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In March, Shant Banosian, the No. 1 loan originator in the country by volume for at least five years, was announced as the new president of Rate Mortgage.
Rate — previously known as Guaranteed Rate until its 2024 rebrand — ranked No. 8 on Inside Mortgage Finance’s list of top originators with just under $40 billion in volume last year.
Banosian led the company’s Boston-based team for more than a decade, originating more than $2 billion in 2021 alone. Over his 20-year career, Banosian has closed more than 40,000 loans totaling $9 billion in funded volume.
At HousingWire‘s The Gathering on Monday, Banosian sat down with HousingWire CEO Clayton Collins to share how his first 100 days as Rate’s president were playing out. In three words, he summed it up: “It’s been everything.”
Banosian said that after taking the position, he decided to take a bottom-up approach.
“People make the success; people make the platform,” he explained. “I’ve talked to probably 1,000 team members over the past few months, asking ‘How can we better serve and support you?’ I want to be viewed as a partner.”
Banosian called his role a “fancy title,” adding that at the end of the day, he’s still a loan officer.
“The people internally know that I truly started from zero in 2007. My first year, I did $9 million, and my second was $18 million. I have street credit. But people have assumed that I don’t understand where they’re at.”
Describing his first 100 days as “a honeymoon period,” Banosian said that the company’s stamina and spirit are different since the leadership change. He credited the team around him as being “a shield of protection” that allows him to be on the front lines with sales teams and LOs.
“There’s something special that happens when change occurs; there’s a new energy,” he said. “I can recommit the organization, reenergize the organization.
“There are always the haters who will ask why I’m qualified for this role,” he added. “But I built a billion-dollar business with great culture and profitability, and I had separate regional production. I’ve always been a winner.”
Buckling down
Banosian acknowledged that the new title comes with new challenges.
First and foremost is keeping his family life intact. He shared that he made a promise to his wife to be as present as possible for his three daughters when discussing the role with Rate CEO Victor Ciardelli.
“What I’ve done a pretty good job of is, going into this, I had to be more disciplined than ever. I still have this billion-dollar business and commitments to team members and customers, and now I have a new team with eyes on me. I really dialed into my structure and my routines,” he explained.
Traveling to visit various Rate offices and teams has required sacrifice too, but Banosian doesn’t call it an obstacle or a challenge.
“Your LOs and team members want direction and they want to be heard. It’s collaboration, training, growth and community,” he said. “If you don’t do the work, your voice won’t be loud enough when rates go down and you won’t be able to capture borrowers.”
