In a strategic move aimed at reinforcing its leadership in the mortgage industry, Rate has appointed Shant Banosian as President of Rate Mortgage. Banosian, an industry veteran with over $10 billion in total funded loan volume, will partner closely with Victor Ciardelli, CEO and president of all Rate Companies, to drive innovation and enhance customer experience. With this appointment, Rate Mortgage joins the ranks of the 15 Rate Companies, each led by a specialized executive.
Ciardelli highlighted Banosian’s exceptional leadership qualities. “There is no one in the industry that I would rather partner with than Shant. 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,” Ciardelli stated.
Ciardelli will continue to oversee all 15 Rate Companies, including ten mortgage companies, two AI technology firms, a title company, an insurance company, and a personal lending group. The collaboration with Banosian aims to solidify Rate Mortgage’s position as a leader in the sector.
“At Rate, we never stand still and are never satisfied,” Ciardelli added. “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.”
Banosian’s focus as President will be on fostering a high-performance environment he describes as a “Loan Officer’s Paradise,” ensuring professionals have the resources and support necessary to thrive.
“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. “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.”
Beyond his professional achievements, Banosian has actively supported organizations such as The Rate Foundation, St. Jude Children’s Research Hospital, The Greater Boston Food Bank, and Soles4Souls.
“Giving back is not just a responsibility, but an important core value of Victor and the company culture,” Banosian said. “It is a privilege to give back, and it is a core part of who we are at Rate.”
