedia’s 36th Annual CEO & Leadership Exchange last September, Banosian advocated for strong relationships between real estate agents and loan officers, noting that loan officers should play an active role in client touchpoints. He encouraged professionals to differentiate themselves through value-driven processes, rather than competing on price alone.
“Life does not stop because of interest rates,” Banosian told conference attendees. “People are going to keep doing business, but when things get better and affordability improves, they’re going to come flying in.”
Rate’s business model integrates mortgage lending with a broader financial services ecosystem. The 15 Rate Companies include 10 mortgage companies, two AI technology firms, a title company, an insurance company and a personal lending group. All presidents of these companies will continue reporting directly to Ciardelli.
“Our mission is to push boundaries, relentlessly innovate and empower our customers, loan officers and referral partners with the best technology and platform in the industry,” Ciardelli said.
“With Shant joining me in top leadership, we’re doubling down on our vision to make homeownership more cost-effective, faster, smarter and more accessible than ever.”
Rate Mortgage operates over 850 branches across all 50 states and Washington, D.C. Since its founding in 2000, the company has closed more than 2 million home purchases and refinances. Industry recognitions include NerdWallet’s Best Mortgage Lender for First-Time Homebuyers (2023) and Chicago Tribune’s Top Workplaces designation for seven consecutive years.
