Rate has added Chicago-area mortgage leaders Vito Roppo and Nick Ferrante to its profit-and-loss platform, placing the pair in charge of a new branch in Elmhurst, Illinois.
Roppo and Ferrante join as producing partnership branch managers, with responsibility for the new operation’s local performance. Rate said they bring a combined $155 million in mortgage production, although it did not specify the period covered by that figure.
The Elmhurst opening expands Rate’s presence in Chicago’s western suburbs and advances its effort to recruit established producers who want greater control over their local operations while retaining access to a larger lender’s technology, marketing, and operational resources.
“We saw in Rate a profit-and-loss platform that can help us deliver an even better experience for our customers and real estate partners,” Roppo said. “The company has a historically strong presence in Chicago, along with the technology and support to help us move quickly and keep growing.”
Roppo has 25 years of mortgage experience, according to his professional biography, and specializes in FHA, jumbo, and portfolio lending. Ferrante has worked in the mortgage industry for more than a decade. Both join Rate from Fairway Home Mortgage.
“Our business is built from strong local relationships and a clear sense of how we want to operate,” Ferrante said. “Rate gives producers room to make decisions and move quickly, and that fits how Vito and I work. We can preserve what has made our business successful while gaining additional resources to keep growing.”
Under a profit-and-loss branch structure, local leaders generally take greater responsibility for their operation’s revenue, expenses, staffing, and profitability while using the lender’s broader infrastructure.
Jim Eboli, executive vice president and Midwest divisional manager at Rate, described the additions as a significant recruiting win for the company.
“Vito and Nick are accomplished producers who have built a strong business in the western suburbs,” Eboli said. “They know how to perform, and we’re ready to give them everything they need to grow at Rate.”
Rate said the Elmhurst opening is part of a broader expansion of its profit-and-loss platform as the company recruits established mortgage professionals and branch leaders.
