Rate has recruited an $85 million mortgage production team from CrossCountry Mortgage, adding another established branch to its profit-and-loss (P&L) platform as competition for experienced LOs intensifies.
The Southfield, Michigan-based team is led by mortgage industry veteran and attorney Mike Raimi, who joins Rate as a P&L branch leader. Brian Shapiro, a senior vice president and loan originator, will co-lead the branch, alongside loan originators Mike Sparks and Tony Grech, Production Manager Brian Parshall, and operations professional Hollie Herron.
Rate said the team specializes in Non-QM and brings in approximately $85 million in annual loan production, with a lending footprint spanning 30 states.
Under Rate's P&L model, branch leaders have more authority over staffing, business decisions, and growth investments, with their financial performance tied more directly to the operation they run.
For experienced producers weighing a move, that structure offers an alternative to both traditional retail branch management and operating an independent brokerage.
"Mike and his team represent exactly the kind of entrepreneurial talent we're focused on bringing to Rate," said Josip Capelj, senior vice president of retail production at Rate. "They have built a substantial business through strong relationships, deep product knowledge and a commitment to finding solutions for their customers."
Rate Builds on Recruiting Momentum
The Raimi addition follows Rate's September recruitment of Vito Roppo and Nick Ferrante from Fairway Home Mortgage. The pair brought a reported $155 million in combined production to a new P&L branch in Elmhurst, Illinois.
Rate has also recruited directly from CrossCountry before. In August, Jorge Aldrete and Edgar Vazquez joined Rate from CrossCountry to lead a bilingual mortgage operation in Dallas.
The recruiting competition runs both ways. In June, CrossCountry hired longtime Rate veterans Dan Gjeldum and John Noldan as executive vice presidents of mortgage lending in Chicago.
Rate is pursuing that business on more than one front. Last week, the company announced plans to combine its mortgage joint ventures with Compass International Holdings under the OriginPoint name, with a goal of recruiting hundreds of LOs to serve an expanded real estate brokerage network.
While the OriginPoint initiative is separate from Rate's P&L branch platform, both strategies rely on attracting producers who already have established businesses. One emphasizes access to real estate referral networks; the other offers greater operating autonomy.
Raimi's team adds a specialized lending component to that recruiting effort.
"We've built our business by earning trust, understanding our customers' needs and finding solutions that other lenders may overlook," Raimi said. "My background as an attorney has shaped the way I approach this business. Details matter, relationships matter, and the ability to navigate complex situations is often what makes the difference."
Raimi has more than 15 years of mortgage industry experience, with a background spanning conventional, government-backed, and Non-QM lending.
