For the mortgage industry, 2021 was something of a feeding frenzy. Both refinances and new purchase loans broke records as interest rates sat at historic lows. Even under these positive market conditions, however, success was not guaranteed, and it took a sharp, innovative mind and a prescient, futuristic grasp of the loan process to fully take advantage of the opportunities.
Sitting on a staggering top-line of just over $2 billion in loan originations this year, Shant Banosian of Guaranteed Rate seemingly had the right tools, the right team and the perfect approach to match a year that was rife with both positive conditions for mortgage professionals but also uniquely challenging.
“It’s been a great ride,” he tells RISMedia.
Doling out enough dollars to rival the GDP of a small country, Banosian’s understated evaluation of his success is a consequence of both his experienced, steady optimism as well as a market that seemingly rewarded those who were able to stay focused on their larger goals. With the industry breaking records and a half dozen other loan officers joining Banosian in the billion-dollar club, this year opened up a whole new world of possibilities as consumers sought loans and demanded more from their lenders.
With around 12 years at Guaranteed Rate, Banosian credits both a supportive culture at his company and the ability to anticipate trends and prepare accordingly for his tremendous numbers this year.
“We really learned a lot from 2020,” Banosian says. “We staffed up, we implemented systems and put processes in place. 2021 was the payoff for all that. Our service level, our execution, our communication with our clients and just overall delivery, return, brand and reputation grew along with our volume and not at the expense of it, which was great.”
Though he describes 2020 as a surprise that “caught some people off guard,” Banosian did not miss the opportunities available last year, either, racking up $1.7 billion in originations. But as technology advances, and against the backdrop of a savagely competitive seller’s market, loan officers were challenged to support clients more, and in new ways.
Sacrificing service for speed in order to compete with cash offers and serve time-constrained buyers was simply not an option, Banosian says. To offer the same service and experience while upping their speed, the only answer was to grow, train and innovate, he says.
“The No. 1 goal we led with this year was how much business we can do, but also, how happy we can make our clients and, simultaneously, how fast can we manufacture a loan,” he says. “Ultimately, if your clients are extremely happy they’re going to tell everyone about you…I’ve grown my business entirely based on referral.”
Accelerating his process to provide a much more detailed and concrete pre-commitment letter instead of a pre-approval or pre-qualifying was one way Banosian says he was able to simultaneously increase the speed of the loan approval process without leaving clients wanting. He decried the lack of innovations around speed in the industry, with the approval process still taking an average of more than a month.
Another way is technology, with Banosian lauding how some in the industry have capitalized on the pandemic to revamp tired and slow habits which have remained unchanged for decades. He says he was often able to offer a two-week close on loans, or as little as 10 days, and hopes to be able to offer that consistently and across geographic regions.
“That really helped our clients quite a bit and it really helped us get a lot of market share,” he says. “It really grabbed buyers’ attention, as well as REALTOR® referral partners.”
That technological focus will especially matter in the long run, according to Banosian.
“We’ve always invested in technology and I feel like we pride ourselves in always being an industry leader,” he says. “Loan officers who maximize technology will replace loan officers who don’t.”
Underpinning all of this is the platform he works on. Banosian says that his priorities—remaining team focused, well-connected and technologically advanced—are shared by Guaranteed Rate, which has kept him at the company even as his star has risen on a national level.
“ is a company that ultimately understands where businesses are going and is constantly looking to improve,” Banosian says. “It’s not just one thing, it’s all of those things.”
Jesse Williams is RISMedia’s associate online editor. Email him your real estate news ideas to jwilliams@rismedia.com.
