Shant Banosian has been named president of Rate Mortgage.
Banosian will partner with Victor Ciardelli, CEO and president of Rate Companies, to help take Rate Mortgage to the next level of innovation and excellence in the industry, the company says in a release.
Ciardelli will continue to work closely with the presidents of all 15 Rate companies, reinforcing Rate’s status as one of the nation’s top mortgage lenders and a pioneer in fintech and holistic financial wellness.
In the release, Ciardelli describes Banosian’s appointment as a pivotal moment for the company.
“There is no one in the industry that I would rather partner with than Shant,” Ciardelli says. “He is a transformative leader whose relentless drive, strategic mindset, and commitment to excellence have set a new standard in the mortgage industry. 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.”
Ciardelli is known for industry innovation and transformation, starting with the release of the first Digital Mortgage, more recently the Same Day Mortgage, and many other industry transformations.
Ciardelli is a student of using technology and streamlining business operations to provide better products, service, and pricing to the consumer.
The 15 presidents, who oversee 10 mortgage companies, two AI technology companies, a title company, an insurance company, and the personal lending group, will continue to report to and work directly with Ciardelli as he partners with Banosian to elevate Rate Mortgage into the premier mortgage company in the industry.
“At Rate, we never stand still and are never satisfied,” Ciardelli adds. “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. 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.”
Over the past two decades, Banosian has funded over $10 billion in total loan volume and secured his place as the top loan officer in the U.S. over the past six consecutive years.
In 2024, Banosian funded more than $1 billion in volume as the #1 loan officer in the country.
“There is not a better loan professional on the planet to lead Rate Mortgage to its next level of dominance,” Ciardelli says. “He is a leader and a teacher all in one and will build the best team of loan officers in the industry. Elevating Shant Banosian as president of Rate Mortgage is a natural progression of our shared ambition and complementary strengths, positioning Rate for accelerated growth and reinforcing its industry leadership.”